New York Business Advisory & Corporate Services (NYBACS) Inc. is a full-service US-headquartered Global Business Advisory and Corporate Services company with a presence in multiple geographies. We recently interviewed Founder & Ceo Mukund Srinivas to read his story in his words!
1. Hello Mukund Srinivas, can you give a brief about yourself?
This is Mukund Srinivas, Founder CEO and owner of New York Business Advisory & Corporate Services Inc. I have about 17+ years’ experience in US outsourcing as well as on-shoring models having started at grassroots and thereon went to work at multiple levels before starting my company, NYBACS. I have previously worked at companies like Acuity, Nuance, Datawise, ComSim and in my last job, I was Director of Operations of ComSim at Fairfield, Connecticut. Before starting NYBACS, I had co-founded three other companies, all of them did well initially but were subsequently wound up due to the difference among partners to revenue deficit. As regards to my education, I am a college dropout having studied computer science at college but never completed though.
2. What were you doing before Starting NYBACS?
For about three years before starting NYBACS, I was working on a US Patent Application for business process protocol which is currently under investigation with United States Patent & Trademark Office which required a lot of documentation and attention, the experience of which also helped me in starting this company. Prior to that, I was Director of Operations at ComSim, a Connecticut corporation based out of Fairfield, CT, managing worldwide operations of B2B CSAT surveys over the phone in over 80 languages across the globe.
3. What is your inspiration to start your company?
There were many lessons that I learned in my life which inspired me to start New York Business Advisory & Corporate Services Inc. Firstly, when I first tried to incorporate a company in the US along with my partners, we paid a US company to do it online but after taking the money from us, they just stopped communicating with us and we lost the money. Upon investigation, I found that the company was a scam. Even as of today, I still see so many scams leading us to the garden path. This is the same reason why we at NYBACS never ask for any money upfront. All of our clients pay us only after the work is complete. In the same instance, we underwent a lot of trouble, as another service provider incorporated us in a state that was suitable for them instead of us. So we had to struggle hard to establish ourselves there. This is the reason why we offer to incorporate in any of 50 states in the US as our clients want instead of straitjacketing them into one or two states.
Thirdly, there is not one single company that offers entrepreneurs and startups all the services they need as packaged and also other value-added services that nobody else offers generally. We wanted to change this situation.
So when I decided to do something, it was these things that helped me decide that I will start a company that will help Indian entrepreneurs and startups overcome problems like above and have a trusted partner in the US who will provide customized solutions to everyone.
4. How New York Business Advisory & Corporate Services Inc is different from other companies who are in this business?
New York Business Advisory & Corporate Services Inc. is a lot different than other companies in the same business. A few things that will make you understand we are not only just different, we are in fact better. No other company in our domain offers like how we do.
- Customized solutions and incorporation options in any of the 50 states based on clients’ preference and above all, personalized calls before starting of the process
- A complete package that includes business address and a local incoming phone number that can be forwarded to any other phone number in the world
- Capability to incorporate in any country in the world
- No upfront payment – clients pay us only after their work is complete which nobody in this industry ever did or does. We trust our clients from day one.
- Multiple ancillary value-added services like Patent & Trademark filing with USPTO, US business bank account, live receptionist service, E-Verify empanelment, etc.
- Post-incorporation and compliance support
5. Can you explain in detail about your startup and services?
New York Business Advisory & Corporate Services (NYBACS) Inc. is a full-service US-headquartered Global Business Advisory and Corporate Services company with a presence in multiple geographies. We provide valuable advice and service to clients in respect of company formation, patent, and trademark services across the world with a special focus to help Indian businesses expand into the United States market as the US is the world’s most vibrant and biggest market.
We offer the following services:
- US Biz Incorporation
- IPR Filing
- US Incoming Number
- Live Phone Answering
- US Virtual Business Address
- US EIN/Tax ID Assignment
- E-Verify Empanelment
- US Business Bank Account
- Global Business Incorporation
- US Business Advisory Services
- Global Business Brokerage
6. How did your journey start towards your startup from planning to funding?
The journey was no doubt incredible and it took me about six months from drawing board to getting the website live and to incorporate the company in the US. Thanks to my previous experience of having helped many of my friends set up their companies in the US and also my last stint as Director of Operations at a US company helped me put together a list of services and the network and reach that we needed to achieve to provide them and were able to accomplish it in no time. NYBACS is fully bootstrapped, the primary reason being none of my friends or relatives ever trusted that we could build this up successfully and I was far too shy to ask anybody for the money for what they thought was a risky venture. So with a bit of luck and initial good sales, the company was up and running and has been profitable from day one.
7. Is your startup growing at a good phase according to your plans? What are the upcoming plans from your end?
The company did good revenue from day one and even during the lockdown period, our revenue growth did not stop as NYBACS is filling up a gap in the market which nobody is able to attempt to fill as we do. With our backend operations now completely streamlined and rationalized, our full focus is on expanding our marketing efforts in India. While currently, 80% of our revenue is from Indian entrepreneurs and startups, we are now focusing to explore other markets like SE Asia.
8. Did you get a chance to work with industry leaders if yes, could you share some great brands?
No, I never got a chance to work with industry leaders in our domain but nonetheless, I closely follow them and the market trends so that we are not left out as economy and competition evolves.
9. What your stack on the competition? who are your competitors? How you are overcoming them?
Our competitors are a few in the market but FirstBase.io, OffshoreCompanyCorp.com are few of the companies that offer similar services like us but a lot lesser options like they offer only two states (DE & WY) in US for incorporation. They are really not a threat to our business since the market is very huge and our service initiatives are very unique and unprecedented in the market but nonetheless, as a step towards having one less competitor for us, we are in talks with FirstBase.io to provide services to their clients currently not being offered by them. Many of our competitors are in talks with us to avail our services otherwise not serviced by them. The easiest way to overcome competition is to associate and collaborate with them.
10. We saw that you have different types of services can you explain in detail?
- US Biz Incorporation – Business Incorporation services offered as a package to provide clients with an opportunity to showcase themselves as a full-fledged US company with a business address and a US incoming phone number
- IPR Filing – Cost-effective patent and trademark filing services with US Patent & Trademark Office to clients who are really intimidated with huge attorney costs generally associated with US patents and trademarks
- US Incoming Number – A local phone number that will make your company look local to your US clients and thereby gain their trust and confidence in your services. Unlike Vonage or other IP service providers, we use state-of-the-art hybrid technology that enables you to receive even text messages on your US number
- Live Phone Answering – Our live phone answering is exactly what it sounds like. When a call is received on your company number, it shall be answered by our team of live phone answering professionals who have been trained especially for this and with all required phone answering etiquettes. This acts as a bridge between you and your clients. It’s the professional voice with a personal touch when your client calls, representing your company, your way. It provides that crucial human element so many businesses lack these days.
- US Virtual Business Address – We offer virtual business addresses at any state in the US. You can use your new virtual business address to set up your company in the US. We offer world-class customer service coupled with mailbox forwarding and exclusive suite numbers that are not shared with anybody else. Our virtual business addresses offer a professional appearance to your company and bring about confidence in your company to your existing and prospective clients. You will receive unlimited digital storage and unlimited recipient coverage from day one, and the best part is there are no upfront fees or contracts required and can be canceled any time without any notice period.
- US EIN/Tax ID Assignment – Whether you are a foreign company or incorporated in the US, we can help you get an EIN/Tax ID assigned by Internal Revenue Service. You would need an EIN/Tax ID for a variety of reasons. Although you may not be required to have an EIN/Tax ID by law, it is highly recommended for opening up business bank accounts, business loans, building trust with vendors, establishing business credit and more importantly for foreign companies receiving payments from US companies to avoid withholding taxes on your revenue.
- E-Verify Empanelment – E-Verify, authorized by Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (IIRIRA), is a web-based system through which employers electronically confirm the employment eligibility of their employees. While this is NOT mandatory in all states, it is still considered a very useful feature for every employer across the US.
- US Business Bank Account – Having a business bank account in the United States is a must for those entrepreneurs who wish to do business within the United States. Whether you run a small business or you are planning to service your clients in the US, having a US business bank account would increase your clients’ trust and confidence on your company and make it feel local for them. While previously, a visit to the US bank branch was a must to get your US business bank account, this part has been meticulously taken care by NYBACS through its network of professionals who have now made it possible for you to open your US business bank account in any top tier or other FDIC-insured banks. Once the account is opened, you will be able to operate it to receive and make payments seamlessly and control your accounts remotely from anywhere in the world.
For non-resident aliens, this is a big boon since having a US business bank account grants access to payment getaways like Paypal, Stripe, 2D payment gateway, etc., and enable these entrepreneurs to do business internationally.
- Global Business Incorporation – We can help clients incorporate their business in any country around the world except those sanctioned by the United States government. Our reach is unprecedented in this and no other company matches us in this.
- US Business Advisory Services – We offer advisory services to our clients including but not limited to pre and post-incorporation related activities but also help them in navigating and negotiating an exceptional range of challenges, changes, and opportunities like receiving various state and federal government agency approvals, awards, empanelment, etc.,
- Global Business Brokerage – We offer shell and shelf companies that are 100% legal, up-to-date on taxes and filing with state and federal government agencies, and available for sale for interested clients. This is very significant since a lot of tenders, quotes mandate the existence of companies for up to 3 years prior to application date. Clients looking to fill this gap can take our brokerage service and negotiate these challenges successfully.
11. As we all know, The present situation is very hard to survive any startup how you are overcoming, and what are your future plans after COVID-19?
The present pandemic situation no doubt has made it very hard for startups to survive but keeping a strict eye on expenses, curtailing unnecessary Capex, boost employee confidence and trust by keeping them in the loop of things to come by and what is happening within the company, conserving funds can help us get through this. Remember, the pandemic situation is not destroying our physical infrastructure, so once the situation is overcome, with the help of governments world over, the economy will bounce back. Our post-covid19 plans include opening up offices in Tokyo and Netherlands to get into newer markets.
12. Did you got any recognition or awards for your startup?
No, we are fully focused on building our company and make revenue out of it and all of our time and efforts is into this only each and every day. We do not expend time in applying for awards or recognition. While it could mean something to some people, for us @ NYBACS, we feel we could live without it. Our biggest award or recognition would be to provide better and satisfying solutions to our clients and of course make better revenues quarter over quarter.
13. What are the benefits of starting a business in the USA from India?
There are a few benefits when you start your US business from India. Your company will be local to your clients whereas you would still enjoy the comfort of your home country. Not to mention, if you are a discerning entrepreneur, you could save some big amounts on taxes too legally. And when it is time for your visa interview to travel to the US, having a company in the US would play a positive role. It is easier to get business in the US if you are incorporated there.
14. What do you suggest people who are interested in starting their own business??
Get into a business that you have experience and complete knowledge of, try to bootstrap your business instead of getting into any sort of borrowings, keep a tight leash on initial expenses, get a cofounder only if that person has same bandwidth like yours, always follow government rules and regulations even if it means a delay in the process, and most importantly, believe and pray to God for every step you take.
15. What is your opinion on Startupsindia.in? Any suggestions for us?
Your website is fabulous and very informative but one thing that you could do is to curate the startups listed with you and handhold them to their next goalpost which could be anything from funding to market entry to branding, etc. These services, if you provide to your startups, that could help them a lot.
16. How big is the NYBACS team?
We have about 11 people who work out of our US offices in Brooklyn, NY and Orlando, FL. Plus we have two work out of our UK office. We have a representative office in Bangalore from where my co-founder, Mr Sreevathsa operates. Apart from these, we have about 20 independent contractors in the US as well as part of an informal network of attorneys, accountants spread all over the world that helps to provide incorporation service globally.