What is Business Registration Number in India

What is Business Registration Number in India

Starting a business is itself a big challenge. Not only do you need to set budgets, set goals, and develop strategies, but you also need to achieve regulatory compliance. 

Aside from registering your business and obtaining a license, there are some compliances that you must meet before starting your business. 

Depending on your industry and location, you may be required to apply for a trade registration number. 

And in this article, will you understand what exactly BRN is? How to get a BRN and why you need it.

Uses of BRN

A business registration number, also known as a company registration number or a business license number, is a unique identifier assigned to a company or organization by a government agency. 

This number identifies and tracks the business for legal and regulatory purposes.

In most cases, a business is required to obtain a registration number before it can legally operate within a country or state. 

It is a unique identifier, either a state tax or registration identification number. It gives your company a special identity. 

After receiving the BRN, the competent authority will receive all the details of your business activities online. 

This makes registering your organizationorganisation easier. A business registration number is either a government Employer Identification Number (EIN) or a registration identification number. Both act as unique identifiers and are available free of charge.

Additionally, you can apply for your BRN online to save time and keep things simple. 

Obtaining a business registration number is typically a simple process, requiring completing a registration form and submitting any required documentation, such as proof of business address and a copy of the business owner's ID. 

Some countries or states may also require payment of a registration fee. In addition, businesses are typically required to renew their registration annually or biannually to keep their registration number valid.

How to get Business Registration Number?

There are various and different ways to obtain an EIN from the IRS. You can fax your tax identification number application first. 

You can fill out Form SS-4 with all the required data and then send it to the IRS. 

The IRS will analyze your application to determine if you need an EIN. If the IRS determines that your business does require a federal tax ID number, it will provide one based on your business type. 

If you include a return fax number on your application, the IRS will fax your EIN within 4 business days. 

You can also request your EIN by email. Please note that if you submit your application by mail, it will take up to 4 weeks from the time your application is approved to receive your ID number. 

Please ensure the information on Form SS-4 is correct before mailing your application. 

The IRS (Indian Revenue Services), like any fax application, will review the information you provide to see if you need an EIN. 

Alternatively, if you are a non-US resident and want to obtain your company's EIN, you can call 267-941-1099 to obtain your tax identification number. 

You will receive a reply fax in about a week. It will take about two weeks if you still need a return fax number. 

If you choose to apply by mail, submit the completed Form SS-4PDF at least 4-5 weeks before you need your EIN.

State Registration and Getting Business Permits:

Once you have completed your company registration with the IRS, you will need to register your company with the state tax office. 

Even if your business only conducts online transactions, you may still have to pay local and state taxes. 

Approval may be required before sales tax can be charged. You must obtain a state EIN from the IRS before applying for a state tax identification number. 

The IRS uses this ID for tax purposes. Most businesses need this nine-digit number to hire staff, apply for loans, open bank accounts, and perform other essential tasks. 

To register, apply to the IRS website. You will receive an EIN when you register your business online. 

This service is available on weekdays from 7 AM to 10 PM. European summer time. 

Although it takes longer, you can apply and receive your EIN by fax or mail. 

Even if you are an independent contractor, it is important to ensure that you have the proper permits and licenses before offering any products or services to your customers. 

Even online shops and home shops have jurisdictions that require a license. 

Depending on where your business is located, you may need to contact numerous government agencies and complete a lot of paperwork. 

If you can afford it, we recommend that you hire an attorney to help you with this paperwork. 

Our expert support will help you complete your application quickly and get your permit as quickly as possible.

Advantages of taking a Business Registration Number:

There are several advantages of taking a Business Registration Number, stated as follows:

  • Customer reputation:

Building a good reputation is difficult, especially for someone who has never done business before. 

By registering your business and obtaining her BRN, you can give your customers confidence that they are doing business with an organization they can trust. 

If your business is online and your customers can pay into your organization's account before shipping your goods or services, an organization registered with your business account will give you more trust and confidence.

  • Account opening in the company name:

If you want to open a corporate account in your company name, BRN can simplify this process for you. 

Having a corporate bank account increases trust and confidence from customers, banks, suppliers, and other business partners.

  • Take out a loan:

If your company is registered and has a BRN, access to loans will be much easier and faster than taking out a loan without a BRN. 

With the help of BRN, you don't have to prove you're a company. This increases your credibility and trust, and investors and lenders will be more than happy to lend you more money, knowing they are dealing with an organization they can trust.

  • Getting on Record:

A major benefit of registering your company with your local state government and obtaining a BRN is the assurance that someone else still needs to register your company name. You can no longer register a company under the same name.

Documents for obtaining Business Registration Number:

The below-stated documents are essential for getting the business registration number:

  • Digital signature certificate (DSC)
  • Director identification number (DIN)
  • Registration from the MCA portal
  • Certificate of Incorporation
  • Scanned copy of PAN Card
  • Copy of Aadhar Card
  • Latest electricity bill
  • Photo of applicant
  • Bank statement of the organization
  • Other information, such as phone number, email address, etc.

Sole proprietorship registration basic requirements and available options:

Sole proprietorship registration means that you want to register as a sole proprietor. 

It must meet and fulfil basic requirements and also includes Opening a bank account in the company's name.

  • Sole Proprietorship Registration by Udyog Aadhaar under the Ministry of MSME
  • Sole proprietorship registration based on the Store Law
  • Sole proprietorship registration with GST registration

What to do with the BRN once we have it, and can we change the same?

Once you have your business registration number, you will need to keep certain information, such as your company name and address, up to date with government agencies. 

The registration number must be conspicuously displayed on company premises and all legal documents, invoices, and other official documents.

This depends on the case law and the reason for the change. Generally, a company can change its registration number if it changes its name, merges with another company, or moves to another state or country. 

However, businesses are usually required to notify and fill out the appropriate government agency.

Read More,

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GST Registration Online

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Getting BRN in India as compared to other countries:

In India, once a company is registered and assigned a registration number, the company is typically required to keep certain information, such as name and address, up to date with government agencies. 

The registration number must be conspicuously displayed on company premises and all legal documents, invoices, and other official documents. 

A registration number is not only required by law but also serves as official proof of a company's existence and legitimacy. 

This is important for businesses to open bank accounts, apply for credit, and register taxes.

Obtaining a business registration number generally requires completing a registration process with the appropriate government agency. 

This may require submitting various forms and documents such as a certificate of incorporation, business plan, proof of identity, etc. 

Exact requirements and procedures vary by jurisdiction, type of business, and country.

In many countries, company registration is done by a specific ministry or department responsible for company registration. 

Business registration occurs at the state or state level in the United States and Canada. Some US states and Canadian provinces have separate registrations for municipalities. 

In the United States, business registration numbers are usually assigned by state governments. 

For example, business registration numbers in California are called "seller certifications" and are issued by the California Equalization Commission. 

The Department of State's Business Division, State Records, and the UCC assign business registration numbers in New York. 

A registration number is mandatory for all types of businesses, whether they are sole proprietors, partnerships, corporations, or limited liability companies.

Similarly, in Canada, a business registration number, also known as a business number (BN), is issued by the Canada Revenue Agency (CRA). 

A business number (BN) is a unique nine-digit number that identifies a business for various federal and state programs. 

BN consists of two parts: The first five digits identify the company, and the last four digits are the program account number.

In the UK, a company registration number, also known as a company registration number (CRN), is assigned by Companies House, the national registry office for UK companies. 

The CRN is unique to each company and is used as the company's legal identifier. All Limited Liability Companies and LLPs (Limited Liability Partnerships) require a CRN.

Conclusion

In summary, a business registration number is a unique identifier assigned to a business by a government agency. 

It is used to identify the business for legal and regulatory purposes. This number is mandatory for all types of businesses and is issued by different government bodies depending on the country or state. 

It is used for various government programs such as tax and business-related regulations. 

Obtaining and renewing a business registration number is a simple process that requires completing the registration form and submitting the required documentation with a fee. 

Also, it leads to the cooperate disclosure of your firm leading to greater social responsibility and greater tax burden in certain cases.

FAQs Related to What is Business Registration Number

1. Is the business tax number the same as the tax number?

A business registration number is not necessarily a unique identifier a government agency assigns to identify and track a business for legal and regulatory purposes. Still, a tax registration number is used for tax purposes such as Tax Registration and Tax Return Filing. Companies may have separate registration numbers for these different purposes.

2. Can we run a business without registration?

If you want to do business, you must register that business as a corporation, a corporation, or an LLP (Limited Liability Partnership). Instead of registering as a corporation, you can register your company as a sole proprietorship.

3. Are corporations and corporations the same?

The difference between a store and a company. The main difference between a company and a legal entity is their legal form. A corporation is an independent legal entity; a corporation is a person or group trading under a company name.

4. Why is business registration important?

Obtaining a registration number is important before a business legally operates in a country or state; it serves as official proof of the company's existence and legitimacy.

Contact Us for FSSAI Registration Online , Trademark Registration Online, Service Tax Registration,  GST Registration OnlineAccounting Service For Startups , ESOP Services  in Delhi, Noida, Gurgaon, and all across India: write to us at accounts@especia.co.in. Or Call On :(+91)-9711021268 +91-9310165114

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