Regarding business opportunities, the Forbes magazine rated Bangalore as one of the fastest growing cities. So, before starting any kind of business, it's essential to understand the economic environment of the state. In Bangalore, you have to register a company in order to give it a legal existence.
The growth of the Indian economy is on the rise if compared with other countries like China. ‘Silicon Valley’ of India, Bengaluru, is rapidly becoming a serious global player in the Information Technology (IT) economy.
One of the crucial factors of this spurring growth of Bengaluru is the massive government investment in the public sector industries.
As per McKinsey study, the city by 2020 will become the largest IT hub on the planet and is going to overtake the Silicon Valley with almost 80 billion in the IT exports. Bengaluru plays an essential part in the economy of India as it contributes up to 87 % to the economy through software exports itself.
The city of Bengaluru has been termed as the largest start-up hub in the entire country. The city homes some of largest start-ups such as Flipkart, Ola cabs etc.
Complimented by best IT companies the city like Accenture and Infosys etc.
SPICe form allows only one choice of name for company name registration. If your company name is identical to another existing company name, it will get rejected, and the complete process will have to be repeated.
If you think that the name of your company is unique, it is always possible to skip the RUN service. Although it is always advised to use the RUN service by MCA for each name choice selection before proceeding with the final incorporation.
If the company you are forming has paid-up capital of less than equal to 10 lakhs or has less than 20 members, you are not required to pay the incorporation fee.
The MCA, with 2013 Amendment of the Companies Act, has introduced various changes to encourage ease of doing business in India.
Startup Friendly Environment: The metro city has been rated as the best in the world for establishing your own business. It is evident as the city is home to the majority of start-up unicorns.
Simple Yet Easy: The new process is simple and easy to use and understand. It does not require a large amount of paperwork.
Convenient: The process can now be completed entirely online. Which is a great time saver for the person incorporating the company.
Single Consolidated Form: With the introduction of SPICe form starting your own company is a lot easier and can be done within one go.
No incorporation of fee: Fee for small companies such as startups and small entrepreneurs( such as MSME's), this will encourage them to register their businesses.