Best Business Opportunities in Maharashtra - Identification and Selection of right Project, Thrust areas for Investment, Industry Startup and Entrepreneurship
Why do Entrepreneurs Start their own Businesses?
Starting your own business has many benefits, including being able to make your own schedule and not being answerable to anyone; you have the freedom to build your own job schedule, liberating yourself from the constricted paycheck you’ll earn at a stable job. If you start a business instead of working for a corporation that sets a maximum profit ceiling for you, you will have the freedom to explore and assert your worth on your own terms.
In the corporate world, at no point in your career will you ever know when you will be hired or fired. When you start your own business, you can feel assured that you are making a long-term investment in your career and personal well-being.
Why start a Business in Maharashtra?
Business-Friendly Policies and Ease of Doing Business in Maharashtra:
The state of Maharashtra has set an example of how to foster a business-friendly environment. For example, there were about 47 permits required to construct a building, which is now reduced to only eight permissions.
Moreover, most permits and other requirements for setting up a business in Maharashtra can be filled out online, and one no longer needs to visit various government offices. This has brought transparency to the ecosystem. Also for large industries, the Maharashtra Industries Department has opened a separate office called MAITRI.
Market Historical Factors:
Since the times of Tata, Birla, and Ambanis, Maharashtra has been the state of choice for most of India’s leading industrialists. The state continues to hold a favourable position to attract more investors. With its favourable industrial policies and large talent pool, Maharashtra has become a manufacturing hub. Since it is the second-largest state in India population-wise, it has a large consumer base and ranks high on the purchasing power index. Though it has some of the most well-known names in the Indian industry, its industrial policy favours the development of Small and Medium Enterprises (SMEs). Its appeal of being an ideal location is only further enhanced by the presence of industrial corridors in Nashik, Pune, Konkan, Nagpur, Aurangabad, and Amravati.
Infrastructure in Maharashtra:
Maharashtra's railway network has a length of 5,987 kilometers. 9.3% of the total railway network in the country. There are 3 International airports, 7 Domestic airports, and 20 Airstrips. 99.2% of villages of the state are connected. Eighteen national highways connect the six neighbouring states & other regions. There are 2 Major Ports (JNPT & MBPT), 53 Minor Ports. JNPT is among the top 30 ports in the world, as per Lloyd’s Report.
Agriculture and Horticulture opportunities in Maharashtra:
Maharashtra is a leading State in agriculture. Rice, jowar, bajra, wheat, tur, mung, urad, gram and other pulses are among the major crops grown in the state. It is a major producer of oilseeds. Groundnut, sunflower, and soybean are the major oilseed crops. Cotton, sugarcane, turmeric, and vegetables are among the most important cash crops.
In terms of onion production, the state leads the nation. It is today emerging as a crucial horticultural State in the country. With different types of soils, diverse climate conditions, adequate technical manpower, drip irrigation facilities, and cool chain facilities, several varieties of horticulture crops are cultivated in the state.
Grapes of finest quality produced in the state are now exported overseas. 13.66 lakh hectares of the state are planted with fruit crops such as mango, banana, orange, grape, and cashew nut.
Textiles:
About 65 million kg of cotton are produced in Maharashtra, which is 25% of the country's total. Approximately 12 per cent of India's cotton yarn production comes from it, or nearly 272 million kg.
To maintain Maharashtra's position as the country's leading exporter and producer of textiles, textile parks are being set up. The state’s critical competitive advantage in the textile industry is the abundant availability of raw material (cotton) and the large base of a skilled workforce.
Chemicals, Petrochemicals, Oil & Gas:
The state contributes 27.4 per cent to the nation's chemical, petrochemical, and oil and gas production. It also accounts for 18.2 per cent of the sector's employment in the country.
It is the state's upstream and downstream links for raw materials and products that make it competitive in this field. A large chemical and petrochemical industry has developed in the state as a result of oil and gas found in the Bombay High field (offshore of Mumbai). The majority of the country's oil and gas comes from Bombay High.
Tourism in Maharashtra:
Tourism is well recognised as a significant growth engine of the state. Maharashtra boasts a wide range of tourist attractions, such as ancient caves, temples, beaches, palaces, ancient forts and monuments, forests and wildlife, unique hill stations, pilgrimage centres, and a rich heritage of festivals, art, and culture.
Mineral Resources in Maharashtra:
The state's essential minerals include coal, iron ore, manganese, limestone, bauxite, dolomite, silica sand, kyanite and silimanite. Other minerals found include Barytes, Ilmenite, Clay, Chromite, Graphite, Fluorite, Tungsten, etc.
How to Start a Business in Maharashtra?
You must complete all legal formalities for starting your business. You should keep in mind three things when it comes to the legal formalities for starting a business in Maharashtra: the requirements, the procedure, and the documents. Below are brief descriptions of each.
The Requirements:
Private Limited Company-
A private limited company should have at least two directors and an Indian citizen. Additionally, the number of directors cannot exceed 15.
A Private Limited Company should have at least two shareholders but do not exceed 200.
Having your headquarters or a registered branch in an Indian city is mandatory, although you may also have offices abroad.
Public Limited Company-
At least three directors and seven shareholders are required for a Public Limited Company. A valid Government identity proof and a PAN card are required for all directors. Besides these, each director of a public limited company should also have a unique identification number called Director Identification Number (DIN).
In addition, you need to be an Indian citizen and have a registered office within an Indian city to form a Public Limited Company. All directors must have a Digital Signature Certificate (DSC), allowing them to sign documents electronically.
Procedures;
Starting a business in Maharashtra requires following legal steps that are part of registering a company. In most cases, registering a business involves five steps.
Step 1: Digital signature certificate (DSC):
Directors of the company must have valid Digital Signature Certificates (DSCs). To register a company or business, the first step is to obtain a Digital Signature Certificate.
Step 2: Director Identification Number (DIN):
A valid Director Identification Number (DIN) is also needed as a director. When incorporating your company, you will be able to apply for your DIN through DIR-3 or SPICe.
Step 3: Name Approval:
You can get your company name approved by submitting the Name Approval Form or by applying for your DIN through SPICe (INC-32) during incorporation.
Step 4: SPICe (INC-32):
After obtaining attestation from a legal authority, such as a Chartered Accountant, a company secretary, or a practising lawyer, you must submit the SPICe form (INC 32).
Step 5: The e-MoA (INC-33) and e-AoA (INC-34):
Along with the SPICe (INC–32) form, you must also submit the e-MOA (INC-33) and the e-AoA (INC-34) forms. The registrar will assign a unique Corporate Identity Number (CIN) if you provide all the necessary documents and digitally sign them.
The Documents:
The registrar will verify a set of documents before assigning the Corporate Identity Number (CIN) to a Public or Private Limited Company. The following documents are required for starting a business in Maharashtra;
1. Directors’ PAN cards digitally signed.
2. Two passport-size photographs of each director, along with valid proofs of identity and address.
Depending on the type of company and service provider, you will need to pay a registration fee.
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