6 Common Indian Startup Registration Mistakes

24 Jun 6 Common Indian Startup Registration Mistakes

One of the most important things to do when starting a new business is to make sure that you register it correctly. This seems like a simple task, but there are actually a lot of mistakes that people make when registering their businesses. Here are some of the top common mistakes that Indian startups make when registering their startup:

• Not Doing Their Research: One of the biggest mistakes that startups make is not doing their research before they register their business. It’s important to know the type of business you want to register, the requirements, and the process. By not doing your research, you could end up making a lot of avoidable mistakes.
• Use an Incorrect Business Structure. When registering your business, you need to choose the right structure. The most common business structures in India are sole proprietorships, partnerships, limited liability partnerships, and private limited companies. Each has its own advantages and disadvantages, so choosing the right one is important for your business. Many startups automatically assume they should register as a Pvt Ltd without considering the other options.
• Not registering with the right authorities: Make sure you register your business with the relevant authorities, such as the Ministry of Corporate Affairs (MCA) and the Registrar of Companies (ROC). Failure to do so can result in heavy penalties.
• Not appointing the right person: Not appointing a professional chartered accountant (CA) to help with the financial aspects of the business. A CA can assist with tax planning, bookkeeping and other financial matters.
• Not having adequate insurance cover for the business: Insurance is essential to protect the company against potential risks and liabilities.
• Not Getting Proper Licenses and Permits: Another mistake that startups make is not getting the proper licenses and permits before starting their business.

Here are a few important points that always keep in mind:

• Do your research. Before starting a new business, it’s important to do your research and understand the industry you’re entering.
• Do take your time. Starting a new business can be overwhelming, so take your time and focus on creating a solid foundation before growing too quickly.
• Research your industry and target market. You need to understand the space you’re entering and who your potential customers are.
• Develop a strong business plan. This will be your success roadmap and help you secure funding if needed.
• Build a great team. Surround yourself with people who have skills that complement yours and who share your business goals.

A Short Guide to registering your startup:

Step 1 – You have to get the registration certificate of the startup.

Step 2 – List all the directors of the startup.

Step 3 – You need to have a website link, pitch desk etc.

Step 4 – Now, register your startup with the startup India.

Step 5 – Get DPIIT recognition.

Step 6 –You have to go for patent and trademark details.

If you follow the above steps, you will move ahead in your startup.

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Conclusion

If you have started your new startup, make sure you avoid this usual registration mistake. Startup registration, conclusive partnership deed, and some crucial decisions are necessary for a startup in the long run.