A startup is a combo of hopes, dreams, hard work, and expectations of an entrepreneur. When that startup turns into a full-fledged business, that’s when you know you’re successful. However, in order to make your business successful, one must strengthen its roots and base. Yes! firstly consider the planning, the execution and the operations of the business. But that’s something you might know the best and may have already planned. But are you clear of all the basic legal and essential formalities? The registrations and applications? Well, let us help you with that.
In this article, we will discuss all the important legal compliances one must follow to register a new business in India in 2021.
It’s the first step. In order to obtain a distinct trademark, a thorough Trademark Search is essential. That will be much effective in differentiating your unique mark and your business name from all the confusingly similar trademarks that exist in the books of the registrar.
If you don’t think it’s a big deal, you’re in the wrong here.
A trademark infringement case can follow a lawsuit which might cost you a considerable amount. Not to mention the harassment and time wastage in resolving the issue. And what if you make it big only to realise that you'll have to give up your brand identity, your name ?. That wont be cool. So let us tell you what's cool.
You can save a lot of money and time if your trademark search is precise and in focus. No repetitive trademark registration applications for changing, let’s say your business names, signs, labels, etc. No more branding issues to build a startup. A prior trademark search needs for all startups to avoid any future complications and legal compliance's. The chances of authorities denying a trademark application is due to the likelihood of confusion with other trademarks. When two businesses offer similar services or goods, and their trademarks also indicate the similarities - It makes people believe that both services /goods are coming from one single source. Thus, legal tension arise! It’s best to avoid it with a thorough trademark search in the very beginning. Trademark search is the first step of how to register a new business in India.
Trademark Registration is the most important thing for your goods or the services. Once you’re done with the Trademark Search, the next step is to register it.
The trademark registration is the unique identity of your product/service. Through this registration, your company acquires an individual right to utilize, distribute or benefit from the product.
India is a competitive market and new companies with identical services and products come up every day.
It is very important to stay in the competition and build your own identity simultaneously. In order to do that, Trademark Registration is the first step you take.
So, if you are thinking on how to register your business name and have a unique product/service to offer to the market, register your trademark first.
Because of Trademark Registration, people will be able to recognize your product separately from all the other brands that provide similar services/products.
Be it for your brand, logo or name - the registration under the Trade Marks Act, 1999 will ensure your unique identification is protected.
This legal procedure will not only restrict other people from using it but also give you the right to initiate legal action against them.
No worries about infringement and you can enjoy the exclusive rights to use your services/products according to your will. The procedure is simple as well since everything is just a click away online.
Trademark Registration is a crucial part of the new business registration in India.
Deciding The Registered Office to build a startup
Your new business needs an office. A registered office is considered to be the main office of your company. All official communications pertaining to the Company is sent by the governmental departments directly to the registered office.
It’s very important to decide the centre of all your business operations since all the documents and applications are maintained at the registered office itself.
The owners of the company or LLP must declare the registered office during the incorporation. A registered office can either be a corporate office, an administrative office, a branch office or even a factory.
It’s all according to your and your business’ convenience. This is to be mentioned that the registered office of the Company must be registered with the Ministry of Corporate Affairs.
Apart from it, all the other branches in various locations can be incorporated without any intimations to the Registrar of Company (ROC).
Registering an office includes several legal compliance's and filings. A closely working legal partner is always helpful.
Another thing to bear in mind: In case you want to change the address of the Registered Office, it must be notified to the Registrar of Company (ROC) within a specified period.
So, it’s also advisable to consider the location of your registered office deeply before incorporation to avoid any inconvenience later.
Registering a new business in india is incomplete without your Organisation's registration. Until and unless your organisation is legally registered with the government, it doesn’t exist. Hence, new business registration is the most essential and necessary step to move forward with a business.
You can register your organisation in the following ways
Sole Proprietorship Partnership LLP Pvt Ltd Company OPC
After company registration, you acquire the legal right to business and legally establish your business.
If it was a few years back, registering a company consider as difficult and hectic. It was quite expensive as well and a worrying matter for young entrepreneurs.
But as the internet became more popular and online registrations became more and more common, things becomes flexible.
You’re just a click away from availing of a bunch of benefits that come with company registration.
Give your startup the legal protection that it requires. It’s a simple, easy and affordable step all entrepreneurs must consider in the very beginning of starting their business.
All the reputed companies these days are all registered businesses as the registration saves many complications and legalities in the long run.
You also need to register a new business with the GST Department. The Goods And Services Tax, also known as GST came back in July 2017. Now, it’s the most important tax in India.
It is very essential for businesses to register my business name under GST since it’s also a big part of the legalities a company must comply with.
In case a business is not registered under GST, the business owner must face severe penalties ie. paying the equal amount to 10% of the total tax evaded or Rs 10,000.
In case you do not register your business and the authorities find out, it will be considered a fraud. For such a scenario, the penalty can be almost 100% of the total tax amount evaded.
There are separate GST registrations for various businesses like for the registered ones,
Composition dealers or voluntary businesses. Then there’s the Input Tax Credit option which gives you a competitive advantage over the non-registered businesses.
It’s wise to avoid all penalties at any cost since it leaves a long-lasting negative impact on the business and the individual/s.
Now, GST registration is quite easy these days and the entire process can completely be taken care of online.
After the filing of an application for GST registration is successful, you will receive your secure GST Identification Number.
Make sure to get yourself a dedicated manager to guide you through the registration procedure, end to end.
To build a startup from the scratch in 2021 can be really hard. The competition is high and opportunities have limits.
Your effort and dedication are what will actually make the real difference. But you must make sure all the legal parts of starting a company are taken care of since you won’t be expecting a late interruption.
Then again, why distract yourself from your main goal?
Leave everything to StartEazy, from your Trademark Search to compliance filings and all the required registrations, we will take care of it all.
While working closely with the government entities, StartEazy does everything systematically with minimal interactions.
We take care of all the aspects of the business while you can focus solely on the growth of the brand! Hope you are thinking to register my business name and then build a startup Get in touch with us today and start your dream business like a piece of cake!