Understanding my service agreement

Hello Sir, I signed a service agreement which says: I can not work directly or indirectly in any trade or business either as a employer, employee, partner or advisor or freelancer or in any other capacity. and Any Intellectual property such as copyright, patent, trademarks etc with respect to any software products and solutions developed by me while employment shall remain in exclusive ownership of company and i will have no right. So my question is I want to create a startup which will be a software based and we are three people with me and another of us working for the same company and another one for different. will it be counted as trade or business as stated in above agreement clause ? as we wont make any for 1 year and we may leave company in between that period. can we register this as a pvt ltd company or partnership based company while working under this agreement ? can my employeer claim right on this startup ? is there any loophole to avoid this ? or any suggestion to make all work ?