With a growing demand for easily accessible quality education, the concept of EdTechs has been abuzz. As the name suggests, an EdTech is an educational tech business that provides educational services to its users through an online portal. If you want to venture into this field, it is important to know the kind of services you wish to provide and the legal requirements for setting up an edu tech startups in india.
Types of Education Businesses
With ‘Digital India’ and ‘Skill India’ on the rise, starting an EdTech has been easier than ever. If you wish to start an educational institution, there are a few guidelines that you must follow:
Register as an Entity:
An entity is someone who has its own rights and losses. Registering as an entity is directly related to the tax compliance and liability. Intellectual Property is the key feature of tech businesses, registering your business is pivotal. The best legal structure for an EdTech is Private Limited Company or Limited Liability Partnership. In both these structures, the directors and partners have liability limited to their shares only.
Register for GST Compliance:
The next step is to fulfil your tax compliance. An EdTech needs to get registered under the new GST regime.
Create your Domain Name and Website:
For a tech business, the online presence is all that matters. Having a unique domain name registered through which people recognize your business and a website through which people can access it is paramount for you.
Register your Intellectual Property:
The main ingredient of a tech business is its intellectual property. Registering your intellectual property creates your sole rights in it and prevents anyone from using it without your permission. Your IPR includes:
Patenting the innovative technology your business is bringing to the market.
Registering the trademark of your business which includes the logo, slogan, mark, and name.
Copyrighting the original educational material that you create for your educational programs.
Protecting your trade secrets like your clients, developers, programmers, etc.
Get the essential Agreements drafted and registered:
To protect your business, you need to enter into different contractual agreements which are based on the laws applicable to an EdTech business. These agreements include:
Non-Disclosure and Confidentiality Agreement:
This agreement prevents any third person connected with the business from leaking the trade secrets.
IP Agreements:
If the Intellectual Property of the business is obtained by an agent or employee, an IP Assigning Agreement naming the actual owner of the intellectual property is important.
Similarly, if the EdTech licenses its intellectual property to another business, then an IP Licensing Agreement laying down the terms and conditions of the licensing is necessary.
Service Agreement:
If the services of a web developer, technician, programmer, etc. are used, then an agreement laying down the conditions of their services is important.
Website Policies and Agreements:
The privacy policy, disclaimer policy, and user agreements must be created for the subscribers who use your services on your website.
Get a Payment Gateway:
A payment mode through which your subscribers or users can make payments to you. Some of the payment gateways businesses use are Ccavenue, PayPal, PayUMoney, etc.
Want to get your business registered? Hire the best startup experts! Email us at info@myadvo.in or call now to Myadvo at 9811782573.
