Nothing is more exciting than the thought of launching your own startup. However, to get your dream off the ground, the next step is to formulate a checklist of key requirements, so you’ll be on your way to ensuring a smooth and successful launch.
Quick tips: Registering your startup
One of the most essential things to consider when registering a startup is what the law dictates. If ignored, this has the potential to be very detrimental for startup founders, and may even lead to closure of their startups.
While the legal requirements vary per country, all startup founders will likely have to weigh the pros and cons of registration. This entails choosing between a sole proprietorship, partnership, limited liability company or corporation — and all these forms of business have different tax requirements and governance dynamics.
Relatedly, having a trademark for your startup is a universal legal requirement. This involves identifying a word, symbol, or design that identifies your startup and distinguishes it from other competitors. Other requirements can include licenses, insurances, and proof of adherence to health and safety standards.
Getting started with the VC4A Startup Academy
At the VC4A Startup Academy, we help startup founders get off the ground and ensure they succeed and thrive. We have developed different e-courses tailored specifically for different needs, depending on each startup’s stages of growth. The courses have been developed and designed with inputs from key experts in the industry. They have experience in supporting startups and have access to the latest industry insights, start-up tools, and methodologies for your startup needs.
These experts are readily available on the VC4A academy’s e-learning platform, and can be contacted directly for support or further guidance. The courses are free, and anyone (depending on their geographic location) is eligible.
Course highlight: Your Legal Business
The ‘legal business’ is one of the courses available in the Academy. It is suitable for startup founders who are ready to register their startups and would like to learn more about the legal implications of doing so. This includes setting up their business as well as funding concepts for a first round of investment.
In the first module, startup founders will gain insights on how to register their business entity, ensure intellectual property rights, and how to protect it. VAT filings and other legal requirements are also covered. It’s important for startup founders to be compliant with these requirements from day one of registering their ventures.
Funding concepts are explained at length in the second module. Here, startup founders learn how to fundraise for their startup needs, as well as what investors look out for before deciding to support the startup. In particular, investors are keen on viable business models, market opportunity, traction, and revenues.
The course is well-structured, and each of these modules has a variety of learning resources. This ranges from theoretical breakdowns where concepts relevant to the African context are introduced to videos that make learning easier, quizzes to test your understanding, and learning materials for further reference. The course is undertaken in English, however, transcripts are available in French, Arabic, and Somali depending on one’s preference. A certificate will be issued after successful completion of the course.
Further learning opportunities
Other courses available at the VC4A Startup Academy include:
- Start your business, a course targeted at startup founders in the process of developing ideas and testing if their products are market fit
- Grow your business, a course targeting startup founders who are already in business and would like to scale up their business; and
- Finance your Business, a course for startups that are in their growth stage and would like to raise external capital.
Wishing you well as you learn the legal implications of registering your start-up!