Planning For A Startup

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Planning For A Start-Up?
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Things to remember for a start-up   If you can
think about it, you can do it. Sounds like a
really good inspiration for all those
entrepreneurs looking to establish a start-up.
But a start-up is not just about having a concept
and then going forth with gusto. It is also about
filling a number of requirements which more often
than not involve quite many documents. Read on to
find out the most necessary things required to go
forth with a start-up. Registering the
company Although the legal terminology makes it
seem like that the registration of a business is
a tussle, in reality it is not long of a
procedure. As a start-up, you first need to keep
in mind the INC-29 introduced by the Ministry of
Corporate Affairs. This new form combines the
procedure of getting a Director Identification
Number, Name Approval Application and
Incorporation Application in one single step.
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Taxation requirements The first thing that a
start-up enthusiast needs to know is that to
encourage the Make in India initiative, the
government of India has provided taxation
relaxations to start-ups. These relaxations are
provided for three years under Section 80I of the
Income Tax Act, 1961. Moreover the benefits will
be provided to start-ups incorporated after April
1st, 2016. In order to establish itself, a
start-up needs to obtain two certificates , one
for eligible start-ups and the other for tax
benefits of eligible businesses. Start-ups which
are formed as private limited companies, LLPs,
one person company and registered partnerships
are eligible for the taxation benefits. A
start-up can earn a certificate through an online
application, along with a recommendation from an
incubator or letter of funding of not less than
20 through an angel investor. The profits of
eligible start-ups , which have an annual
turnover of about Rs.50 crores, can avail a tax
holiday. But these profits are subjected to MAT
of less than 25.
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Compliance requirements The credibility of a
start-up depends on its compliances with all the
applicable laws. For a company and LLP, the
compliances of Registrar of Companies are
mandatory. A few of the most important provisions
include appointment of auditor, conducting board,
shareholders meetings, filing statutory annual
returns and maintenance of statutory
registers. Appointment of auditor The auditor
of the company needs to be appointed within one
month of its incorporation and needs to hold
office till the conclusion of the first general
meeting Conducting board meetings One meeting
needs to be conducted in every three calendar
months
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Filing financial and other returns Private
limited companies are required to maintain
various statutory registers and records as
required by the Company Law. Minutes of the
meetings like that of Board meetings are also
required to be maintained by the company Audit
compliances A statutory audit determines whether
an organization provides a fair and accurate
representation of its financial position and
transactions Payroll compliances A start-up
cannot work without employees and they need to be
governed by various labor regulations
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For someone looking to make their mark in the
market with a start-up, forming one seems like a
frustrating task. Making the whole process easier
for you is Filingenie. We understand all your
requirements and provide you with the easiest and
best of the routes available. All you need to do
is register with us. For more information,
visit our www.filingenie.com
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