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(START UP INDIA) Registration - An Overview
GST registration, MSME registration, business bank account establishment, online payment gateway, and LEDGERS accounting software for delivering estimates, invoicing, tracking purchases, completing GST returns, and creating GST eWay bill. Fees and taxes levied by the government are not included.
In India, young people’s entrepreneurial aspirations are on the rise, particularly among the middle class. Technology has provided organisations with new prospects and made business management easier. The Indian government has also devised a number of initiatives to assist entrepreneurs. As a result, this is an excellent time to start a business in India.
PROCESS
The ideation stage is the initial step in creating a new business. At this point, the entrepreneur would explore for new business ideas and solidify his strategies. Following that, extensively research the linked market, details of the product/service offered, existing competitors, manpower availability, funding, infrastructure, and so on. The research would be used to build the company idea, and then a plan of action would be drawn up.
It is critical to seek an advisor with specialised experience in working with start-ups to ensure that the new firm gets off to the greatest possible start. They will be able to comprehend your company concept and provide guidance on legal entity selection, licencing, funding, taxation, and compliance. specialises in delivering start-up consulting services. Triple Gem Advisory India LLP Services Over 50,000 enterprises in India have been started with our assistance, in a variety of industries. Our consultants are accessible 24 hours a day, 365 days a year to assist you with any legal formalities, business licences, funding, income tax, GST, and labour law compliance questions you may have.
BENEFITS
- Self-Certification : Startups are more prone to failure in the early stages of their development. These organisations were frequently faced with the challenge of preserving their existence in the face of adversity, including government regulations.
- Tax Exemption : For the first three years, a startup operating under the Startup India scheme is exempt from paying any taxes. In addition, cash received from incubators and angel investors are excluded. The three year tax exemption implies that a startup can invest the money however they choose and utilise it to expand their firm.
- Networking Options : Startup India is a programme that allows startups to interact with other startups at a certain location and time. These gatherings are held twice a year in the form of a festival.
- Benefits of Research and Innovation : Startup India encourages those who aspire to be entrepreneurs in the future to innovate and conduct research. The government is taking every possible measure to support such individuals.
- The Company’s Winding Up Is Simple : Startups that are part of the Startup India programme might close their doors in three months. Furthermore, entrepreneurs should retain insolvency experts to liquidate the assets to ensure a smooth shutdown of the business.
FAQs
To incorporate a legal entity, you should engage with an expert lawyer and then file with the state in which you intend to operate.
This is another subject that must be addressed on an individual basis. While we can’t provide you any hard and fast guidelines for how your company’s equity should be split, a 50/50 split is generally not recommended because it can lead to a loss of control and drive. Have an open honest conversation with the co-founders.
This discussion should take place as soon as possible, and it should be documented. After you’ve had this difficult conversation, you can concentrate on the work at hand: forming a business.
Patents, trademarks, and copyrights can all be applied for. If your firm has something unique, you should consider filing for a patent to protect it while it is still in the early stages of development.
This is a difficult issue for any entrepreneur to answer. On nights and weekends, many startups are begun as a part-time project. As you gain experience, your time commitment will inevitably increase.
It’s a personal decision that comes with a moderate to high level of risk when deciding whether to go full-time. How self-assured are you in your company? How hard are you willing to put in the effort? Do you have a strong desire to take risks? What is the nature of that danger? Do you need to support a family? How much time do you have to start making money if you start this business? Also, devote some time to developing an honest appraisal of your worst case scenario.