Yes, that’s right. We have a name. Finally! Its been sometime since the last post so I think there’s a bit of updating to be done.
Since the last post in ‘Startup Diaries’ (#SD1), quite a bit has happened. I had to resubmit the incorporation application two more times. I lost a client who I thought would be our ticket out into the open world. And. I learned that getting the company registered is only the beginning of the struggle.
So, after the last rejection I told you all about in #SD1, I tried again. With a new name that I came up with in the most confused and convoluted mental state possible. I was thinking of the word ‘Evermore’ and I was thinking of the company ‘Grey Matter’ from ‘Breaking Bad’. The result : ‘Greymore’ (Because Evermore was already taken and Grey Matter didn’t feel that great to me).
It too got rejected because of some issues with the documents and we had to resubmit again (I expected that to happen this time). As I resubmitted the documents, only one thought was prevalent in my mind; “I wanted to get this company registered atleast on or before my birthday”. (I don’t know what made me think that but it was stuck in my head. It had to happen no matter what.)
And as luck would have it, I got it registered 3 days before my birthday.
I do thank the people at Vakilsearch for their patience. They did put up with a lot of my impatience and begging.
And thus, I am officially a director and shareholder of Greymore Tech Pvt. Ltd.
It was the most elating feeling I’ve had since I decided to quit my job last October. When I had the idea for the product that would put my company on the map, I never really had a clear idea of how it would feel to actually have my own company.
The emails that followed the incorporation, however, were less than joyful. A list of things to be done after the incorporation procedure was sent to me by at least 3 filing firms.
No one ever told me that setting up your own company came with deadlines and assignments and submissions. The lists I received by mail is what the ROC and the Ministry lovingly call ‘Mandatory Compliances’ and ‘Statutory Compliances’. Each of the items having its own list of tasks and deadlines. Fun.
To all aspiring founders out there: Read up on both the compliances (Mandatory and Statutory) before you take the decision to go forward with your dream to set up a private limited company in India. It’s better to go in informed than go in blind and clueless like me.
Now I move on to the compliance and filing part of the journey. I will let you know how it all goes and what blunders one could possibly make while doing it.
The direction of the company, however, will remain the same. A purely tech-based company focusing on enterprise applications and state-of-the-art R&D. To be the best-in-class SaaS provider in the field and be the company that makes work fun. I have found two possible employees in my alma mater. Two men from the final year from my old department. And I hope together, we make it happen.
Wish me luck and include my company in your prayers.