Gigi Joseph and Binoy Chacko both are the members of Institute of Company Secretaries of India (ICSI) and is practicing as Company Secretaries since 2001. When they started the practice, the business incorporation process in India was habituated to manual work and all entrepreneur are compelled to visit the Company Secretaries / Chartered Accountants / Lawyers office for company registration process, filing reports, documents, and other compliance & legal related issues.
In 2006, the Ministry of Corporate Affairs, Government of India has introduced the on line filing system MCA21, a Mision Mode Project as the part of e-governance initiative. From that date, the corporate filing in India become an online process. In 2007, one of the officers at the office of Registrar of Companies (ROC) has informed Gigi that the company registration process is going to an online process sooner. Understanding the pain points of entrepreneurs, and taken the hint from the officer at ROC, the duo decided to launch an online platform to enable the entrepreneurs to place an and register a company website and avail related legal services that would be catering to startups and SME needs.
After doing a thorough market research and designing a website by integrating the legal services onto a digital platform, CompaniesInn.com, an online legal service platform was successfully launched in 2008. In fact, Sachin Bansal and Binny Bansal, the founders of Flipkart.com were one of their first clients who registered the company through their online platform.In 2009, Companies Inn has successfully registered the first LLP in India though the online filing system of MCA. At present, Companies Inn have registered more than 12,000+companies and LLP’s across India. Some of them include – Citrus, Zipdial, Babyoye.
Compliance is a Culture
Most Indian entrepreneurs are proactive in nature, they don’t take compliance issue seriously. Compliance culture is given the least priority today and this has to definitely change.
Since the regulations are becoming more and more stringent each day, it has been witnessed that Startups & SMEs pay huge penalties and most of them have even shut-stop. CompaniesInn is trying to make legal service more affordable & cheap and are constantly helping entrepreneurs have more user-friendly experience. “Once registered through our platform, our innovative services and products will take care of the rest and will ensure that companies stay updated about the legal process on real time basis. Once this becomes a routine, most people will tend to use it on a daily basis and this will eventually become a compliance,” says Binoy.
InntoBox – 'In Good Books'
InntoBox is an e-Lawyering platform used for creating legal document & corporate e-Records and connects business to professionals with automated workflow task management.
Technology wise, CompaniesInn use Artificial Intelligence (AI) and Machine Learning algorithms to run their platform right from company registration process (Ltd., LLP, Pvt. Ltd.) to generating Legal documents. Keeping it simple, they have been instrumental in launching some of the innovative tools and product.Their e-Lawyering platform Inntobox.com being first of its kind in the space enables the company to create documents online based on the clients requirement.
CompaniesInn launched InntoBox in 2015, an e-Lawyering platform used for creating legal documents& corporate e-Records and connects business to professionals with automated workflow task management. Currently in the beta stage the platform is operating in bootstrap mode and is continuously working to fine-tune the product before its official launch in the market. InntoBox also takes care of automating the minutes of companies and simplyfying the compliance documentation under various legislations.
As it’s application is immense, their tool is definitely going to ease the entire business operation in the coming days. “Our aim is to keep everybody in good books. As an entrepreneur, you will be answerable to your investors, stakeholders, suppliers, Income tax, ROC, and regulators. So, our compliance system will ensure to keep people in good books, irrespective of the GST bill implementation, and changing policies. Our InntoBox is a future ready product as it keeps everything in one place,” concludes Gigi.