STARTUPS have been an important driver of our country’s gross domestic product (GDP).
It not only helps in economic growth but also helps in innovation with a gateway to many sectoral growths. Getting a good understanding of what the latest needs or requirements of the customers are and tapping exactly the right demand. This needs a better understanding of the star up structures in your own country and what are the basic requirements for the same. Let’s get you started with some very basic legal aspects of the start-ups in India.
Know Your Business Type
Before venturing into business, you need to understand the type of business structure that you would like to step into. Whether sole proprietorship, one person company (OPC) or a partnership. The choice is yours.
Know what you are looking for before you leap into the adventure.
Know Your Interest
You need to sort out for the kind of sector you are aiming for. Sectors may vary from food to automobile to medic to defence. With this clarity in your mind, you can further to the next option for getting yourself licensed accordingly.
Licensing Your Company
With the advent of e-portals, an additional sort of certification is required before you start dealing with online business. Hence, before you further ado with your registration know that you are off-line or an on-line kind. Either or both, would simultaneously require additional licenses be it business, trade or any other profession.
If indulging in any sort of food related business would require strict adherence to the associated departments under ministries. Thus, different sectors will attract different license requirements.
Understand Your Tax Structure
Taxation has been the most complicated of all the processes. The reason being vague understanding of the tax compliances by the companies. Thus, a good understanding will not only let you tax better but also let you avail certain profitable exemptions or concessions. Keeping yourself updated with government initiatives on tax rate and its filing may lead you in your difficult filing.
Management Skills/ Account Keeping
Good managing skills can make or break your company. Do not go light with this one here. Management in today’s globalised setup not only lets you work efficiently but also allows you to focus more on the quality aspect of your work. Make yourself well equipped with all the necessary managerial skills to keep your work on track. Comply with SEBI, RBI, IRDA, ICAI, ICSI etc depending on your business activity.
Law Abidance/ State Laws
Make sure to know all the labour laws associated with your company requirements. A clear and crisp employee policy can ensure good talent to be attracted. This can enrich your work environment, making the employees be more innovative.
With the above few points you can make sure to find the answers for your What? Why? Where? Make sure to come out with flying colours.
Any Questions? Request a callback from our Tax Experts.