Scaling HR & Compliance for a Fast-Growing Tech Startup

Client Profile

CodeWave Technologies Ltd. is a Dhaka-based SaaS startup building AI-powered customer support solutions for e-commerce platforms.

Challenges Faced by CodeWave Technologies

As CodeWave raised $300K in seed funding, the company faced key bottlenecks that slowed their growth and expansion:

• No Structured HR Policies or Employment Contracts
• Struggled to Hire Senior Tech Talent Quickly
• Lacked an Accounting System
• Unprepared for IT Export Cash Incentive
• Two Years of Pending RJSC Annual Returns

These challenges highlighted the need for an efficient HR framework, streamlined hiring processes, and robust financial systems to support their rapid growth.

How FounderSheba Helped

FounderSheba provided end-to-end solutions tailored to CodeWave's specific needs, overcoming their operational and compliance challenges:

1. HR System Setup

Building a Strong Foundation for CodeWave's Workforce

• Developed HR Policy & Employee Handbook: We created comprehensive policies to ensure a clear, consistent approach to employee management.
• Implemented OKR-based Performance System: Aligning team goals with company objectives using the Objectives and Key Results (OKR) system.
• Streamlined Onboarding & Exit Procedures: Developed structured processes to improve employee onboarding and exit management.

2. Talent Hiring Support

Scaling the Team with Top-tier Tech Talent

• Successfully Hired 5 Engineers & 1 Product Manager in 2 Months: We rapidly filled critical roles to support their growth trajectory.
• Handled Screening, Technical Evaluation & Interview Coordination: Ensured only the best candidates were selected for key roles.
• Created Job Descriptions & Role Scorecards: Standardized the hiring process for clarity and effectiveness.

3. Accounting & Tax Solutions

Ensuring Financial Compliance with a Startup-Friendly Approach

• Deployed Zoho Books for Cloud-based Bookkeeping: Set up an efficient and scalable accounting system.
• Managed VAT Returns, TDS Filing & Annual Tax Filing: We ensured all tax filings were done accurately and on time.
• Designed Custom Salary & Expense Structure: Tailored to CodeWave's unique financial needs and compliance requirements.

4. Company Audit & Compliance

Streamlining Financial Audits and Compliance Filings

• Conducted 2-Year Financial Audit with Registered CA Firm: We facilitated a smooth audit, covering two years of financial operations.
• Submitted Outstanding RJSC Filings (Form X, XII): Brought CodeWave up to date with essential regulatory filings.
• Prepared for Investor Financial Due Diligence: We ensured all financial documents were audit-ready for investor scrutiny.

5. IT Export Cash Incentive Preparation

Securing Cash Incentives for Export Earnings

• Filed IT Export Cash Incentive Claim for $40K in Exports: We guided the company through the process of filing for the incentive.
• Prepared Required Documentation (Invoice, Bank Proof, SOFTEX Format): Handled all necessary documentation for smooth processing.
• Coordinated with Bangladesh Bank: Ensured the incentive was processed quickly and efficiently.

Results Achieved Within 4 Months

• Compliant HR & Legal Structure: CodeWave now has a robust HR framework that supports their growth.
• 50% Faster Hiring Process: The improved recruitment system helped the company fill key roles in half the time.
• Successfully Claimed 12% Cash Incentive on Export Earnings: This boost to their cash flow enhanced their financial position.
• Improved Employee Retention: With the OKR performance system, CodeWave saw better engagement and retention rates.
• Passed Investor Audit with No Red Flags: The company's financials were fully in order, passing due diligence without any issues.

Key Takeaways

FounderSheba's tailored solutions allowed CodeWave to scale quickly, stay compliant, and be investor-ready—all while improving internal processes. Whether it was optimizing HR, streamlining talent hiring, or securing financial incentives, we empowered CodeWave to overcome challenges and achieve rapid growth.