Regulatory And Legal Requirements Every Start-Up Must Fulfil
- By StartupStory | January 22, 2021
The advent of superior technology and increase in the education level of the youth of today has subsequently led to an increase in the number of start-ups in India. Working towards the betterment of the Ease of Doing Business rankings of the country and to create a conducive environment for start-ups in India, the government of India is also promoting initiatives like “Make in India” and “Start-up India”.
There are many hurdles to cross before your Start-up is up and running, the foremost being compliance with regulatory and legal requirements. Here’s Start-up Story Media, taking you through some of them.
Type of Company
The first step in setting up a Start-up involves selecting the type of business or company you will be starting, note that the Indian law only allows LLP, private limited company or partnership models for Start-ups.
Before commencing your business activities, it is imperative to register your Start-up and acquire all the required certificates and licenses pertinent to the kind of business you are setting up. If your Start-up meets the eligibility criteria for “Start-up India”, then registering for the same can provide you with many relaxations and benefits along the way.
It is important to ensure compliance with the labour regulations such as laws on employee wage, gratuity, maternity benefits etc. As a business owner, the onus of providing safe, fair and healthy working conditions to your employees fall upon your shoulders.
Trademark, copyright and patent registration process can be cumbersome. To allow value creation by means of innovation, the government of India, under the “Start-up India” scheme has made the process easier.