Introduction
Starting a business is an exciting milestone—but surviving the first year requires smart planning, timely compliance, and the right tools. Whether you’ve just registered your business or are in the early stages of operations, understanding the new business essentials can make the difference between thriving and merely surviving.
At CA Nexus Nashik, we specialize in helping startups and small businesses establish a strong financial and legal foundation. In this blog, we’ll walk you through the must-haves for newly registered businesses in India, from registrations and software to financial tips that keep your venture compliant and efficient.
1. Business PAN & TAN Registration
The first and most critical new business essential is obtaining a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN). PAN is required for all tax-related processes, while TAN is necessary if your business deducts TDS.
🔹 Tip: Apply for these immediately after your business registration to avoid delays in operations and compliance.
2. Open a Dedicated Business Bank Account
Separate personal and business finances by opening a current account in your company’s name. This not only keeps records clean but also helps during audits and tax assessments.
🔍 Why it matters: It increases business credibility and is often a prerequisite for applying for loans or government schemes.
3. GST Registration (If Applicable)
If your business turnover exceeds ₹40 lakhs (or ₹20 lakhs for service providers), Goods and Services Tax (GST) registration is mandatory. Even if you’re under the threshold, voluntary registration allows you to claim input tax credit.
🧾 CA Nexus Nashik can help you with GST filing and compliance to avoid penalties.
4. Accounting Software
Investing in reliable accounting software is one of the smartest decisions for a startup. Tools like Tally, Zoho Books, QuickBooks, or Vyapar help automate invoicing, track expenses, and generate reports.
📊 Bonus Tip: Choose software that integrates with GST and bank accounts for seamless financial tracking.
5. Udyam Registration for MSMEs
If you’re a small or medium enterprise, registering under the Udyam scheme offers benefits like easier loan approvals, subsidies, and government tenders.
💡 Many startups miss this step. Don’t skip it—CA Nexus Nashik can assist you in registering and taking full advantage.
6. Professional Tax & Shops and Establishments Act
Depending on your state, you may need to register for Professional Tax and comply with the Shops and Establishments Act within 30 days of starting operations.
⚠️ Non-compliance can lead to penalties. Let us help you handle state-specific obligations correctly.
7. Create a Foundational Legal Agreement
Every startup should have foundational legal documents like:
Partnership deed or MoA & AoA (for companies)
Founders’ agreement
NDAs with employees or vendors
Vendor contracts
📄 These documents protect your business from future disputes and define responsibilities clearly.
8. Budgeting and Financial Planning
You must set a budget for your operations, marketing, payroll, and taxes. Use basic tools like Excel or apps like Wint Wealth or ClearTax to track inflows and outflows.
💰 Smart Tip: Work with a CA to design quarterly financial targets and track performance.
9. Payroll Setup and Compliance
If you’re hiring employees, get familiar with:
EPFO and ESIC registration
Payslip generation
Professional tax
Income tax deduction at source (TDS)
💼 Tools like GreytHR or RazorpayX Payroll simplify these processes, and CA Nexus Nashik provides monthly payroll compliance services.
10. Build Your Online Presence
In today’s digital-first world, a strong online footprint is essential. Get:
A business domain & professional email
Google Business Profile
Basic website with contact & services
Social media handles
🌐 A digital presence builds trust and brings in customers. Need help? Our team offers startup branding consultations too!
Final Thoughts
Your first year in business is the foundation for long-term success. Investing in the right new business essentials will save time, reduce risk, and set you up for sustainable growth. At CA Nexus Nashik, we offer tailored startup solutions, from registration to financial strategy and compliance.
Need Help with Your Startup Compliance?
Let CA Nexus Nashik be your financial and legal guide in your entrepreneurial journey.
📞 Phone: +91 9860400651
📧 Email: canexusnsk@gmail.com
🌐 Website: https://zensta.in/canexus
