How the ONDC will change the game for small businesses taking the ecommerce route
The Open Network for Digital Commerce boosts small online retailers by ushering in inclusivity, discoverability, and interoperability. It will empower suppliers and consumers to break the monopoly of giant ecommerce platforms.
The popularity of online shopping continues to grow, making ecommerce businesses very attractive. Many people are looking at establishing an online store rather than a physical store. Not only does such a set-up allow you to launch quickly, it also helps save real estate or rental costs.
Setting up a business requires certain mandatory registrations. Any small business must be established as a sole proprietorship, partnership firm, Limited Liability Partnership (LLP), or a company before setting up a store on an ecommerce platform.
A small business established as a sole proprietorship needs to have a bank account in the name of the sole proprietorship firm. There is no other specific registration required for a sole proprietorship firm.
A sole proprietor can establish his/her business as a One Person Company (OPC) instead of a sole proprietorship. An OPC is a company established by a single person and it can operate with only one member and director. An OPC has many benefits compared to sole proprietorship such as separate legal entity, limited liability of the proprietor, and ease of getting funds.
When the small business is established as a partnership firm, the business must be registered with the Registrar of Firms and have the Partnership Registration Certificate. When the small business is established as an LLP, OPC, or a private limited company, it must be registered with the Registrar of Companies and must obtain the LLP/Company Registration Certificate.
After registering the business with the respective authority, the small business owners must apply for a Shop and Establishment Registration Act Certificate. Since the business sells products, goods, or services, it is covered under the Shop and Establishment […]
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