Initial Startup Compliance

If you are a startup, the journey to becoming an entrepreneur does not end at the incorporation of your company, LLP or any other form of business; instead, it begins from there. Witnessing your entrepreneurial dream getting materialised step by step is an altogether different experience inexplicable in words. However, there are specific post incorporation compliances and Formalities to be followed based on the type of business, its location, the activities and pattern of capital investment into it.

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Initial Startup Compliance

We can divide Initial Startup Compliance into Four broad classifications for easy understanding. Each compliance is mandatory and is time bound. In general, the responsibility to obtain necessary registration and licenses is on the company itself. However, the director/ designated partner of an LLP or Firm is personally responsible for the non-compliance. We are available for a detailed discussion with you at our offices. To set up an one to one meeting with our compliance specialist, please click here, we shall be glad to assist you. We are also happy to inform that the first meeting for Initial Startup Compliance is without any charges or obligation.

Regulating Act Related
Regulating Act Related
A company is subject to the companies act, 2013 and an LLP need to follow laws as prescribed under the LLP Act, 2008. Every type of business except a proprietorship is regulated by a law under which it gets registered. The company act mandates a range of initial compliance like the appointment of the statutory auditor of the company within 30 days, issue of share certificates within 60 days etc. The LLP act prescribes filing of the LLP Agreement in Form No -3 within 30 days. There are many and may differ from case to case.

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Location Based
Location Based
A business has to adhere to local laws of a specific state or a municipality. In India, the legislative powers are decentralised for some items to the state government, and some are retained in the union government, while there is another list of things on which both governments can make laws. That is the precise reason you need to check what are the state-specific or municipality specific licenses or registration required. For example, shops and establishment registration, Professional Tax Registration, Trade License; etc.

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Activity Based
Activity Based
In general most of the business activities are open without any restriction, however for public safety, morality, or national interest, Indian government have put some reasonable limitation on certain types of business, which can be carried on only after taking prior permission from the competent authority. To illustrate a pharmacy can be established if drug license is obtained. A security service agency can operate only when PSARA License is granted. To carry business of dealing in seeds a permit from the controller is mandatory.

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FDI Related
FDI Related
The foreign investment in a business in India can be received under automatic route to the most of the section if the type of business is a private limited company. In case of LLP, prior approval is a must. Hence every startup must be careful while receiving the funding from out of India as the same is subject to FEMA and Policies framed by RBI. One of the most common requirements is to file FC-GPR for the equity allotment to non-residents and an Annual return of foreign assets and liabilities to RBI.

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Tax
Tax
Finally, the compliance which, most of you are aware "The tax compliance." GST is applicable on the supply of goods or services, and the taxpayer is expected to pay the GST net of inputs, before the 20th day of next month and then to file monthly, quarterly and annual GST returns as the case may be. The Income tax act casts a liability on you to deduct TDS while making payments to parties, Pay taxes in advance and file correct Income Tax Return after the end of the financial year.

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Annual Reporting
Annual Reporting
After the close of the financial year on 31st March, every business entity needs to file a detailed report of its income, expenses, net profit and the tax paid thereon to Income Tax Department, commonly known as "Income Tax Return." before its due date. For a company, the due date of filing ITR is 30th September of next FY. Similarly, every company or LLP has to file its balance sheet and annual return with the ROC in the prescribed format and with attestation of a CS, CS or a CMA.

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