Getting started as a startup is a great feat. While you get busy with finalising of your designation in your startup, it is important to analyse and fulfill the protocol laid by the Ministry in terms of COMPLIANCE.

 

 

Even with high potential, some start-ups have to think of start-down and COMPLIANCE has been suspected to be a major reason behind this. So, with Cheers of being started you should not fail to look into the compliance required after incorporation and while in-operations.

 

Organisations with great deals have to face investors stepping down and executives getting replaced and again the reason is lack of compliance. A business entity that is compliant is automatically trustworthy to its clients and investors.

 

Compliance might look like a nightmare and a complex process in day-to-day working. But we at Taxmantra.com make all the compliance on your behalf and that too on timely basis so that you can fully concentrate on your business and keeps you away from extra financial burden of interest and penalty.

 

We take care of all the compliance like formation of your entity, appointment of auditor, taxation, business planning, funding, RoC compliance, audit- all under one roof.

 

Few major compliance that should not be overlooked has been jotted down:

 

1. Statutory compliance

 

For a Company and LLP, the mandatory compliances with the RoC are the most essential of all. Some of the important provisions include:

 

• Appointment of auditors

The first auditors of a company should be appointed within one month of its incorporation and shall hold office till the conclusion of the first annual general meeting. 

 

• Board Meetings

The first board meeting of a company should be held within one month of its incorporation. At least one meeting should be conducted in every three calendar months.

 

• Filing financial statements and annual returns

Private Limited Companies are required to file its Annual Accounts and Returns disclosing details of its shareholders, directors, etc., to the RoC.

 

• Maintaining statutory registers and records

A Private Limited Company has to maintain various statutory registers and records such as Register of shares, Members, Directors etc. Also, incorporation documents, resolutions of the meetings of the Board of Directors, Minutes of the Board Meetings and Annual General Meeting, etc., are also required to be preserved by the company.

 

2. Payroll Compliance

 

Employees, consultants etc are the major part of the organisation. There are various labour laws like PF, ESI which govern the professional relationships. So, payroll compliance becomes mandatory for all organisations having employees.

 

3. Audit Compliance

 

Organisations shall provide a fair representation of the financial position. For this, examination of records, financial transactions, bank and cash balances need to be done. All these are included in the audit compliance.

 

4. Taxation

 

Taxation is an important aspect which needs to be understood by all the entity. Tax compliance measures vary with the kind of business and the nature of services. Tax had to be paid to the Central/State government or local bodies.

 

The present government has been liberal to the startups in regard to the compliance. It has introduced Startup Action Plan and has provided few relaxations therein like:

• Exempting tax on profits for the first three years
• An action plan for boosting innovation and entrepreneurship
• Relaxation in labour laws compliance

 

However, these benefits are applicable to companies, who have been approved as “Startup”. If you wish to get this title “Startup”, then learn how to register your startup with the Modi Startup Plan.

 

 

So, when you think of your business, think of taxmantra and taxmantra shall take all your burden for proper compliance in all the fields. Taxmantra has been actively associated with the startup and handling day-to-day compliance scenario in and outside India.

 

Major highlights of Taxmantra for startups:

 

• Business structuring as per compatibility of the startups.
• Competitive pricing.
• Fully Customized Packages.
• 30+ years of experience within the group.
• Confidentiality Assured with Signed NDA.
• Complete paperless office, no physical presence required.

 

Complex business compliance easy with Taxmantra. So, get started NOW .

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