Managing StartUps with Regular Compliance – Virtual CFO

We have many inspiring stories that have given birth to budding entrepreneurs and in turn, have inspired a generation of young minds to solve complex practical issues of life and thus create a living for self and also employment for society.

Startup India is also a govt initiative to promote and nurture entrepreneurship across the country. As per Startup India Program, the main focus is to promote bank financing and encourage startups with newer business ideas and thus help the Govt in the moto of job creation.

Therefore Start-ups not only cross new horizons on their business but also need to keep the requirements of other stakeholders like Govt. Compliance, Banks, FI’s, Auditors, Investors like HNI, PE or VC’S.

Again, Finance is often ignored in most of the start-ups as the focus is always on getting business, model validation & tech enablement.
Its often seen that there is a huge chunk of money remaining either unutilized or being spent on unwanted penalties which are often overlooked within the given due dates and compliance calendar.

Common Asks:-

Basic Requirements mainly stems around say accounting, finance & compliance on a day to day basis
Other growing organizations may have constant requirements for Cash Flow Management & Project Management
Again some established setups may require a complete control on Inventory Management or a constant watch on Working Capital Requirements

Again, Start-ups go through the cycles of their own, in terms of starting high and growing multiple times and again a few of them ending with no salaries to pay, failing on compliances.
Often the business managers depend on excels and all calculations are done with no focus on actual tax filings, regulations or cash management.
Therefore, no matter whatever it is, Budding entrepreneurs are always on their toes to keep up the pace with compliance n certification.
Hence the Finance function should be taken perhaps a bit on individual perspective

Model:-

Idea is to start small and simple with minimal compliance and then build big as per customer profile, business operations, nature of transactions, etc.
Sometimes projects are it with Govt or some large corporate (domestic or global )drives the registration process or other times it is decided by the Investors and their involvement including entry-exit criteria.
We @ Certicom suggest starting lean with minimal compliance & then build as per Growth path as the transition is handhold-ed to the Directors and partners with end to end support.

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Startup

Startup All-in-One Compliance

I started my project to export textiles. What other services will I need to manage my business?

You will need services below to name a few, depending on the nature of your operations and specific work needs

  • Government registrations under VAT and customs duties
  • Periodical deposits under Value Added Tax, Excise / Customs, and others
  • Registrations are once other like TradeMark, Copyright, and others
  • Speak to our experts or contact us at [email protected] Our experts will advise you on the next step you need.

Startup All-in-One Compliance

What is the minimum annual compliance applicable to Private Limited?

The minimum compliance applies to a private limited company

  • Preparation of bookkeeping accounts by 44AA sec (balance sheet, P & L, cash flow statement)
  • Appoint the first auditor
  • Legal audit
  • Submit annual statements and financial statements
  • Preparation of the Board of Directors’ Report
  • Annual General Meeting (once every year by September 30)
  • Board meetings (the first within 30 days from the date of incorporation and at least 4 in the calendar year)
  • Maintenance of legal records and records
  • Income tax is a quarterly payment of advance taxes and the return of the deposit
  • Others must be event-based privileges such as ROC deposit onboard administrator, increased authorized capital, etc.

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I need flexibility in my company name. Can I provide multiple names?

Yes, you can provide up to 6 names for your company. We’ll need to provide this app separately. Additional charges of Rs. 1000 will apply. These will not be covered in the current package.

My partner and I are both managers and shareholders in our company. We would like to bring two additional contributors as well. Is this covered in the package?

In the current package, we cover two digital signatures of directors. For additional contributors, you need to secure two additional digital signatures. We offer a digital signature certificate – click the digital signature to buy

I and my partner are managers of our company. We would like to bring two more directors. Is this covered in the package?

In the current package, we offer only managers. To bring in additional directors, you need to secure two digital signatures (DSC)

Our company wishes to bring a foreign citizen as a director. Is this covered in your parcel?

To bring in an additional manager, you need to secure a digital signature (DSC). The only passport of the foreign director is required. In some countries, a residence certificate will be provided. These must be submitted for application.

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Unlisted companies on black money radar

Startups, unlisted companies on black money radar, probe on 200 entities

New Startups and unlisted auxiliaries of some real Indian organizations and multinationals find themselves in the crosshairs of the income tax department for raising funds through preference shares in excess of what it considers the fair market value.

Startup Registration

The examination arm of the income tax department has sent the notification to around 200 entities under Section 56(2)(vii)(b) of the Income Tax Act, 1961, in August, two individuals with coordinate information of the issue told ET.

In cases where deals have been done at valuations higher than the fair value arrived at by tax authorities, queries have been raised

Startup India

Fair market value is evaluated by the tax department in light of past exchanges and the record of comparable organizations. The Section is frequently connected when it’s presumed that organizations might be issuing shares at a premium over the reasonable incentive for washing unaccounted money.

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