The professional team of Advocates & Lawyers of
www.mylawyersadvice.com. are taking up an initiative solely to educate and enlighten the public at large and especially the young Entrepreneurs and new Start-ups with respect to the various aspects of different laws and/or legislations vis a vis their legal implications and importance while duly considering the legal procedures involved. The professional Advocates & Lawyers are sharing their experiences solely for the purpose of spreading legal education.
- The ayurvedic medicines Start-up first should incorporate and/or register the business i.e. by way of a One Person Company (OPC), registered Partnership, Limited Liability Partnerships (L.L.P.) and/or a Private Limited Company under the aegis of the Indian Companies Act 2013 respectively.
- Thereafter the Start-up should register itself with the Start-up India project of the Government of India.
- An important thing which we must note is that in order to be accorded the status of a Start-up and to enjoy the legal rights and avail the benefits of the same, the business needs to acquire a certificate from the Department of Industrial Policy and Promotion (DIPP) which is under the Ministry of Commerce & Industry of the Government of India. For the same, an application needs to be made with documents as prescribed on the portal of Department of Industrial Policy and Promotion (DIPP).
- A registration under the Micro, Small & Medium Enterprises (MSME) and/or Small Scale Industry registration under the Micro, Small & Medium Enterprises Development Act of 2006 is advisable as the same carries a lot of benefits.
- The ayurvedic medicinesStart-up if intends to export medicines and/or import raw materials then it should also obtain their Import Export Code (IEC) which is issued by the Department of Foreign Trade of the Ministry of Commerce & Industries of the Government of India and also obtain Authorised Dealer (AD) Code from the Bank where it has its current account.
- The Start-up should also obtain the Goods & Services Tax Registration (GST) under the Goods & Services Tax Act of 2016.
- The ayurvedic medicines Start-up should diligently prepare its Employee Handbooks, Employee Code of Conduct, Vendor Agreements, Founders Agreements & Contracts, Shareholders Agreements, Dealer Agreements, and/or other Third Party Agreements & Contracts respectively.
- The Start-up should diligently protect its Intellectual Properties which includes registration of Logos and Trademarks.
- The Start-up should also get itself registered with the Ministry of AYUSH of the Government of India. The ayurvedic medicines Start-up should diligently appoint a BAMS Doctor in case it is giving ayurvedic medicines which are not Over the Counter (OTC ) products. The ayurvedic medicines Start-up nedds to abide by and completely adhere to the Drugs & Cosmetics Act of 1940 and the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954 respectively.
- The ayurvedic medicines Start-up also needs to obtain FSSAI Licence & Registration from the Food Safety & Standards Authority of India under the Food Safety & Standards Act of 2006 respectively.
We hope that the above would suffice and assist the young Entrepreneurs and the Start-ups in achieving their goals and objectives. For latest updates log on to www.mylawyersadvice.com.