During the year and a half of TechJini’s existence, we have learnt several things about starting and running a company in Bangalore. I am putting together our experiences in this post so that it can be helpful to others.
Register the company
The World Bank has a very detailed and comprehensive list of things to be done when you want to start your company. It covers most of the statutory requirements of starting a company in Bangalore. Many of these services are available online, so it makes life simpler. For those that are not available online, it is advisable to go through a Chartered Accountant.
It is advisable to get your company registered before you commence operations. Else it can create problems when you receive payments and don’t yet have a bank account in the company’s name.
Open a bank account
We chose citibank as our company bankers after we spoke to several banks. They offered better personalized service, were easily accessible and had the necessary features we were looking for. Since current account have no interest, choose a bank that offers easy ways to park/withdraw your surplus funds into/from short term funds which are mostly risk free and earn a good interest rate of 6% p.a.
Accounting and statutory compliance
Since Tally is the most commonly used accounting software, I would recommend to buy a license and start using it from the beginning. This avoids any accounting nightmares when you try to create your balance sheets at the eleventh hour. If you are not from an accounting background, it is best to hire a part-time accountant who can visit your premises and update your accounts every week or every fortnight. You can find such a person by locating any Tally coaching institute in your locality. They charge anywhere between Rs 1500 to Rs 3000 based on the amount of work.
There are several statutory and back office requirements like payroll, filing PT returns, advance tax, TDS returns, ROC returns, VAT/CST returns etc that require knowledge, time and effort. I did this myself the first year, but found that it is better to hire a professional for these while I can focus on our core business. Thus we met few CAs and finally contracted one of them. For a monthly fee, they handle all things including accounting, payroll, TDS, ROC, IT , PT etc (except the audit). They charge upwards of Rs 10,000 per month based on the number of employees.
Liability of employee behaviour
Another aspect to remember is that the company should formulate and get every employee (including the founders) tosign a Term of Employment or Company Policy documents. These documents outline several things including (but not limited to)
This becomes even more critical for IT startups since cyber laws are still evolving and these documents go a long way in proving that the employer takes preventive measures to protect the law. You can contact any lawyer who specializes in Cyber Law and he can assist you with the drafting of a policy.
Premises and utilities
We chose an office that was close to both the founders’ residences. This greatly improves productivity since we do not waste time and energy commuting to the workplace. Since we are a startup, we chose an office that offered us the best value for the money. Also ensure that there are few eateries in vicinity. Make sure you verify other things like, water availability, parking space, capacity of electricity connection etc.
If you are an IT startup, get at least 2 internet connections. We have BSNL and Tata Indicom. We have had bad experience with both of them, but Airtel (which is the best in terms of uptime) is not available in our locality.
I am sharing the contacts/resources that may save you time. Feel free to let them know you heard about them from us.
Please share any thing we missed via the comments.
I liked this article very muchch. it is very honest and practical. though I don’t have any entrepreneurial experience, I know a person, who went throughg a very silimar experience. what is your email id? and what is techjini?
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Can you give the Cost of each step which will help us to plan our savings
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starting a company in india is not that hard , you need a pan number on the company , few small registeration and in bangalore its really a great it hub , real good for company trageting it related service.
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Thanks a lot this helped me lot to register my company.
HEllo sir, i want to open an IT company (startup small with 2- 3 employees).plz help me to know the procedure,how many days does it take to register a company,& how much does it cost for all the fees ?
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You can contact http://www.CompaniesInn.com for getting your start up registered. They are a professional team with transparent pricing.
They have offices across India. Their website is very useful for a business starup.
I have registered a company in bangalore and facing problem in opening a bank account. Can anyone help?
Hi, I am in a process of opening my own firm and need some assistance in opening a bank account. Need some please.
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WHY B2B ?
This is same as asking :
Why market ? Why advertise ?
Answer ( to , " Why B2B ? " ) is simple
There are dozens of web sites which will allow you to email your Marketing Message to your potential clients
But , to only to ONE client at a time !
Whereas B2B enables you to
> Compose in advance / save / store , any number of Marketing
> Then , with just a SINGLE CLICK , send those Messages to
dozens ( or even hundreds ) of your clients , at ONE GO !
Do 8 days worth of emailing in 8 minutes !
And when it comes to targeting , you get to choose ( select ) from ,
* 2,27,000+ Indian Companies
* arranged according to 52 Industry-Sectors
* located in 2000+ cities
* 8,000 + International Chambers of Commerce in 5332 cities
of the World , in 190+ countries
Your options are :
> Passively wait for your potential customers to " discover " you
> Get " pro-active / aggressive " and reach them thru B2B
then REGISTER now , before your Competitors do ( which is only a matter of " When " , not of " Why " ! )
with regards ,
( view my profile )
Mumbai , India
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