A Legal Service Hub for Startups?

by Chandan Kumar Legal Finance and Tax services

This 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

At least 220 Tech start-ups were launched in Delhi-NCR over the past three years, as compared to 159 Tech start-ups in Bangalore, according to the survey conducted by YourStory.com, which keeps track on Indian start-ups. Of these, 49 start-ups in Delhi-NCR attracted investors, while only 18 did so in Bangalore. The survey is based on data from 1,057 start-ups across 16 cities. Most of these ventures are less than three years old, and 15% of them are four-five years old.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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