Next Steps After Your Startup Advisory Session

The first step is to review your notes and any documents shared during the session within 24 hours. Identify the top three action items your advisor recommended—these are typically time-sensitive tasks like filing incorporation documents, drafting a shareholder agreement, or preparing a financial projection. Delaying these can cause missed deadlines or loss of momentum.

Next, organise any compliance requirements. If your advisor mentioned registering with the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013, or obtaining a GST registration, start gathering the necessary documents: PAN cards, address proofs, and digital signatures. For startups seeking tax benefits under Section 80-IAC of the Income Tax Act, you may need to apply for recognition from the Department for Promotion of Industry and Internal Trade (DPIIT). If you are unsure about any step, consult the relevant authority or a professional.

Finally, schedule a follow-up meeting within two weeks. This ensures accountability and allows you to clarify doubts that arise during implementation. Many advisors offer a brief check-in call as part of their engagement—use it.

Start by prioritising registrations and agreements. If your advisor recommended incorporating a private limited company or a limited liability partnership (LLP), file the incorporation form (SPICe+ for companies, FiLLiP for LLPs) with the MCA. For sole proprietorships, a simpler registration under the Shops and Establishments Act may suffice. Do not skip drafting a founders’ agreement or an intellectual property assignment deed—these documents prevent disputes later.

For tax compliance, apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) if not already obtained. If your startup expects annual turnover above ₹40 lakh (₹10 lakh for service businesses), GST registration is mandatory. Your advisor may have also suggested filing for startup recognition under the Startup India initiative—this requires a DPIIT application and a letter of recommendation from an incubator or a government-recognised body.

Keep a compliance calendar. Track deadlines for annual filings, tax returns, and board meetings. Non-compliance can lead to penalties under the Companies Act or Income Tax Act.

Create or update your financial projections based on the advisor’s feedback. If you discussed fundraising, prepare a detailed cash flow statement and a break-even analysis. Investors typically expect a 3–5 year projection with realistic assumptions. Your advisor may have also suggested opening a separate business bank account—do this immediately to maintain clean financial records.

If the session covered funding options, evaluate whether you qualify for government schemes like the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) or the Startup India Seed Fund Scheme. For angel or venture capital funding, ensure your cap table is clean and your valuation is defensible. Your advisor might have provided a list of potential investors—research each one and tailor your pitch deck accordingly.

For tax planning, consider whether to opt for the presumptive taxation scheme under Section 44AD of the Income Tax Act if your turnover is below ₹2 crore. This simplifies compliance but may not suit all business models.

Send a thank-you email within 48 hours, summarising the key takeaways and your planned actions. This shows professionalism and keeps the communication channel open. If the advisor provided a written report or a checklist, acknowledge receipt and confirm any deadlines.

If you need further clarification, ask specific questions rather than general ones. For example, instead of “What should I do about taxes?”, ask “Should I register for GST now or wait until my turnover crosses ₹40 lakh?” This makes it easier for the advisor to give precise guidance.

If the advisory session was part of a paid engagement, check the scope of work. Some advisors include a follow-up call or email support within the fee. If not, ask about hourly rates or retainer options for ongoing assistance.

Do not ignore the advisor’s recommendations because they seem complex or time-consuming. For example, skipping a shareholder agreement can lead to disputes that stall fundraising or even force a shutdown. Similarly, failing to register intellectual property (trademarks, patents, copyrights) early can result in loss of rights or costly litigation later.

Avoid mixing personal and business finances. Even if your startup is a sole proprietorship, maintain separate bank accounts and records. This is critical for tax compliance and for presenting a professional image to investors.

Do not share confidential information from the session publicly. Advisory sessions often involve sensitive discussions about business strategy, financials, or legal risks. Respect confidentiality agreements and use the insights internally.

Review the action items from your session and start with the most time-sensitive ones—typically incorporation, tax registration, or agreement drafting. If you are unsure about any step, consult a qualified professional such as a company secretary, chartered accountant, or lawyer who specialises in startup law.

---

This page provides preliminary information. It is not legal advice. For your matter, consult a qualified professional.