How to plan for Start-ups and legal & ethical steps

1st April, 2023 -

The BSSS Incubation Centre organized an online session “How to plan for a Start-up and Legal & Ethical Steps” through Google Meet on 1^st April 2023 at 3:00 pm. The session was delivered by CS Arun Thapar wo is offering his services at IICE-IISER Bhopal as an Office Assistant. The objective of the session was to make students with entrepreneurial and start-up ideas aware about various legal compliances and ethical steps that should be followed while setting up an organization.

The session commenced with Arun Panicker (Manager, BSSS Incubation Centre) welcoming the resource person CS Arun Thapar and introducing him to the audience. There after CS Arun gave another brief introduction about IICE-IISER Bhopal, which is the Incubation Centre of IICER Bhopal and also briefed on his job role and responsibilities.

Post the introduction session, he motivated the students to pursue entrepreneurship instead of looking for employment opportunities. He then detailed on Start-up terminology and various other topics related to Start-up such as:

1. An entity shall be considered as start-up up to 10 years from incorporation.
2. Incorporated as a private limited company, registered as a partnership firm or limited liability partnership
3. Turnover should be less than 100 crores in any of the previous financial years
4. Should be working towards innovation/improvement of existing products, services and processes and have the potential to generate employment/wealth.
5. Start-up Canvas
6. Startup India

The speaker also discussed on some Entrepreneurship related topics too such as:

1. What is entrepreneurship
2. Difference between commercialization and entrepreneurship
3. MSME

Coming to legal formalities in setting up a Start-up the following topics were discussed:

1. Types of business structures in India
2. Various Business Licenses
   1. Trademark Registration
   2. Import export code
   3. Food License
   4. Udyam Registration
   5. GST
   6. Ministry of Corporate Affairs
   7. DPIIT – Startup India

• Legal Compliances

1. Declaration of commencement of business
2. Directors KYC
3. Disclosure of Interest in other firms by the directors
4. Director’s disclosure of not being qualified
5. Mandatory appointment of Auditor
6. Other non-ROC compliances
   1. Payments of periodic dues
   2. Filing regular returns

During the session students also raised their queries and doubts, which were clarified by CS Arun Thapar. From the session students with entrepreneurial mindset and start-up ideas got lot many clarifications on what all legal documents they should apply and get. The session was attended by around forty students which included students members of BSSS Incubation Centre and from various department of the college.

The session concluded with Arun Panicker presenting the vote of thanks to CS Arun Thapar, Prinicpal Dr. Fr. John P.J., Vice-Principal Dr. Sonia Kurian, Nodal Officer BSSS Incubation Centre Dr. Smitha Pillai and all those who participated in the session.