Nowadays the trend of playing games on mobile and computer has increased significantly; many companies are launching their games now in the market and making money.
If you also want to start your gaming business, then you have to take care of some important things like your business registration and other registration which is mandatory by the laws.
This article talks about the incorporation of a gaming company and other important things which you should consider before the incorporation of the gaming business.
How to start Gaming Business
- First, you have to plan that what type of games you want to make in your gaming business, for this you have to research in the market and according to the latest trend or idea you can plan about your gaming business. Your idea should be original and unique so people will be attracted to your games.
- You have to select the platform where you have to launch your games, for e.g. Android, ios and windows.
- You have to find the investor so they will invest in your products and will help you to launch your game, it is very important for a gaming business because the investor is an important key for a new gaming business so you have to approach an investor
- There is a need for a good team for making a game because one person cannot make a game himself so there is a need for a good team so they can create good products for your company. You have to build a good team.
- You have to plan each and everything for your business from making a game to its launch you need to plan everything, and after making of plan you have to execute the plan.
- You have to make an entity for your gaming business; if you want to incorporate your gaming business then you have options available for e.g. Incorporation of the company, LLP, Partnership, Sole Proprietorship etc.
The form of Gaming Business
You have to form a business entity for your gaming business for which you have to choose a form of business so here is some example given below
You can start your gaming firm with a Sole Proprietorship firm if you are the only owner of your company as Sole Proprietorship Firm can be incorporated by the only single owner of the Firm.
There are no formal laws which regulate the Sole Proprietorship Firm and there is no requirement of minimum contribution for the incorporation of a firm.
There is no formal registration is required for Sole Proprietorship Firm but if you want to register your Sole Proprietorship Firm Registration then you can register your firm with the Udyog Aadhar, Trademark, GST and PAN Card.
There is no requirement of registration but registration of firm will give you protection under the Indian laws and it will protect your rights under the laws and also it will increase your credibility in the market.
If there is two or more person in your gaming business then you can opt the partnership firm as there is only two or more person required during incorporation of Partnership Firm.
If you want to open your Partnership firm then you have to choose a name for your partnership firm then you have to make a partnership deed which contains the rules and regulation of the company and it should contain the details of partners and partnership firm, and it should be signed by all the partners and should contain the stamp and notary on it.
Registration of Partnership Firm is not required by the Partnership Act but if you want to register your gaming business then you can register it with the registrar of a firm.
Registration of partnership firm is important for getting benefits from the government schemes. Registration will give you a deduction under the tax laws.
The company can be incorporated by 2 or more persons and it governs by company laws and all compliance should be done with the Ministry of Corporate Affairs.
If you want to incorporate your gaming company then you can incorporate it by the filing of incorporation application to the MCA.
A company is a separate legal entity, it can sue or can be sued, directs have limited liability under the company laws.
The registration process of the company is simple; you can file your application online on the MCA portal. Registration of a company is mandatory by company laws.
Limited Liability Partnership Firm
If you want to incorporate your gaming business as LLP firm then the process is simple, it is governed by LLP laws.
There is a requirement of 2 or more person for LLP incorporation and its registration is mandatory. All compliances should be done before the Ministry of corporate affairs, it requires less compliance as compared to the company.
LLP is similar to Partnership firm but it has many differences and it is a separate legal entity so it can sue and can be sued, a liability of partners is limited under an LLP.
If you are thinking of starting a gaming business, then you should think about the above-given form of business because a selection of the correct form of business will give you many benefits.
As above mentioned there are many types of form of business available you have to choose one wisely.