Starting a travel agency business does not require much preparation including the space and other such pre-requisites. But some licenses and registrations are necessary to get your travel agency business going.
Here are some of the registrations your travel agency should have:
1. Business registration
You can register your business entity under sole proprietorship, partnership, private limited company, limited liability company (LLP) or any other which you think would be favorable for the business. Taxation laws for each business type, the requirements, and the compliance’s for each business type also have to be considered while choosing a type of entity for your business.
2. GST registration
After you register your travel agency business, the next step is to register your travel agency business under the new GST laws. The process for GST registration is simple and can be done online. Documents required for GST registration are as follows:
- Identity proof
- Address proof
- Shops & Establishments Act Registration (Gumasta)
- Current Bank Account statements
It is very important for every travel agency business which has an annual turnover of Rs. 20 lakhs to be registered under GST.
3. Register your business under a tour operator body
After you complete the business and the GST registrations, the next step is to register the business under a Government approved travel body. Although this is not mandatory, but it is to make sure that the travel agency provides standard and quality service.
In order to be eligible for becoming TA, the business owner should satisfy certain requirements such as the invested capital, number of employed staff, maintenance of the office space,etc.
Apart from this, the travel agency can also become an International Air Transport Association or IATA agent. IATA basically provides training to travel agents and offers professional development services and is recognised worldwide.
If you require an unsecured loan for your travel agency business, contacting Gromor Finance can be a good option. Gromor offers loans at affordable interest rates and a quicker loan disbursal!