Hyderabad: City-based T-Hub incubator on Wednesday signed a memorandum of understanding (MoU) with the National Academy of Legal Studies and Research (NALSAR) to provide legal and compliance framework for startups. Under the MoU, NALSAR will help entrepreneurs register their entities in the initial stages, structure transactions, comply with regulations, file taxes, handle closures, sign contracts and tackle legal intricacies.
The MoU will be implemented by CLEAR, a NALSAR entity, that will help entrepreneurs generate business models by providing a broad-based legal and commercial foundation. The startups from T-Hub, which also has a programme to help entrepreneurs receive angel funding, will also get advisory and consultancy services on a case-to-case basis from subject matter experts at T-Hub and NALSAR, said a press release.
“Entrepreneurs need to ensure that they invest enough time and resources at all times to eliminate avoidable legal risks to their promising startups. This aspect is as important as developing a viable business plan or hiring a great team. Ignoring it can lead to legal hurdles that can quickly derail a startup even before it starts reaches its full potential. We are excited that we can bring world-class experts from NALSAR to work with our startups," said Ravi Narayan, CEO at T-Hub.
T-Hub will also provide office space for CLEAR members to function a helpdesk out of the former’s building in Hyderabad’s IT corridor, known as Hi-Tech city. Through this helpdesk, T-Hub will be able to provide a platform to startups that will engage with the NALSAR and CLEAR teams on business managerial, legal and regulatory matters.
Professor Faizan Mustafa, vice-chancellor, NALSAR, said it was important for businesses to understand and operate within the provisions of law to avoid losses. “Be it contract or intellectual property, tax or consumer protection, law is an enabler of commerce," he added.