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Opening a textile unit firm means supply different types of fabrics for the fashion and apparel industry. There are two methods of working in this case – either opening a factory that produces textiles or fabrics or a shop that sells textile products. In both cases it is important that.
Both the options require a good amount of investment. In the latter case taking the franchise of a reputed brand may cost a little less, but proper accounting is a necessity in both the types of business entities mentioned above.
The textile industry is currently contributing 2% to India’s GDP and 15% to the export earnings of the country. The Indian textile industry is one of the largest in the world with the largest area of land marked for cotton cultivation. Some facts about India:-
There are reasons why the textile business has good prospects in India:-
Whether starting a manufacturing unit or a retail shop, the following registrations are mandatory to start any type of business:-
For Company Registration the Ministry of Corporate Affairs has introduced the Spice Form wherein checking and registering the Name, applying for the Director Identification Number and Incorporation Certificate can be clubbed into one simple process.
In case of starting a textile manufacturing unit, the following additional licenses are required:-
In case of starting a textile unit retail shop:-
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