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There are two possibilities of starting a software firm – the first one is to open up a software consultancy firm and the other is to open a software development firm – you develop software and then sell it.
As a startup company, the owners or the directors can take a loan from banks or have a venture capitalist invest in the firm. The industry is bound to keep growing as more and more businesses adopt information technology to digitize their operations, sales, and revenues.
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As per records available the IT-BPM industry contributed about 5.8 % to the country’s GDP in 2008-09 and 7.7% in 2016-17. The Indian IT industry earned USD 152.6 billion in the last financial year of which 76% was from exports USA being the largest contributor to export revenues. The export revenues from software products and R&D services were worth USD 25 billion in FY 2017.
The industry is overall expected to grow at a rate of 7 to 9 percent in this financial year with a target of achieving USD 350 billion in revenue from the sector by 2025.
Though this sector has competition from global players as well as locally established companies, software companies are consistently in demand because of dependency on automated and technology-driven systems of all types of industries. Startups and smaller players are also in demand of low-cost factor.
Opening either type of software firm in India is associated with procuring the following licenses and registrations on a mandatory basis.
For the other three types of companies.e OPC, Private Limited Company and LLP, the next step is to:
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