India is one of the fastest-growing Start-up Eco System. As per Data of the Government of India, there are more than 50,000 startups registered in India and around 9,000 of these are technology-led start-ups. There are 3-4 tech start-ups born every day in India. The Government of India through its various initiatives aims to empower Startups to grow through innovation and design.
The change in definition of Startup in February 2019 and recognizing companies as startups for up to 10 years from the incorporation date, plus the turnover limit has been increased to INR 100 Cr from INR 25 Cr earlier has also covered many companies in this definition. On May 16, 2020, the government announced a technology push for private sector participation in the defense and space sectors which plans to link the startup ecosystem with the nuclear sector, as part of the larger reforms to boost the economy in a post-Covid-19 world.
Start-ups are practically not very different from normal forms of business but it is a kind of Business that invests in innovation and has the potential to be a market leader in its industry in the future. Typically a need for start-ups are the same just the growth and opportunities are unlimited. So a start-up needs a consultancy even before it starts its business in selecting the right form business model like LLP or a Private Limited Company, pre-transaction assistance in drafting SHA, Executing the documents. While promoters of start-ups are generally very clear about their own business still they need a guide and assistance when it comes to making an application with Start-up India, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry.