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To start with, a start-up software company should focus on the pre-registration process for registering companies in India. They should also procure the following from relevant government offices:
While applying for incorporation a software company needs to first identify its directors. The number of directors should not be lesser than 2 and more than 8. In case the directors do not possess Directors Identification Numbers (DIN) they should apply for the same at the official website of the Union Ministry of Corporate Affairs. Any one of the following documents can be submitted as an identity proof while applying for a DIN:
The applicants can also furnish any one of the below mentioned documents as residence proof while making this application:
Driving license Ration card Passport Electricity bill Voter ID card Bank statement Telephone bill
These processes are normally completed in lieu of fees. After the process of getting a DIN is complete the company has to make an application for securing a name for the company. There are 5-6 possible names from which a company can choose. The additional names come in handy when the most preferred name is not available. The application for procuring a name has to be done online. The prospective owners need to visit the official website of the government and then download the Form 1A and fill it up. This is followed by the application for incorporation. While applying for this purpose the owners need to come up with a Memorandum of Association that will have the names of the companys first directors and its operation. This application and the Form 1A should be submitted online at the official website of the concerned governmental department. Once the approval for incorporation comes the owners should print a minimum of 10-15 copies of the same and keep them as booklets.
Otherwise, once the name registration is completed, the owners can authenticate every document from a bank and then take them to the Registrar of Companies. The Registrar will undertake the process of formal incorporation of the concerned company. The owners should also procure a tax account number from the regional Income Tax Department. Registration can also be done through chartered accountants. After the company has been formally incorporated, the owners should open a current account at a well known bank for carrying out their operations. In order to open the bank account, the owners will have to furnish copies of their Memorandum of Association and Certificate of Incorporation.
Type of products and services on offer Profitability and feasibility Target market
Ideally the software entrepreneurs need to consider the following options before they make a choice:
They should target a niche market as the competition in the established and saturated ones is pretty fierce They are required to focus on using new channels for distribution that provide solutions in a more effective manner They are supposed to provide new, better and economical solutions otherwise customers may not be interested in buying the products