What are the most common mistakes startups make in India?
Most startups ignore legal compliance. Many founders, while being highly skilled at tech and products, ignore legal and financial compliance. This usually happens because they are extremely busy with the products and do not keep track of the due dates and compliances involved in the legal processes. Besides the ones that are to be filed with Registrar of Companies (RoC), there are a bunch of forms that startups usually miss.
What does this mean for them?
They end up paying a lot of penalties. This often happens in the prerevenue stages of a startup. In the long run, it also affects their ability to raise funds. Another prevalent problem in the startup industry is attempting to comply with legal and financial laws without having a professional on their team or a reliable compliance partner. This results in these startups spending much time and money on incorrect filings.
Can you give an example of such a mistake?
Yes, carrying out financial transactions without understanding whether tax deducted at source (TDS) is applicable or not is the most common mistake made by startups in India. Most startups make that mistake! Similarly, startups miss out on export and import codes or letters of undertaking (LUTs) when carrying out international business.
Is there an example of a startup via which we can understand this better?
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