6 Keys Reasons Why it is Easier to Do Business in India & Find Right Business Partner #easeofdoingbusiness
专利代理人，知识产权Prity Khastgir,
International Intellectual Rights Attorney??Telecom*Food law*AI*VR* BLOCKCHAIN *BIGDATA* Handling International Trademarks under Madrid Protocol *LED* Active in ITU, Geneva Working Group* Patent Trainer at WIPO, Geneva
“If people are willing to bet on a lot of crazy notions, knowing that while some won’t work out, one breakthrough can change the world”.
- Bill Gates
How do you define the word "Startup" in Indian Law?
As defined by Department of Industrial Policy & Promotion (DIPP):
Startup means an entity, incorporated or registered in India :
- Not prior to seven years, however for Biotechnology Startups not prior to ten years,
- With annual turnover not exceeding INR 25 crore in any preceding financial year, and
- Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
“Build something you believe in -- because that’s the first step to building a great brand.”
At the initial stages of setting up any organization, every entrepreneur is faced with a large number of challenges. All these challenges are hefty reminders that owning and Running a successful business is definitely not easy. It’s worth it though!
“Don’t aim for 10% improvement. Make it radically better and different.”
Before diving into the deep sea, founders should know that every legal decision they take has a potential to impact the company’s partners, investors, employees and customers. Therefore, it is essential that the founders develop an understanding of basic legal principles and practices associated with building a business.
1. Tax Laws and the Basics of Accounting:
Every organization in the world, be it involved in any kind of business as to pay taxes to the Central, State and/or local/provincial government(s), as the case may be. It is essential for every new entrepreneur to be aware about accounting details and tricky lanes of the taxation world. An aspiring entrepreneur should have sector and area-specific knowledge of taxation because the taxes applicable to different sectors, geographical regions and/or products vary greatly and it is obligatory to be acquainted with any recent changes that have taken place.
2. Structuring the business-Choosing the type of venture
The most important thing before pulling up a startup is selecting a legal form of conducting business. It is indispensable to determine whether you want to have a private limited company, public limited company, partnership firm, or a limited liability partnership, depending on your long-term goals and vision.
Each form of business will be governed by separate principles and laws. Not complying with the relevant laws means hefty sums will have to be paid to the Government. Thus, heavy loss before you can even start making profit.
3. Labour and Employment Laws
When you start an organization, you will eventually have to hire new people.
Even if you plan to have independent consultants and contractors working with you or outsource, all these employee-employer relationships will be governed by labour legislations. Breaching these will not only harm you financially but would also harm your goodwill, even before it’s built!
4. Securities Laws
Securities laws regulated by the Securities and Exchange Board of India (SEBI), will assist in managing the various stages of life cycle of business including fund-raising. Foreign direct investment, angel investors, crowd funding, venture capitals and even joint ventures are areas that a new entrepreneur must be aware about. It will help increase the profitability of the organization.
5. Information Technology (IT) laws
Today in this highly-digitalized, and technologically advanced era you inadvertently need the knowledge of Information Technology (IT) laws before starting a new business in order to protect your confidential data from any infringers or hackers.
6. Corporate governance
Despite being a small organization, a sound knowledge about corporate governance and management will help an aspiring entrepreneur in effectively managing the organization and formulate further expansion plans.
7. Contract laws
A business survives on contracts. No organization would come into existence without the use of contracts. Therefore, basic knowledge regarding fundamental principles of contracts, arbitration, mediation, conciliation certainly helps!
8. Intellectual property laws
Legally protecting intellectual property is of supreme importance to any business. Hence, filing the right patent/trademark/copyright claims, and timely IP audits of your organization, would increase the profitability of your venture manifold.
Thus, in order for an entrepreneur to sail his ship of business smoothly, a decent knowledge about some of the important legal laws mentioned above is of utmost important.
“ Find the perfect business idea and start building your business today. Build the enterprise and the brand as if you’ll own them forever.”
We at Tech Corp International Strategist (TCIS, India) have an expert team of Indian lawyers who assist Startups with patent, business brand, trademark and logo registration in India.
List of legal services offered by Tech Corp International Strategist (TCIS, India) to Startups in India-
- Incorporation of different types of Companies
- Formation (procedure) of Companies
- Financing the Companies
- Filing of various forms and Returns with the Authorities
- Promotion of a Company
- Contracts and Conversions
- Transfer and Transmission of Securities
- Intercorporate Loans and Investments
- Audits
Economic and Commercial Laws
- Investments in India
- IPR
- Transfer of Property
- Stamp Duty
- Contracts and Agreements
- Society
- Trusts
- MSME
- Insurance
- Registration of Documents
Cost and Management Accounting
- Labor Cost
- Material Cost
- Activity Based Costing
- Cost records
- Budgetary Control
- Cost Audit
Tax Laws in India
- Charges
- Residential Status
- Various heads under which total income is calculated
- Deductions from income
- Calculation of Tax of HUF/Companies etc
- Procedure adopted for Assessment
- Tax Planning
- Wealth Tax Act
- International Taxation
- Service Tax/ Sales Tax/ VAT
Prity Khastgir is a techno-savvy patent attorney in India with 12 yrs++ of experience working with clients across the globe. Her areas of expertise are IP portfolio research, cross-border technology transactions, licensing agreements, product clearance, freedom-to-operate, patent infringement & invalidity analysis, research & opinions.
Currently, she helps startups to raise funds, assists foreign companies to find right business partners in India. She also assists enterprises to enter and find the right angels, and VCs in Malaysia, Singapore, US, UK, Japan and India.
Co-author: Aanchal Verma
TCIS Patent Services:
Patent Services in India
Patent Drafting| Protection of Inventive Concepts:
Preparation of Utility Patent Applications:
We at Tech Corp International Strategist provide drafting of patent applications (provisional/ non-provisional) specifically in life-sciences, food technology, automotive, image processing, communications technology, aerospace, computer-implemented inventions and software, mechanical, electrical, electronics, wireless communication, and pharmaceutical sector.
Patent Drawings/Illustrations :
- Developing patent drawings/figures using state of the art systems.
- Patent Search : Patent searches by expert patent researchers
- Patentability Search
- Validation/Invalidation Patent Search
- Freedom to Operate Search| FTO Patent Search
- Infringement Analysis/Equivalent Search including Claim Mapping Chart
- Patent Information Search
- Patent Searches for the state of the art
- Competitor’s Patent Search
- Patent Compliance Services:
Our team of technical patent experts review the patent application to create and protect infringement-free patent specification for protecting the client’s innovation.
Competitors Patent Review Services :
- On-going competitor patent review and analyzing scope of the patent claims.
- Preparing Patent Office Actions Responses:
- Handling all Office actions, hearing before the patent examiner and PTO correspondences.
Patent proofreading :
Proofreading of Patent specifications to draft flawless patent application.
Patent Analysis & Portfolio Management:
Our team of expert patent lawyers understand the technology in question and then categorize a patent portfolio of a company according to the needs of the client. We conduct a market analysis in terms of identifying active companies, their areas of technical expertise, and find the family of the patents filed in different jurisdictions. We find the main players in the field of a patent on the basis of commercial viability, infringement aspects, strengths and weaknesses, find the key parameters for future research and analyze licensing terms for a particular patent.
Filing & Prosecuting of Patent Applications :
- Regular patent application, ordinary patent filing before the Indian Patent Office
- PCT Applications filing before the Indian Patent Office
- PCT National Phase Applications filing before the Indian Patent Office
- Convention Applications filing before the Indian Patent Office
- Handling Office Actions from various jurisdictions including USPTO, EPO and other Asian countries
For more details please contact us at [email protected]
Intellectual Property Contract Drafting & Review Services
- IP Contractual matters
- Intellectual PropertyLicensing agreements
- Intellectual Property due diligence analyzes
- For more details please contact us at [email protected]
TRADE MARK| BRAND PROTECTION SERVICE IN INDIA
- Brand Opinion Services
- Trade mark Clearance Searches
- Filing of trademark applications, registration procedure
- Trade mark Renewal
- Trade mark opposition
- Trade mark rectification
- Action of infringement and passing off
- Assignment, licenses and transmission, drafting deed form
- Registration of trademark assignment
- For more details please contact us at [email protected]
COPYRIGHT SERVICES IN INDIA
- Copyright Registration
- Copyright Assignment in India
- Infringement of a copyright
- Software programs copyright;
- Drafting deeds for transfer of copyright and royalty
For more details please contact us at [email protected]
INDUSTRIAL DESIGN SERVICES IN INDIA
- Preparing, filing, and prosecuting design patent applications;
- Design Renewal, Design opposition, infringement procedures in India.
For more details please contact us at [email protected]