Navigating through the process of registrations, compliances and statutory regulations can be time consuming and effort intensive.
Many start-ups or even existing establishments fail to constantly keep up with changing rules and regulatory practices shared by Government of India. They may not have the expertise inhouse to constantly alert them of the needed practices to be followed. What kind of compliances apply to which kind of companies, how they have to practiced, observed, documented, presented, audited, evaluated etc.? What is needed for being compliant with registrations done or being compliant with annual filings etc.? Where do we start? How much do we do? How much of effort is involved? What is frequency of putting in these efforts? How much does it cost to be compliant in respective scenarios? Our inhouse experts – do they have the right kind of expertise to address these elements. Are they giving us right understanding and the guided elements for us to engage and participate in different government portals as Income Tax, GST Portal, Start-up India Portal etc.? How do we exit the company if need be?
Time to time business advisory, mentoring in terms of what is needed in terms of your potential, growth aspects, what it takes for you to establish yourself in the market. How the business functions and how the internal operations are taken care - does impact your compliances. Guidance on the needed registrations, which ones would be required for respective business you are in. What would really be required for you to sustain, grow and build visibility as an organization? Which compliances should I adhered to in which type of company?
Brand, Trademark and Intellectual Property protection is one another factor which most of the businesses forget and it does become difficult to draw a fine line of what kind of detailing can be shared with respective stakeholders. What kind of nuances apply in terms of such registrations, how things can be sorted out when certain kind of objections raise for respective Trademark or IP?
All Valid Questions - This does become a daunting challenge for the organizations to know and implement what’s needed for them time to time unless they have engaged service provider or an expert who can guide them through the practices time to time.
Business Plan, Business Pitch, Business Roadmap, Business Forecast, SWOT Analysis, Break Even Analysis are few elements which structures and helps you figure out whether it’s a viable business, feasible for you as business owner. Story of Founder “Gary Dahl”, Pet Rock is quite an inspiring story which presents that you can turnaround any possibility into a business and it is quite important for us to have a vision, a plan in place and thought through action in place.
First question comes to mind for any start-up is that do we have the bandwidth or the necessary support to embark on these elements and take control? Is it too early for us to look into these or should we drop registering companies due to these overwhelming efforts and costs involved? Well, that depends on how passionate you are taking your business to next level, how aggressive you are in terms realizing that business potential and growth; which becomes your answer to how you would like to establish and how soon you want to see you practicing business and reaping ROI?
Please note that if we have rules and checkpoints at different intervals, it will allow us to put things properly in place and put right practices in place. Hence, companies or business men who have the potential to grow and create their mark in the market should not look at these issues as fear factors for existence but should be look at as stepping stones or ladder to improve and create opportunity for business growth; create opportunities to scale.
Validate early, build your company with right registrations which suits your budget, your need. Build your company with needed and right set of registrations, right processes and practices. Build your foundation right. Take your decisions right depending on whether you want to function as a SME company growing at a slow/steady pace or as a unicorn company.
ENSCONCE is proud to make a difference to start-ups and established businesses, give the right kind of advice. Looking for a partner to help with your questions, your apprehensions. Looking for a partner to aid with your company registrations or compliance's? Ensconce is here to help! Know more of what we could offer. A quick snapshot of our services is available at Company Establishment Services