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Starting IT Company in Chennai

Discussion in 'Entrepreneurship' started by k006b, Jul 11, 2005.

  1. k006b

    k006b New IL'ite

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    I would like to start an IT company here in Chennai but i have no idea where to start!

    Can someone help me?
     
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  2. ankita_chitnis

    ankita_chitnis Bronze IL'ite

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    Register!

    Hi,

    Do you have a basic business plan that answers some of the questions below?

    - What type of software would you develop or business activities that you would do?
    - Who are the customers that you are targeting?
    - Who are your competitors and how you are different from them?
    - How much capital are you willing to invest?

    I suggest that you put all your business thoughts into a document. The process of putting things on paper itself will be very eye opening to you.

    If you are through with that phase, then I guess you need to start with registering the company with the "registrar of companies" in chennai. A friend of mine told me that registering a company takes about 6 months or so. You probably should get started soon. Best.

    Ankita
     
  3. k006b

    k006b New IL'ite

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    Thanks for your quick reply.

    I am currently getting projects from few of my friends settled in US.

    My Projects are like

    1. developing customized tools, 2. developing & maintaining websites remotely
    3. PDF Conversion, 4. Providing Back office support remotely and many more on the pipeline and the projects are guranteed for next 4-5years.

    Currently the amount is being wire transferred to my savings account and the amount would get increased in couple of months
    (approx US$3.5K-5K /month). I dont know whether i am liable for paying tax for getting the money transferred from US. (Do you have any idea about this??) So i thought of starting a company and employing 4-5 ppl. So that i can get the money thru proper channel and can pay the tax as per law. Is there any consultancy who can do all the procedures for registering company?

    Appreciate your help.

    KB

     
  4. ankita_chitnis

    ankita_chitnis Bronze IL'ite

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    Registrar of companies?

    I don't think there is any consultancy that will register a company for you. Here in the US there are several companies that will manage the whole process for you, but I don't think that exist in India. You need to directly deal with the registrar of companies. Try googling to find out the office address and make a visit. I am sure the people there will give you all the details. Best of luck.

    Ankita
     
  5. aruna_077

    aruna_077 Senior IL'ite

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    hi.. so have u started the IT company?
     
  6. leelal

    leelal Bronze IL'ite

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    Approach Chartered Accountants for startup of new companies

    Hi,

    Hearty Congrats and appreciations for your inspiration and entrepreneur spirit!! ALL THE BEST WISHES!!

    As you have already projects in hand and expertise, it is advisable to start in a good way very legally. Based on the volume of projects, you can definitely look at scaling up the business.

    There are different ways of starting a new company.

    1. Proprietarship - This is best advisable for very small firms to see some profits in initial years and then convert to private firms. You will be the sole owner of the firm and shares the ups/downs of the company.

    Procedure is very simple. Need a Letter from Auditor (CA's) and use this to open a Current Account in Bank. This takes mostly 1-2 days of effort.

    2. Partnership Model - This is advisable if you have few like minded trusty business partners who invest in capital + company operations. All partners shoudl agree for one person to be the front face of the company and record this in a document. Partners are responsibile for bringing in investments, projects and Revenue sharing.

    Again CA can issue letter recording all Partners names in a bond paper (300Rs or so..) and use this for opening a Current Account. This formality can be done in 3 days timeframe.

    3. Private limited company - This is advisable for companies having big capital, good business plan forecasting the growth in terms of revenue, employees and company valuation. This takes approximately 3-4 months as now there are more rules ot obtain digital signatures and other legal proceedings. Again a Reputed CA will be able to assist you in this process.

    Also pls check on the latest Sales tax, Service Tax, Women entreprenur policies (Loans from banks upto 5-10 Lakhs) and SEZ rules for taking in all benefits to reduce your cost of operation and maximize your profits.

    Pls do let me know where you are planning to start. If I can, will definitely hep you by connecting to the right people.


    Regards,
    Leela
     
  7. kanmani.khivraj

    kanmani.khivraj New IL'ite

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    starting a IT company

    hi,cheer
    congratulations on your plan to start a IT COMPANY. i m working for an IT COMPANY as a deputy manager marketing. the company i am working is the first assigned GREEN BUILDING in the world. it is the largest single building in chennai as of now.even before the project is complete the space is fully occupied by top 10 IT COMPANIES.

    THER ARE LOT TO BE DONE TO START A IT COMPANY.

    ANY HELP I WOULD GIVE MY INPUTS.:wave

    regards
    kanmani
     
  8. safoorabi

    safoorabi New IL'ite

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    IT Projects

    05.12.2006

    Hi k006b !

    By this time you would have started on your various projects. I am sure that they are doing very well. You would have learned to handle the ropes with the passage of time.

    Anyway, should you require any assistance, I shall be glad to be of help to you.

    I am interested in carrying out data entry projects, as well as PDF conversions at home. I have a P4 computer with broadband connectivity. Should you have sufficient work on these lines, I would be glad to undertake such projects, in part or full, depending upon the quantum and turn-around time for work that is to be completed successfully.

    But, should your projects require 25 work stations, I could have the work done as I have access to these machines.

    If you are in a position to give me some of the above work, please send me a private message. If you do not have any excess work, at this time, I would appreciate it if you could inform me accordingly. :wave
     
    Last edited: Dec 5, 2006
  9. ramyarakky

    ramyarakky New IL'ite

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    Starting a IT company

    Hi,
    I wish to start a IT Company in chennai living in United States,
    To begin with a website and to develop further.Can someone throw some lights on it to proceed legally and to get projects.

    Thanks
    Ramya
     
  10. ramyarakky

    ramyarakky New IL'ite

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    Dear K*

    Can u guide me on getting projects on ur experience?..
    I am developer with 4+ yrs background in Comp Field.
    I will be glad to be a part of ur team too.

    Thanks
    Ramya
     

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