Beginning a journey with startup in a country like India involves more than 10 registrations and seven tax and labour laws to comply with every proceeding month. Therefore, the process seems tedious and expensive. Further, it is also very complex for an entrepreneur to concentrate on innovation and creativity, while ensuring 100 percent conformity.
While it becomes mandatory to have a CFO(Chief Financial Office), not every startup has the resources to bear such positions. Pune-based Business Setup is aiming to quiet ease the process for early stage startups of involving such issues rather than focusing on innovation. With an in-house team of experienced professionals, Business Setup has collaborated with IIM-Ahmedabad, Hyderabad’s T-Hub, and Startup India as their legal advisors and partners.
Back in March 2015, Rohit along with his friends, Khushboo Bhattad, Parinit Thated, and Ritesh Jain, developed an online platform for CA, CS, and legal services. Business Setup looks after functions for company establishment strategy, fund raising and mergers & acquisitions guidance, business model formulation, financial reporting and projections, accounting and managing financial books, managing payroll, tax and regulatory compliance and coordinating audits and valuations. Presently, the startup also launched an India Entry Services vertical for foreign companies preparing to set up operations in India.
The founders of the startup are all CAs with heads-on experience of more than 10 years in consulting and taxation. Khushboo who is 30, heads the taxation team and is the in-house GST expert. Pranit who is 31, heads the India Entry services and advises NRIs and foreign companies on establishment of business in India, offshoring operations, and managing compliance.
He further assists mentioned companies, including Bajaj Finance. Ritesh who is 30, heads the financial management vertical. He also has been the virtual CFO to more than 20 foreign subsidiaries, and has been active in the Indo-German Chamberof Commerce. Rohit is further on the hook for fund raising, M&A guidance, and business development. He is the director to overview conformity at many companies that involves Domino’s Pizza.
Business Setup recently became a 45-member team functioning across offices in Pune, Mumbai, and Bengaluru. The average age in the organisation is 28 years that frequently marks client acquisition a threat. It demanded Business Setup, several rounds of meetings, calls, and making impressions to achieve their first 10 clients. Currently, it administers more than 1,000 clients, and mentions to lend their hand to more than 1,500 clients to register their business.
The startup’s list of clients also involves startups such as Turms, Northmist, Schoolay, Rapawalk, and Heelium. It has been a cold boot since the initiate, with the co-founders investing only Rs 11,000 each. “Based on future growth and funding strategy, we provide structuring solutions to establish the business,” claims Rohit.