SME WORLD Bureau
India has seen a drastic change in the way its bold and young entrepreneurs conduct business. This revolution has paved the way for more entrepreneurs to mould their ideas and dreams, aided by the plethora of services now easily accessible online.
Registering and running a company is no easy job, especially for first-time entrepreneurs who may be left baffled by tedious procedures India requires you to follow. Vakilsearch offers a complete solution for this.
The first hurdle for any entrepreneur is how to start a company, what kind of legal entity you need, how do you setup a bank account, amongst others. Here are few essential tips for entrepreneurs.
- Get the basics right: Due diligence is a broad term and is continuous while running a business. Before you sign anything, approach a VC, hire an employee, whatever, you perform your checks.
- Legal learning: Now, it might not be normal to ask a potential co-founder to sign a non-disclosure agreement, but when anyone asks you to reveal product secrets, you absolutely must ensure you have legal recourse in case they decide to use your product.
- Intellectual Property: The IP for your software is the most valuable asset your company will create. You need to do everything you can to ensure it stays yours.
- Ensure the company is yours: You may be founder and CEO, but good businessmen make a habit out of listening to experts around them and readily admit their shortcomings. If you're dealing with VCs and investors before you know a term sheet from a shareholders' agreement, you better ensure you're talking to a lawyer before making any move, or you may soon end up losing more than you expected to.
Online legal service providers like Vakilsearch have changed the game by introducing a rate card, reducing discrepancies and so for every service available, the price is well-defined and everyone pays the same price. Also, websites tend to be very transparent about what is and is not included in the offer and usually are all-inclusive. For example, if you're starting an LLP, everything from getting the DSC to registering the LLP Agreement is done for you. Sometimes they even go a step further and apply for the PAN & TAN for your LLP. Whereas offline vendors routinely propose all-inclusive prices, later bringing up additional expenses, such as paying for stamp papers, notary charges etc.
Additionally, Vakilsearch has introduced the option of paying for legal services in installments. This is especially beneficial to start-ups since it significantly reduces their costs. This effectively leaves an entrepreneur with more time and money.
Vakilsearch plans to increase their offerings to individuals by relaunching the lawyer marketplace. They have recently launched our payroll service, have access to affordable payroll solutions, from employee record maintenance to IT service filing and LIBRA, cloud based legal practice management software with dedicated mobile application, LIBRA which aims to empower lawyers to go digital. They will soon launch consumer driven services.
Inception and Background
Vakilsearch, the brainchild of Hrishikesh Datar, aims to find citizens and small businesses legal advice easily and at an affordable cost. It was started in 2011, soon after Datar graduated from National Law School, Bangalore. He was inspired to become an entrepreneur, despite his legal background, after starting his first venture (a t-shirt business) in his fourth year of college.
Vakilsearch has the singular vision of making legal processes simple and easy for businesses. The services cover all the legal needs of businesses, such as incorporation, government registrations & filings, accounting, documentation and annual compliances. Vakilsearch began as a portal that fixed appointments with lawyers across India, and then quickly shifted their focus to providing services like rental and employment agreements.
A few months down the line, Datar found an opportunity incorporating businesses for people online. Since then, the company has significantly broadened its product offering to start-ups -- they offer a complete suite of documentation services, advice on intellectual property, government registrations such as VAT and service tax and even IT filings. Their mission is to eventually provide one-click access to individuals and businesses whenever they require a lawyer, chartered accountant or company secretary.
To read more, please subscribe our Printed Magazine