Here’s where Veracity IT comes in.as an answer to all the prayers of young entrepreneurs wishing to incorporate and register a new firm. Founded by Ashish Kumar, Veracity Group provides Start-up Consultancy Services to new entrepreneurs/start-ups. In an exclusive chat with Ashish, we learn more about this first-of-its-kind online IT and Legal Consultancy Services Firm.
What was the motivation behind starting Veracity IT?
I started my business as soon as I completed my SSC Examinations. When I started, there was no one to guide me for the legal procedures of incorporating a company. However, I managed to start without any registration.
In the fear of running an unregistered business, I studied some basic concepts of Registrations such as Sales Tax, Service Tax, VAT, etc from one of my relatives who was in the business for past 20-25 years. Though he guided me through the basic concepts, he was unable to completely guide me and help me in the legal prospects.
I was in need of a consultant who would have guided me for the Legal Formalities for starting a company, but unfortunately I was not able to get the same. The lack of proper guidance inspired me to go in the legal field. I studied law and there after started the consultancy firm, Veracity IT & Legal Services, to provide young entrepreneurs appropriate legal advice for getting their start-ups legally registered and run the business in an effective manner.
What type of consultancy services do you provide to Start-ups? We provide services including but not limited to Company Registration, LLP Registration, Trademark Registration, Digital Signatures, Annual Company Compliance, Annual LLP Compliance, PAN Card Registration, TAN Number Registration, Copyrights, Patents, Agreement Drafting Services and Legal Transcription.
What have been your greatest challenges so far? Despite being a full-fledged businessman, I had to study law for 5 years and then got into this field which was new altogether. Understanding the dynamics was really my greatest challenge.
How do you perceive the current legal outsourcing market in India?
In India, the cost of manpower is quite low which works favourably for legal outsourcing. The legal outsourcing was a booming field in the past 5 years but due to some regulatory changes in the US and UK laws, the field has now suffered a setback. However, in the coming years, we expect the laws to be amended suitably thereby making the field of legal outsourcing gain momentum again.
How has technology helped in your regular operations and in your expansion strategies?
We being a Techno-Legal Firm, our complete business-model is online.
What has been your mantra for customer satisfaction?
I believe the following is the mantra for Customer satisfaction — Understand your customers better, Design a customer action plan, Keep your word, Always over-deliver, Help them do business with you, and finally provide Constructive Feedback.
What has been your strategy to increase the customer base?
We rely on Customer Satisfaction and word-of-mouth marketing to increase our customer base. We have grown so far by this strategy only.
What has been your learning from your business operations? What would be your advice to those who want to start their own business?
We should work to fulfill our dream or else one day we would realize that we are working towards fulfilling someone else’s dream. To those who are willing to start a business, I would suggest to first study your business plan, analyze your competitors, check the authenticity of your business plan, check the legalities required and then initiate the plan.
After initialization of your plan, first complete all the legal formalities or else the legal process shall hamper your business when you’ll be at a growing stage. To know more, visit their website – www.veracitylegal.com