Best Business Opportunities in Kerala - Identification and Selection of right Project, Thrust areas for Investment, Industry Startup and Entrepreneurship
What are the Benefits of Starting your own Business?
Being the boss gives a sense of pride and achievement that few others can match. When entrepreneurs start their own business, working at their own pace, choosing their own career path, and working in an environment of self-choice is possible. Entrepreneurs can develop critical entrepreneurial skills. Business management skills, along with those in the financial and technological sectors, are crucial to the operation of a company. They can also gain soft skills, such as teamwork and leadership when they’re just starting as an entrepreneur.
With entrepreneurship, they liberate themself from the shackles of a steady paycheck. By starting their own business instead of working for a corporation that sets a profit limit for them, they will be able to explore and assert their value without being constrained by a profit limit. It will be up to them to set all the rules. The law or regulations of the company and their superiors don’t constrain them. They can deliver a product or service that reflects their vision.
One of the main reasons to start a company is to be able to work on something you are passionate about. In the corporate world, it is never certain when a person is hired or fired. These career moves are beyond their control. Owning own business will allow investing in self-career and wellbeing for the long term.
The Advantages of Starting a Business in Kerala;
Kerala’s Business Friendly Policies;
The Government of Kerala has taken many serious and proactive steps to improve the ease of doing business in Kerala. The Kerala Investment Promotion and Facilitation Act, 2018 is one of the initiatives undertaken as part of Ease of Doing Business. The amendments to the 7 Acts and 10 Rules have ensured a conducive environment for establishing and running businesses in the state.
The government has made efforts to eliminate redundant regulations, simplify clearance processes and reduce clearance timelines. Moreover, the Kerala government developed a web-based application called Kerala Single Window Interface for Fast and Transparent Clearance (KSWIFT). Through it, future transactions with the government regarding the issue of granting approvals and licenses can be made promptly.
Transport in Kerala;
The road and railway systems in Kerala are well-developed. National highways are connecting it with Tamil Nadu and Karnataka. The railway that travels from east to west through the Palghat Gap in the Western Ghats meets the railway that travels from north to south through the state to Kanyakumari.
Kochi is the largest port, while intermediate ports can be found in Kozhikode, Alappuzha, and Neendakara, near Thiruvananthapuram. Each of these ports handles foreign and coastal traffic. Kochi also has major shipyards and oil refineries. More than 1,000 miles (1,600 km) of inland waterways serve as the main arteries for transporting bulk freight to and from ports. There are international airports at Thiruvananthapuram, Kozhikode, Kannur, and Kochi.
Minerals Resources in Kerala;
The state of Kerala has several mineral deposits, including Heavy Mineral Sand (Ilmenite, Rutile, Zircon, Monazite, Sillimanite), Gold, Iron ore, Bauxite, Graphite, China Clay, and Fire Clay. Besides these, other minerals found in Kerala include Tile and Brick Clay, Lignite, Limestone, Limeshell, Dimension Stone (Granite), Gemstones, Magnesite, Steatite, and others.
Kerala’s Plantation and Vegetation;
In Kerala, the majority of the population depends directly or indirectly on agriculture for their livelihood. The state’s main crops are paddy, coconut, pepper, cashew, cassava, and rubber plantations. The agrarian economy dominates Kerala. Coconuts are the people’s main source of income from agriculture. The state of Kerala provides nearly 70% of all coconuts produced in India.
In addition, cashews are an important cash crop of the state. In the state, raw cashew is processed into dried fruits, salted or plain. Cardamom is another cash crop that gives Kerala a distinct place in the Indian export market. The district of Alappuzha in Kerala is known as the ‘rice bowl of the state.’
The Ease of Doing Business in Kerala;
Kerala has become the eighth state in the nation to successfully implement the “Ease of Doing Business” reform prescribed by the Ministry of Finance’s Department of Expenditure. Therefore, the state is eligible to borrow another Rs.2,261 crore through Open Market Borrowings.
The Department of Expenditure granted permission for the project on 12th January 2021. As well as Andhra Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana, Kerala completed the reforms. These eight states have been allowed to borrow an additional Rs.23,149 crore after they have completed reforms to facilitate ease of doing business.
A Step-by-Step Guide to Starting a Business in Kerala;
The following are the most important things you need to consider before starting a business in Kerala:
Identify a local or global problem and provide a solution;
Providing a product is best accomplished by finding a problem that we are experiencing and providing a solution to that particular problem. Businesses should be solution providers for their customers.
Prepare a Business Plan;
Prior to starting a business, a plan is essential. You should plan how you are going to implement your idea and make it successful. Here are some questions to consider;
● What is the purpose of your business?
● Who is your target audience?
● Geographical location
● The competitors
● The investment
● The team
● The revenue model
Company Registration in Kerala;
The registration of a company in Kerala requires the following;
Shareholders
A minimum of two shareholders is required to register a private company in Kerala.
Directors
At least two directors are needed for a private company. When a new company is formed from two or more existing companies or LLPs, the promoter company or LLP may nominate individuals as directors. For an individual to become a director, they must hold a valid DIN.
Digital Signature Certificate
A valid Digital Signature Certificate (DSC) is required for any filing in the MCA online application system.
Company Name
A private company’s name is composed of Name (Noun/Coined Word) + Activity Word + Private Limited. You can check the availability of company names in Kerala and ensure that no similar or the same name already exists.
Share Capital
Share Capital in a Company refers to the amount that the owners of the company invest to operate the business.
For registering a company, there is no minimum capital (authorized or paid-up capital) requirement. The registration fee payable to the Registrar of Companies depends on how much authorized capital each company has.
Company Registration Process in Kerala;
Company Name Application;
There are two options for the applicant to proceed with the Company Name Application.
Option 1. Approve the Company Name under the RUN Application process, and then proceed with applying for Company registration.
Option 2. Complete the Integrated Company Registration Form. Company names can be reserved by filling out the SPICe company incorporation form. When applying for a name using the SPICe form, only one name can be submitted for approval. If the first applied name is rejected, an application can be resubmitted two more times with alternate names.
Incorporation of a company in Kerala with MCA: preparing and submitting the documentation;
The SPICe process requires preparing and filing three e-forms to incorporate a company in Kerala. Documents executed/notarized/attested as per documentation requirements must be attached to the e-Form INC-32/33/34. The e-Form must be signed electronically with all shareholders and representatives’ Digital Signature Certificate (DSC).
For all types of companies in Kerala, there is no registration fee if the authorized capital is less than or equal to a certain amount at the time of registration. However, filing fees for e-Form INC-33 / 34 and stamp duty apply to company registrations.
Processing of e-Forms by the Central Registrar of Companies’ office;
After the Central Registration Center (CRC) verifies that all details and documentation are correct, the Central Registrar of Companies will register the company and issue;
Company Incorporation Certificate
For Directors - DIN
PAN (Permanent Account Number)
TAN to the New Company.
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