A Legal Service Hub for Startups?
by Chandan Kumar Legal Finance and Tax servicesThis is an era of start-ups in which we have new
entrants everyday who aspire to become the Gen-X Entrepreneurs in the most
technologically advanced way possible with a relatively low budget. With the
government’s ‘Make in India’ and ‘Skill India’ projects offering these
aspirants to become the new faces of India, it is important for them to know
and understand which Startup Hub is potentially the best in the country. The
“starting point” for a start-up is to apply for business registration, seeking
legal–guidance and business mentoring services, in order to safeguard
innovative business ideas or product, such as protection of intellectual
property rights (IPRs), etc. Therefore, deciding a suitable business location
for startups is very important for entrepreneurs. They should be set up where
that is easily and readily available – Delhi.
Delhi – The Best Potential Startup Hub
Delhi is considered as the ‘Legal Valley’ of India.
With the presence of the Supreme Court, High Court, Tribunals, Forums, IPR
Office, Divisional and Sub – Divisional Courts, best practicing lawyers and
top-tier legal firms, Delhi-NCR has definitely an advanced competitive edge
over any other city in the country.
Startups Cannot Function Without Legal Help
When new inexperienced entrepreneurs enter into
business, they all need legal advice to stay well-compliant with the laws. No
matter what the requirement is – registrations, licensing, trademarking,
patenting, copyrighting, entering into contracts, ratification, notarizing,
settling legal disputes, getting legal relief, and much more, all these kinds
of legal assistance are available to start-ups. Seeking legal help has become
an integral part of the start-ups. This speeds up the strenuous process of
starting a company and also allows entrepreneurs to expand their businesses.
The startups also need to hire law officers and
legal representatives by their own. Young, motivated, energetic and talented
lawyers are the most suitable in these cases. This will not only allow a
startup to simplify their daily activities, but also render immense experience
to the young lawyers working with them. And Delhi, having some of the top
twenty-five law schools of the country, is the place to find such young
lawyers.
Other Reasons to choose Delhi
Now, despite the fact that Delhi is the legal
centre of the nation and this gives the entrepreneurs a huge reason to be
Delhi-based, the reason Delhi is being called the best ‘potential’ startup hub
is because there are other aspects that motivate an entrepreneur to select this
city for their business set-up.
Delhi-NCR has emerged as the most sought-after
location for startups closely followed by Bangalore and Mumbai, reveals the
‘India Startup Outlook Report 2016’published by venture debt firm InnoVen
Capital (formerly SVB India).
This is also in line with “VCCircle 2015” that
showed Delhi- NCR took the lead for startups getting ‘First External Funding’ –
namely Angel and Seed-Stage Capital.
The above excerpts have made it clear that Delhi
has already emerged as the best startup hub. Below are few other factors that
attract entrepreneurs to establish their startups in Delhi.
- External funding is perhaps the most important thing for a startup to thrive and grow
in a very competitive market like ours. As we know, a startup is begun on
a comparatively low-budget and while this system very gracefully generates
more and more entrepreneurs, these companies also need funds to actually
carry out their business and particularly hire employees. This also allows
rigorous inflow of money that raises the equity of a startup via schemes of
Central Government and State Government, Venture Capitalist and Foreign
Institutional Investors (FIIs), etc. While the city owes it in providing
legal support, it is also capable of providing external funding to the
startup companies.
- Technical hands are also necessary for these startups as most of the startups are
driven by technology and innovation. Apart from IIT Delhi, other IITs such
as IIT Roorkee, IIT BHU and IIT Kanpur, which is relatively near to Delhi,
and various other IT schools, institutions, like for example; the NIELET
and government-run IT skill development centers, etc. are those
institutions which provide the best possible skilled techies to startups.
- Other employees as well as agents, independent contractors and freelancers, etc. are
also readily available in Delhi considering the fact that Delhi
currently has a literacy rate of 86.2% as per the Economic Survey of
Delhi 2014-15. There is also a tendency amongst job aspirants across the
country to move to Delhi for a job, and hence they also form a part of the
potential workforce as well.
- Delhi further makes it to the top on account
of Transport (Golden Quadrilateral highway, railway,
metro rails, air transport with easy routes internationally),
Administrative Setup [the Parliament, Ministries, Government
Relation Offices], and Banking (most of the
banks’ head offices are situated in Delhi which makes national and
international transactions easier]. Also, Delhi’s Net
per capita income during 2014-15 is Rs 2,40,849 which is huge
compared to the states and territories of India, along with the Growth
Rate of 8.2 % in 2014-15, i.e. much higher than the rest of India.
- Economy of Delhi is impressive as “Delhi is second most developed city in India. Being
the capital of Delhi, it is always assumed that many industries preferably
choose Delhi-NCR to start business. Total GDP of Delhi is 167 Billion USD
or 968600 Crore Rs. It is ranked number 37 in world among developed
cities.
- Delhi–NCR is also the most
advanced region in all over India. New Delhi is the national
capital of India, and therefore, political activities are routine for the
locals. Apart from this, development of the city is fast-tracked owing to
the hard-working people and the effective state policies. New Delhi is
also known for providing the best transportation facility in India like
the metro rail, bus transportation, highways, international airways,
etc. Gurgaon, known as the most high-tech city of the state of
Haryana, is situated in the NCR (National Capital Region). Owing to its
ranking as the most prosperous city in India, a large number of companies
are working in the city, some of which are included in the list of Fortune
500. Noida, the full form of which is “New Okhla Industrial
Development Authority”, is currently ranked as the most developed region
in India. Noida having the best infrastructure in the country is also
considered the fastest growing urban region of India. It has all the
requisite facilities for a modern good standard of living.
- Delhi NCR has a widespread SEZ (Special Economic
Zone). “Delhi-NCR includes
Delhi and the National Capital Region of Delhi, Gurgaon, Noida, Greater
Noida, Faridabad, Ghaziabad and Sonepat. There are nine special economic
zones in total in Delhi-NCR, as follows: Not to mention Delhi also has a modernized
Health Care System with some of the best and largest hospitals of India,
both government and privately funded.
Delhi is the Best Startup Hub for Startups Offering
Legal Services
With the presence of the Supreme Court, High Court,
Tribunals, Forums, IPR Office, Divisional and Sub – Divisional Courts,
Arbitration Centres, Delhi is the best place for the startups intending to
offer legal services in delhi. And with few of the best law schools of
the country situated in Delhi, hiring young lawyers is a relatively easy task.
Also, being located in Delhi will give these startups access to a large number
of clients not only from all over the country, but also abroad. They, of
course, get all the other facilities of being centered in Delhi.
Key Facts
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