Originally posted on February 29, 2020 @ 2:18 pm
India is a growing nation and every day new business opportunities are growing in India. We can take the example of Modelling Agency which has gained a lot of limelight in the last few years. Like every other business, Modelling Agency also has a lot of competition. In case you are interested in the fashion industry and want to start a modelling agency this is the best guide for you. This article will discuss all necessary requirements and other things one has to keep in mind while thinking of starting a Modelling agency.
How to Start a Modelling Agency in India
- First of all, you need to do market research so as to analyse the requirement, competition, success rates, requirements of registration under applicable laws and regulations etc. once you have conducted your legal research regarding the business, it is relevant to determine the competition as well as the area which will be most profitable for establishing such business. Hence, in making your business successful, it is pertinent to do prior market research and constitute a building plan for your business.
- Now, after building a plan for your modelling business you are required to determine which form of business you want to carry on for the course of your Modelling agency. Since the modelling agency requires few people for carrying it on, it is better that you form a company or a limited liability partnership. You can register a company online also on the Ministry of Corporate Affairs website. You required the following things for Private Limited Company Registration like a minimum of two people as directors, name of the company etc. Now a day’s registration of a company is very easy since it can be made online also.
- Now you are required to take all legal, local, central licenses and approvals required for the modelling business in India. Since, there are various laws under which a new business ah to take permissions from the government and local authorities hence, until and unless you obtain such approvals you will not be legally authorised to carry on the modelling business.
- Since you are a modelling business, you require a great place for starting your business and modelling agency. Hence you are required to find a good place to start your agency as per your business plan. A good place which is easily accessible is better for your modelling business and to reach vast customers.
- You also have to decide a name for your business i.e. modelling agency and such name has to be trademarked under the Indian Trademark Act. This registration prevents others from using your trademark and goodwill and earns from your name. hence, the name of your business should be unique and should be trademarked so as to protect the same under intellectual property rights.
- There are various mandatory registrations and licence, every business in India has to obtain like registration under goods and services tax act. Since you will be supplying your services to other individuals, you will be rewired to levy goods and services tax on such supply which in turn has to be submitted by the Customer. On every invoice, you will be required to provide your GST number and fill all the returns as required under the Goods and Service Tax Act.
- Further, you are also required to take PAN of the name of your business except in case it is a proprietorship However, in every other form of business wherein, there is a separate legal entity you are required to register of the permanent account number in the name of your business. Upon receiving PAN, you are required to report your business income and pay applicable tax on the same. Hence you should register for PAN number and fill all the income tax return as required under the Income Tax Act.
- Further, in order your business is known widely in India you are required to advertise and promote your business. In the start, the advertisements and promotions might cost you some money, however, in time good advertisements will yield results i.e. profits in business, market recognition etc. you can also choose online mediums like Facebook, Instagram, Google advertisements etc.
- Further, you require some manpower i.e. staff for managing and executing the works involved in the modelling business. Further, your manpower should be dedicated, and you will have to provide them with a salary and etc. for your business to run smoothly.
Hence, it can be from the above-mentioned discussion, that incorporation of a modelling business requires a lot of time and effort for setting it up. Further, the hardest and time-consuming work is taking various permissions and registrations under the central, state and local laws. Since without such permission you will not be able to carry on even start your business. Hence, your market research should be good to know all the required permissions and registrations required for modelling business.