Setting Up Your Startup Business

You want to start a business but don’t know how to go about it. Here are a few simple steps which you can follow to set up your own startup business.

1. To Incorporate or Not: Decide on whether you want to run your business as a proprietary concern or a LLP or Partnership or Private Limited Company or Public Limited Company. There are certain registration formalities to be complied with for setting up an LLP, Partnership, Private Limited or Limited Company.
2. Register with Startup India: It is quite advantageous to register you startup with StartupIndia (https://www.startupindia.gov.in/). The process is online and quite simple. This is an initiative of the Government of India intended to build a strong ecosystem for innovation and entrepreneurship in India. Only an LLP, Partnership firm, Private Limited or Limited Company can register under the scheme. Startup India has come out with several programs to support entrepreneurs and transform the country into job creators instead of job seekers. On registering with DPITT eligible companies are also eligible for tax exemptions, easier compliances, easier exit process if your startup fails, provides legal support and fast tracking of your patent applications and a host of other benefits.
3. Who can register as a startup: Only an LLP, Partnership firm, Private Limited or Limited Company can register provided its turnover is less than Rs.100 Crores and it has not completed 10 years since incorporation. The company should be working towards innovation and improvement of products or services.
4. Check Domain Availability: Domain availability is very important in the era of online business. If your preferred domain name is not available, you may have to change it and this may affect your branding.
5. Legal Compliances: Ensure that you have complied with all legal formalities, such as, licenses, statutory registrations (GST) and any other local industry specific requirement.
6. Register your Trade Marks: Invest in brand building and one of the chief factors is registering your Intellectual Property. Consistent branding across your marketing material, website, social media, emails and products/services helps create a identifiable and trusted image.

Startup journey is a learning experience and one must stay active and be open to feedback and continuously iterate and improvise. Building a successful business takes time and effort.

If you are confused or require any additional information you may visit our website www.rgajria.com for more information or contact us to talk to one of our experienced attorneys.