Initially one has to select a name for his/her Company whether it is
Proprietor concern -- Single owner/Proprietor
Partnership concern - Two or more partners in a firm
Limited Company - Two categories viz., private Limited company or Public Limited company
Private limited company is owned privately by a small group of people such as a family. They are not allowed to offer shares (in the company) to the general public and can operate through just one director.
Public limited company is owned by public share holders and they are allowed to offer shares of the Company in the market.
Opening a Bank account:
Next step for Import is Opening a Bank account. Open a Current account in the name of the Company from a reputed Bank
Current Account can be Opened By:
Any resident Indians who are 18 or above in age
Individuals/Sole Proprietorships/Partnerships/Associations/Private and public companies/Societies/Trusts/HUFs, etc.
Clubs, Societies,Trusts and Others like Govt. and semi Govt. bodies, local authorities etc.
Bank requires minimum deposit of Rs.10,000 to Rs.50,000 for opening a current account and it varies from Bank to Bank Generally, nationalised banks require less Minimum Deposit.
Documents Required for Opening a Current Account
Following documents are required in case of individuals
How to Import