OPENING A CORPORATE BANK ACCOUNT, CREDIT CARDS, FIRST BOARD MEETING & MORE | METASTARTUP #7

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OPENING A CORPORATE BANK ACCOUNT, CREDIT CARDS, FIRST BOARD MEETING & MORE | METASTARTUP #7

Varun Mayya 25.11.2018 20 424 просмотров 424 лайков

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In this episode, we're going to learn: - How to open a bank account and the best strategies (hint: open 2) - Minimum corporate bank balance - Learn what fixed deposits are and why you need them - How to get your first corporate credit card - Why you need a Chartered Account (here's mine -- only use if you can't find one yourself: sarvesh@gspconsulting.co.in) - How to set up a virtual office (you need to assign one in your first board meeting) - Getting a payment gateway: prerequisites Metastartup is a 100% course that will teach you how to run an Indian startup from scratch to finish. Follow me on Instagram at http://instagram.com/thevarunmayya

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Intro

the next step is to open a bank account now this is something I learned from my co-founder Shashank which is that never open one bank account if you then you only have one option his suggestion is to open two bank accounts in our case in Avalon India we have HDFC Bank as one provider and access bank as another provider this allows us to make better deals with the bank get better exchange rates and a bunch of other things remember that all banks in the world all corporate bank accounts in the

Minimum Balance

world will require you to have a minimum balance so some of the capital will remember that 10 to 20 lakhs that we spoke about some of the capital is gonna stay in reserve usually what we do at Avalon is we keep one bank account for local payments and another bank account for international payments where we negotiate on the exchange rate the next thing you probably do is to transfer the rest of the mocked-up capital into your bank account reserve five lakhs out of that open something called a fixed deposit and ask for a credit card right

Credit Card

this is the usual process you keep file acts in reserve and this is so that the bank knows that you'll be able to pay in case you default and then apply for a credit card you will need a credit card to make a lot of international transactions for some of the tools that we are going to use in the future we'll be appointing our official bank account later in something called the Board minutes in this process you should also be looking for a seal and just in case you don't find one I put my own CS email down there but you should look for a CA that you're comfortable working with that you're close to and who will pick up your call whenever

CA

you call them it is extremely important for you to work in close association with your CA so try not to work with the CA whether has too many clients try to work with a smaller one that is more hungry for success post this you will be holding your first board meeting now a lot of people think a board meeting you know is a room where everybody sits together and everybody decides what happens in the company it is that but in real life with smaller companies a board meeting is just done over paper which is a couple of people decide and agree that

Board Meeting

you know a board meeting was held on this date and these are the items past your first board meeting is probably going to be something like that where you and your co-founder just sit together and decide okay these are the two or three things that we're going to do in this meeting you're gonna assign your auditor you're gonna open a bank account are you going to mention that you opened a bank account and that is it is the official bank account for your company and thirdly you're going to mention an official registered office address my suggestion would be to use your local home address as your first office address as long as your home is not on

First Office Address

rent you will be able to mention that it is an office if you don't own a home you can look out for virtual office providers we will give you kind of an office address that you can use in all your correspondences with the ROC in my case my own house in Bangalore was used as the office address for all of my companies in their early days your CE will then issue share certificates to all the promoters of your company the people who purchased those shares now within 180 days of your company's launch in India there's a new concept called a proof of commencement which you

Payment Gateway

will need to file with the ROC now that you perform all the basics you will be applying for a payment gateway now you can either ask your bank for a payment gateway or you can work with payment gateway providers like raise up a citrus pay ceci Avenue and a bunch of others most of the non banking payment gateways will require to have some sort of website presence and some sort of description of what your company or your website does because we will be selling online in the future we will need to have a website before we apply for a payment gateway

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