Kerala is a southern Indian state famous for its high literacy rate and natural beauty. it is popularly known as ‘God’s own Country’. The state has many schemes in place for entrepreneurs, making starting and holding a business in Kerala extremely beneficial. If you are thinking of starting a new venture in Kerala, then LLP registration is the way to go. let’s go through this article to understand why forming an LLP in Kerala is a great decision.
Advantages of starting a business in Kerala
There are many reasons that make starting a business in Kerala a worthwhile proposition, but above them all is the fact that Kerala’s ‘Kerala start-up mission’ or KSUM initiative provides a lot of benefits to new businesses starting in the state. This includes fiscal incentives such as lower loan rates, subsidies on water and electricity bills etc. This added to the fact that the state enjoys high connectivity with the rest of India makes it a great place to start a new business.
Types of Business you should start in Kerala
Here are a few of our suggestions for industries in which you should start a business in Kerala:
- Tea and coffee business
- Ayurvedic products-related business
- Textile business
- Spice related business
- Tourism related business
- Chocolate related business
- Any kind of eCommerce business
- Coconut oil-related businesses
- Organic skin care business
Benefits of LLP registration in Kerala
When you’re considering starting a new business, generally the main considerations are the capital requirement and the risks involved. An LLP is the perfect business structure to go for while starting a new business as it allows you to enjoy limited liability, which means that there are very low risks for the business owners, and at the same time has no minimum capital contribution required. Additionally, LLPs also have very few annual compliance requirements, a lower registration cost, and can be converted to other business structures like companies if and when needed. The fact that LLPs can be easily registered online is also a great plus!
What documents are needed for new LLP Registration in Kerala?
For incorporating a new limited liability partnership, you have to provide the following document with the relevant forms.
- Copies of the to-be partners’ PAN Cards
- Identity proof of copies of the to-be partners (Aadhar Card, Passport, Driving License, etc)
- Copies of the to-be partners’ Address Proof (Electricity bill, water bill or any other utility bill)
Registered office-related documents:
- Proof of address for the Registered Office (Utility Bills)
- NOC (No Object Certificate) from the owner of the property if the registered office is on rent
- A copy of the Rental Agreement if the registered office is on rent
- DSC (Digital Signature Certificate) of at least two partners
Process for LLP Registration online
- The first step is to apply for DIN or DPIN. At Least two partners need to apply for DIN. This is because you need a minimum of two directors for LLP registration.
- The second step is to apply for DSC. Once again at least two Partners need to apply for this for LLP registration.
- After this, you have to apply for a name reservation for an LLP. You can do this by using the RUN service which is available on the MCA (Ministry of Corporate Affairs) website.
- After all of that, you can apply for Limited Liability Partnership incorporation via FiLLiP form which is also available on the MCA website.
- Finally, you need to draft and submit your Limited Liability Partnership agreement within 30 days of incorporation.
Cost of LLP registration
Business Package Starting from INR 8,699
- All expenses & Government fee
- 2 Class III Digital Signatures (DSC )
- Name Application under RUN LLP
- Certificate of Incorporation
- PAN Number & TAN Number
- LLP Identification Number
- 2 Director Identification Numbers (DIN)
- DSC & DIN for additional partners at extra cost
- LLP Deed Drafting along with franking
Executive Package Starting from INR 10,999
- All inclusions of the Business Package
- One additional Name Application under RUN LLP
- GST Registration Application
- MSME Registration
- Draft of Bank Account Opening Resolution
- Draft of Employment contract & NDA
- Draft of Employment & Appointment Letter
- Draft of Website Policy
- Draft of Disclaimer Policy
Premium Package Starting from INR 29,999
- All Inclusions from the Executive Package
- All expenses and Government fee
- DSC & DIN additional partners at extra cost
- Accounting up to 250 entries in the entire FY
- Annual Compliance filing with MCA for a year
- All ITR filing for the first year
- GST return (up to 100 invoices per month) for 12 months
- DIR-3 KYC for 2 DIN holders
Other important points for LLP registration
- Every Limited Liability Partnership requires a minimum of 2 partners for incorporation
- At least one of the Partners needs to be Indian and residing in India.
- Online LLP registration process takes only about 15-18 days via LegalWiz.in’s service (depending on MCA approval).
- Limited Liability Partnerships have no minimum capital requirement. However, every partner must contribute something to the LLP, be it monetary or non-monetary.
- Partners also have to apply for DIN (Director identification number) or DPIN (designated partnership identification number)
Frequently asked questions