Woodworking business involves making things from wood including carving, carpentry, woodturning, and cabinets. Traditionally the most significant givers to the Indian woodworking market has been Kerala, Punjab, Kashmir, Uttar Pradesh, and Gujarat. The kinds of wood used in the Indian woodworking industry are Sandalwood, Walnut, Ebony, Sal, Teak, Sheesham, Deodar, Redwood, Cedar, Rosewood, and many others. Since the Indian territory has been positively blessed with a treasure of green forests covering all kinds of woods and vast areas of land found in India be it the tropical forest or the coniferous forests or the deciduous or the evergreen forests help the woodworking industry get a steady flow of raw materials and thrive and grow accordingly.
The woodworking business is perfect for people who love creating handcrafted woodwork as a hobby. There are a lot of highly commercial goods nowadays that make use of woodworking methods. Furniture is an excellent example, and handmade wooden toys to is becoming a favourite one. If you are seeking opportunities and you hold woodworking skills and ability, then we suggest you examine this industry. This industry is an agreeable way to earn money. Starting a woodworking firm can be simple as long as you are loaded with adequate knowledge. Here are some tips that may guide you as you begin on starting your own woodworking business.
Registrations and Licenses.
The following are the essential registrations that require to be obtained to start a woodworking business:
Company registration is required with the Registrar of Companies. The business unit takes its official birth, with the certificate of incorporation. As per the Companies Act, there are different classification done for the companies.
- Based on control – Associate company, Holding company and Subsidiary company.
- Based on the size of the firm – a small company and Other companies
- Based on the number of members – Public company, LLP, OPC, Private Limited Company Registration.
- As per access to the capital -Listed and Unlisted companies.
- Based on liability – Unlimited company, limited by guaranteed and limited by shares.
To operate a trade in a particular region, it is necessary to obtain official permission from the local authorities. Apply in a municipal corporation for the Trade License.
GST Registration is mandatory for a business whose yearly turnover exceeds the prescribed threshold limit of 10 lakh or 20 lakhs based on its goods and services or locations. You can apply for your GST Registration Online. Each country has its pollution control boards. The Central and State Pollution Control Board work together for supporting the cause of environment, forest and climate in India. For this, you need to obtain no objection certificate.
No objection certificate from the Fire Department is primarily required for manufacturing units that use gas equipment, welding tools and flammable materials that can cause a fire during the wood process. Certification from the BIS (Bureau of Indian Standards) forms standards and approves goods that follow the rules. To enter into the export market, you need IEC registration. IEC code is given by Directorate General of Foreign Trade and is a certificate that allows the business to carry out trade smoothly.
Some of the main reasons for the increasing demand of the woodworking industry in India are:
- All trades that are potential customers of the woodworking industry are increasing at a tremendous pace – whether it is the real estate sector, retail, tourism hospitality, and the hospitals.
- With ‘Made in India’ campaign even the Government encourages all traditional and inherent form of furniture and other wood products for trading.
- Beneficial investment plans and schemes also have attracted lots of foreign investment in the woodworking industry.
Trends of Woodworking Industry.
In the past several years, more than 2000 woodworking business units in the established sector have been developed in India. And the figures are rising every year.
As per a research conducted by the World Bank, India’s established furniture industry will keep growing at 20% per year until 2020. It was predicted that the online home décor market would rise at 50.42% in revenue over time 2014-20 whereas the Luxury Furniture Market would grow at 4.1% at the same time. It is important to note that India is currently placed at 14th position in the world furniture market.
Woodworking company is easy to start and does not need high investments. The owner of business needs to set up a manufacturing unit, machinery, buy tools and hire necessary skilled staff to make the wood products.
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