Starting a company is a huge milestone—congratulations! But incorporation is just the first step. Now comes the crucial part: setting up operations, staying compliant, and preparing for growth.
To help you navigate this phase, here’s a step-by-step checklist to ensure your startup starts on the right foot.
1. Open a Current Bank Account
A dedicated business bank account ensures your personal and business finances remain separate. This helps with bookkeeping, tax filing, and credibility with clients.
Steps to do it:
- Gather necessary documents (PAN, TAN, Certificate of Incorporation).
- Choose a bank that offers business-friendly services.
2. Get Your GST Registration (if applicable)
If your turnover exceeds ₹20 lakh or you operate in industries like e-commerce, GST registration is mandatory.
Steps to do it:
- Check if your business needs GST registration.
- Register online or let an expert handle it for you.
3. Appoint Your First Auditor
Every company must appoint a statutory auditor within 30 days of incorporation. Non-compliance can lead to penalties.
Steps to do it:
- Hire a Chartered Accountant (CA).
- Record the appointment in your board meeting minutes.
4. Maintain Proper Books of Accounts
Keeping accurate financial records helps in audits, tax filing, and attracting investors.
Steps to do it:
- Use accounting software like QuickBooks or Zoho Books.
- Outsource bookkeeping if needed.
5. Secure Your Brand with a Trademark
Registering your business name, logo, or tagline protects it from being copied by competitors.
Steps to do it:
- Conduct a trademark search.
- Apply for registration through an IP expert.
6. Register for Professional Tax (if applicable)
Some states require businesses to register for professional tax for payroll compliance.
Steps to do it:
- Check your state’s requirements.
- Register online or consult a professional.
7. Apply for Startup India Registration
This government initiative provides tax exemptions, funding support, and other benefits for startups.
Steps to do it:
- Prepare a pitch deck and financial projections.
- Submit your application on the Startup India portal.
8. Get a Payroll System in Place
A structured payroll system ensures employees are paid on time and all deductions (PF, TDS, etc.) are properly handled.
Steps to do it:
- Use payroll software or outsource payroll management.
9. Create an Employee Stock Option Plan (ESOP)
ESOPs help startups attract and retain top talent without high salary costs.
Steps to do it:
- Work with legal and financial experts to create an ESOP plan.
10. Plan for Growth: Financial Projections & Compliance Roadmap
A well-defined financial and compliance plan ensures smooth scaling and avoids legal issues.
Steps to do it:
- Prepare a financial roadmap with realistic projections.
- Stay updated on compliance requirements.
Why This Checklist Matters
Following these steps will help you:
✅ Stay legally compliant
✅ Avoid unnecessary penalties
✅ Build a strong foundation for long-term growth
Need help with compliance and legal processes? Let our experts handle it while you focus on scaling your business.
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Starting a business is challenging, but the right setup makes all the difference. Stay ahead and grow with confidence!
