The land divided at home should be owned by the state and the collective. You can transfer your hukou back to the village to distribute land. Just be an ordinary farmer to start a business, and you don't need to go through other formalities.

Or if you don't change your hukou and run your own fields, you don't need to go through the formalities. Direct income related to agriculture is currently tax-free. If there is no deep processing and sales, industrial and commercial registration is not needed.

If you want to register a company, some areas have college students' entrepreneurship subsidies. The land operated by the company should be leased or contracted, and the formal financial system should be adopted. Although the company sounds passable, the taxes and fees are unusual, which is suitable for large investment and wide sales (customers who need invoices).

The compensation standard of crops is very low, and even if they are requisitioned, there is not much money. If you want to play this idea, you might as well build a house and wait for demolition.

If you really want to start a business, it is recommended to engage in rare varieties with high added value. For example, planting mushrooms and fungus, greenhouse vegetables, Chinese medicine and so on.