Hydroponics Farming: Hydroponics is basically soil-less farming, in which plants are grown without soil and by supplying nutrients to water while their roots are submerged in water, allowing them to develop without conventional soil. It also entails the use of artificial techniques to assist and nutrient solutions to offer plants with the nutrition they require.
In this post, we will discuss how to obtain a subsidy and a license for Hydroponics Farming.
How To Get Subsidy for Hydroponics Farming?
The central and state governments in India have discounted capital costs for farmers who are ready to invest in hydroponics. Furthermore, each state's specific subsidy is different. The Maharashtra government recently announced a 50% subsidy for farmers who use hydroponics to raise animal fodder (Hydroponic Farming). Similarly, the National Horticulture Board has established a subsidy for each state independently.
How to Get License for Hydroponics Farming?
If you do not want to be a corporation or LLC, you must register your business name with a DBA, particularly if it is not your complete legal name.
Regardless of whose company entity you choose, you will need to obtain a normal business license, not one particular to the hydroponics industry.
A sale tax ID (Sellers Permit) is required to buy or sell hydroponic supplies such as perlite, gravel, mineral wool, expanded clay pebbles, or coconut husk wholesale or retail.
A federal EIN and a state EIN are required when hiring hydroponics workers within 30 days of launching your hydroponics firm (employer identification number).
If you're in a partnership, an independent contractor, a company, or LLC, you'll also need a federal tax ID.
As a Hydroponics single proprietor, you can get a federal tax ID and use it as a business tax ID instead of a social security number, but you'll still need other registrations like licenses, an assumed business name DBA, and tax IDs, as detailed above.
Finally, a solitary owner/proprietor of a hydroponics firm working from home or solely online can form LLC or incorporate, eliminating the requirement to submit a fictitious business name DBA.
