How Crucial is Compliance for Startups

May 3, 2017

India is the base to the world’s third largest startups in terms of numbers. About 3 to 4 startups are born every day. Startups are built on the vision of the owner or owners. You have an experience in life. Think of a solution, an idea, and a startup is born. Many startups are extremely successful. It seems to be a well-accepted fact that startups can bring a new technology or idea to the market faster. They work with limited buthighly focused and committed resources that have a burning urge to succeed.

But like all others, startups are also commercial institutions. The startup has to be registered properly and follow the rules of the land. In India, you have to watch out for both state and central laws. Not being statutory compliant is dangerous. It not only gives you unwanted attention from the authorities, it kills the morale of your employees. Who would like to work for a boss who does not follow the law? If you are statutory compliant, you can hold your head high, and get the respect of your employees, vendors, and clients.

Following registration and other rules are now becoming simple. Most of it can be done online. At the minimum, you have to register your company, get a PAN and a Service Tax code (now GST ARN number) for paying taxes. If you set up a private limited company, there are other mandatory steps you have to take.

If you look at all the rules, you might wonder if all this is worthwhile. But with a little help, you can meet all statutory requirements and live your dream. At TalentPro, we have a large bouquet of services specially designed for startups. Right from incorporating your company, to themaintenance of statutory registers, getting licenses, to filing returns, we deliver the complete set of services. For you, the advantage is you can focus on your business. Because of our knowledge and the vast set of experts we employ, you can be sure that your statutory compliance will be 100% complete.

List of Mandatory Steps For Statutory Compliance

Setting aside the obvious such as income and other taxes, let us take a peek at some of the internal systems you need. If you are a tech company or a company that employs people, the following is a list of what you will need to fulfil.

•   Confidentiality and/or NDA

•   Offer letters and employment agreements

•   Non-Competition and non-solicitation agreements

•   HR Policy or Employee Handbook

List of Mandatory Steps ForFactory Startup

If you are setting up a factory, your statutory compliance requirements will be a little more elaborate. But don’t worry, we have, to use an old cliché, seen it all. Irrespective of where you are setting up the factory in India, we will work to place over the opening ceremonies keys in your hand. Some of the statutory requirements for a factory are:

•   Site Plan approval

•   Licenses for your factory. This could be one or more from multiple statutory bodies.

•   Consent from the Pollution Control Board under Air & Water acts.

•   Load sanction letter from the state EB

•   Approvals from local authorities such as Gram Panchayats or District Magistrate.

Statutory Compliance ServicesFromTalentPro

We have a large set of experts dedicated for Statutory Compliance Services. These experts are trained on a regular basis to keep themselves updated on the rules and regulations imposed by the centre and the state authorities. Visit our page on Statutory Compliance Services to understand the scope of what we provide. Call us today and we will deploy our expertise in risk management to enable you to focus on your core business and stay on the right side of the law.

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