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Compliances for Startups 

Hello, friends to say that good. Jatin Shamar, founder of Jurist & Jurist international. This is a Corporate law firm that provides that ideal for legal services and a good idea is corporate law and contract law. We do provide services to many issues and corporate entities business tycoons startups and individuals. So here we are today discussing some shirts and goodies regarding startups as we all know what is startup about. But today we are discussing certain challenges. Challenges are faced by these startups. The new tax regime changes and benefits. So let's start with the question if the first question is what challenges do startup faces while applying for government to cognitions as an innovative company. Frank says on today no such specific challenges are there but yes in terms of the incorporation of far different companies like if we discuss about. If you talk about these startups it's a partnership. Farms or Private Limited or limited companies. So the companies during the corporations and during the because the Sartain processes are there while getting daily combinations from the government for startup the company which is incorporated as part of the companies act as the you know a little bit limited liability partnership that these companies these firms these partnership firms after getting incorporation incorporated these companies are involved in into the recognitions and the process of registrations with BB&T and all. So no such big challenges out there but yes certain basic challenges to get these Certificate of England operations. No differentiation in the names. Why does jelly you know there are challenges while scaling up the articles associations all these things? Now the second question is always is Angel tax impacted the startup ecosystem in the country. Friends when we talk about the injured attacks when we talk about the tax exemptions when we talk about the benefits of tax benefits to startups.

So here it is a very specific provision where these startups can get the challenge. The exemptions under section 56 of Income Tax Act where the stock outside required to be to just guard and the Navy can say that aggregated amount of paid-up share of capital and free a share premium of their start. So these are certain categories which are of need to be kept in mind. And if we talk about the limitations earlier it was 25 Grover B's revenue in a financial year. But after getting the after you know the budget it has been and has up 200. All of these startups are getting certain exemptions and the process and procedure to be adopted by these startups. In regard to the taxation that has also been molded out and more benefits have been given to the startups kind of come on the third question where I would like to take it up with the to one which is quite similar. And the third one is of and should be put in place internal legal agreements and which agreements arise in shifts. So if you talk about the agreements so that agreements condense something the specific agreements like article of execution of the company intellectual property assignments technology assignments employment contracts and scheduling agreements non-disclosure agreements or these are the basic agreements of which startup is required to deal with and the legal professionals play a very important role later finalization of these agreements. So that is one of the things. Apart from that the push number forward if we go on that what is the initial complaint is to undergo once the startup is fully funded through investment the compliance is in fact all about the compliance this complaint is is being all visa very head-scratching.

Duty of any company or if we talk about specifical startups. So compliance is are the basic provisions.