The way individuals work and collaborate has been changed by coworking spaces. Many people are unaware that the first coworking space in India was founded more than ten years ago, despite the fact that these cutting-edge offices have grown more and more popular in recent years.
Pankaj Saharan and his crew founded the first coworking facility in India in Bangalore in 2004. The area, which went by the name of Jaaga, was housed in a former warehouse. Jaaga was created as a place where entrepreneurs, technologists, and artists could come together to work, learn, and cooperate. The area immediately became well-liked and a focal point for the city’s tech and artistic communities.
Early in the 2010s, coworking spaces began to gain popularity in India. People started to understand the advantages of working in a shared office as startups and the gig economy became more prevalent. Coworking spaces provided a less expensive option to traditional office spaces as well as a forum for networking and collaboration among business owners and independent contractors.
Global coworking behemoth WeWork entered the Indian market in 2017. Even if WeWork wasn’t India’s first coworking facility, it undoubtedly contributed significantly to the idea’s spread. WeWork’s entry into India was a sign that coworking has achieved widespread acceptance.
Coworking spaces have the flexibility to allow startups and entrepreneurs to register their businesses without a physical address, which is one of its benefits. This is so that members have a registered address to utilize for business purposes, which is a common feature of coworking spaces. It’s crucial to remember that this location cannot be used as a residence, though.
A virtual GST number is a provisional number given to firms that have started the GST registration procedure but have not yet gotten their permanent GST number in relation to GST registration. While their application is being processed, businesses can begin trading and filing taxes using this temporary number.
In conclusion, Jaaga, which opened in Bangalore in 2004 as the nation’s first coworking space, was founded. Coworking spaces started to become popular in India in the early 2010s, and WeWork’s entry into the country’s market in 2017 contributed to the concept’s growth. A hotbed for entrepreneurship and creativity in India, coworking spaces have replaced traditional office spaces by offering a flexible and cost-effective alternative.