- Getting registered with the Government- Getting registered as MSME or SME with the Government of India helps in availing tax rebates and benefits of a loan at a cheaper rate of interest.
- Preference for the license- Business registered under MSME scheme is given a higher preference for government license and certification.
- Intellectual Property- For organizations delivering innovation to the marketplace, protection and preserving of Intellectual Property shall be the most important piece of their business.
- Protection & Insurance- Protection of business and personal assets must be done by incorporating a Limited Liability Partnership, Partnership, Company, Sole Proprietorship, etc while implementing a safety/risk assessment and investing in good insurance coverage.
- Business License- Getting relevant business licenses and certification as needed by law.
- Getting Goods & Services Tax (GST) registration done – To avail tax benefits such as input tax credit scheme, it is advisable for SME’s/MSME’s to register under GST.
- Entering into employment contracts with the employees – Having a clear and crisp employment contract which detail terms and conditions of employment is always advisable.
- Internal control- Having a strong internal control includes setting up a good accounting system, installing checks and balances and ensuring that any wrongdoing financial wrongdoing is quickly stopped.
- Compliance management of accounts and taxes- It is extremely critical for sustainable growth of any business to have thorough legal, secretarial, accounting and taxation compliances.
- Compliance with relevant laws such as Labour Laws, Competitions Act, 2000, etc.
