Starting A Business In India Is A Daunting Task: The Most Difficult Question Being From Where To Start, What To Do, And How To Register Your Company

To solve this problem, Kunal Parakh started New-age Startup Consultancy Company 14 years back from Kolkata, where they are providing entrepreneurs opportunities to set up their Entity in India and manage all of its compliances, thereby allowing startups to focus on its business rather than worry about taxations and compliances.

In an interaction with Kunal Parakh, founder and CEO of Companyji , one of India Leading startup Consultant, he talks about StartUps, current business opportunities, the rise of his company in this niche Market, and companyji unique no advance feature.

Company Registration in India last year crossed over 1 Lakh. Why are so many Companies getting registered?

There are couple of factors for people preferring Company registration more than ever. Firstly, the government is promoting Companies by giving huge fees cut and tax cut, that why it makes it affordable and much more sense for people to go for Companies rather than partnership or Proprietorship.

Also in India, it very difficult to convert your proprietorship or partnership to a Company, so they loose on the credential for tenders and Government contracts.

Lastly, a very important reason is transparency, because of online frauds prevalent, customer of a business trust Company over an unregistered proprietorship or partnership.

Are Foreign Company or Foreigners Investing in India?

Well, you will be surprised post Covid, demand for Setting up of business in India for foreigners has increased multifold, almost 3% of our enquiry are coming from foreigners wanting to register company in India. And to add, enquiry from NRI wanting to come back to India for starting up their Company is unbelievable. This I believe, is the best time for doing business in India.

Also, to add the process has also been simplified for foreigners wanting to register their company in India. So, we need to give due credit to the government also.

So, what the success ratio. How many Companies Fail?

A lot, because of simple reason, that they cannot execute their idea. I believe every business is profitable, if you can execute it properly. Always give TIME to your business.

How does Companyji.com do to tackle such high ratio

Companyji is a new age platform for "startup consultancy" where we follow a hybrid method of all type of Tax and Corporate Legal Consultancy. Consultancy in the field of Taxation and Business is a very personalized requirement, just like unless a Doctor meets the patient, it won’t be possible to diagnose properly, similarly in our case, even though we are fully equipped to provide our service digitally, but we make it a point to have a physical interaction atleast 2-4 times a year for us to understand their business in depth and provide them a more customized service.

As the problem with just providing online solution, the client has no idea what exactly to expect and usually find hard to understand the consultancy over phone. In fact, the problem with online is focus is on packaging only, create a good website and make your client believe you are an expert.

So, how does Companyji differ? I mean if we were to differentiate between Companyji.com and let say a xyz website.

The best way to differentiate is always have a pre-registration consultancy, in fact we have physical setup in Kolkata and Mumbai to start with, and we encourage anyone who wish to register company in Kolkata or Mumbai, to visit our office and only after understanding their requirement, can we take their work. And we don’t even charge for that. That the reason, 95% of the client, who visit us for Free Consultancy, become our paying client. In fact, we also have Postpaid Plans, where we don’t charge any advance, you got to pay only after you get the service. Also, with the kind of online fraud happening, it better to build a trust.

Lastly, Can you please describe your journey?

Well, I come from a business family, where my dad has an Iron and Steel Manufacturing Unit, but that bit never excited me, even though there was opportunity in that part of business which I believe was 100-fold than what we had in consultancy line. But I never was attracted. I had passion for animation and my parents wanted me to study CA & CS. In fact, I was juggling between CA, CS and Animation. I started this 14 years back, on a small scale while I was in CA Final, but the business grew exponentially and today we have given consultancy to more than 60,000 startups.