Start A Business:
Have an idea in mind? And planning to start a business, but confused about what are the available options and how to choose among them. Have a look at the below options and schedule an appointment with us. We will help you choose the right option which suits your requirement.
While registration of a proprietorship firm isn’t governed by a specific act and there is no single way in which a proprietorship can be registered.
The 3 most popular ways you can register a sole proprietorship in India are
1. GST registration: You need GST registration if your annual turnover is expected to cross 20 lakhs/40lakhs. Also, if you intend to supply in other states, you should take GST registration irrespective of turnover.
2.Registration under Shop & Establishment Act: This can be done if you have a shop or a place of business
3.Registration through Udyog Aadhaar under Ministry of MSME: Under this, a unique identification number is provided by the ministry of MSME to the business owner.
Private Limited Company is the most prevalent and popular type of corporate legal entity in India. Private limited company registration is governed by the Companies Act, 2013 and the Companies Incorporation Rules, 2014. To register a private limited company, a minimum of two shareholders and two directors are required. A natural person can be both a director and shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are allowed to be Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters.
A one person company is a company which can be formed by just one person. This is governed by the Companies Act 2013.
The concept of OPC is basically to eradicate the limitation of a sole proprietorship, which is the most popular form for small businesses in India. The liability of owner is limited to the invested capital in this form. If you independently want to commence your business without involving any other person, then One Person Company (OPC) is the ideal choice for you.
One Person Company is the only type of corporate entity that can be started and operated by a single promoter with limited liability protection in India. A corporate form of legal entity in One Person Company ensures that the business has perpetual existence and easy ownership transferability.
A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors.
A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.
Limited Liability Partnerships, LLP is a unique and new form of business that combines the advantages of both ‘Company’ and ‘Partnership’ in a single business entity. LLP is a superior form to partnership. The partnership is often discouraged to use because of its unlimited liability feature, i.e. your personal assets may also be held up in case all the dues are not cleared. Hence, it is very risky to use this form of business. So, to overcome this problem, a most important feature of limited liability of company is added to the partnership, which results in Limited Liability Partnership.
Registration Services:
Once you have registered your business, you might be required to take several other registration on basis the nature of your business. While there could be hundreds of registration, once need to know which ones are applicable to their business and that’s where we come to your assistance. We help you figure it out and also get the required registration doneNot sure if GST applies to you or confused about whether you should get yourself registered with GST
GST would apply to:
- All businesses including trade, commerce, manufacturing, service provider, profession etc.
- All persons in any form- Individual, Individuals, HUF, Company, Firm, LLP, AOP, Co-operative society, Society, Trust etc. However, GST does not apply to Agriculturists.
If your turnover in the previous financial year exceeded a prescribed limit, it becomes mandatory to get registered under GST.
Further there are certain specific situation which required mandatory GST registration, irrespective of the turnover. Check out here if GST registration is mandatory for your business.
What is IEC number?
IEC (importer Exporter Code) number is a 10-digit code number given to an exporter or importer by the regional office of the Director general of Foreign Trade (DGFT).
Why do you need IEC number?
If you are planning to engage into a business of export/import, you might need IEC number as no export or import could be made by any person without an IEC number.
Here’s what you should know before you start
EPF
The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 applies to every establishment which is a factory engaged in any industry specified in Schedule I and in which twenty or more persons are employed. An establishment to which this Act applies shall continue to be governed by this Act notwithstanding that the number of persons employed therein at any time falls below twenty.
Registration is mandatory for companies/organizations which employ more than 20 individuals, including contractual and permanent employees. Smaller organizations which do not have the minimum strength can voluntarily register themselves. Companies which grow to strength of 20 members are expected to register themselves within one month from the time of attaining this strength, with penalties applicable for delays in registration.
ESI
Employee’s State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers. For all employees earning INR 21000 or less per month as wages, the employer contributes 4.75 percentages and employee contributes 1.75 percentage, total share 6.5 percentage. This fund is managed by the ESI Corporation (ESI) according to rules and regulations stipulated therein the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India. ESI is an autonomous corporation under Ministry of Labor and Employment, Government of India.
TAN is Tax Deduction and Collection Account Number, a 10-digit alphanumeric number. It is issued to persons who are required to deduct tax or collect tax on payments made by them. TAN is required in all Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) return, TDS payments and other transaction regarding TDS with the Income Tax department.
Income Tax department uses TAN to track the payments and filings of a person or entity that is liable to deduct tax at source and pay to the government. For this same reason, TAN registration is required.
To obtain TAN, application must be made for allotment of TAN in Form 49B along with the required supporting documents. Based on the application, the TAN will be allotted to the entity and the entity must quote the TAN in all TDS/TCS returns, TDS/TCS payment challans and all TDS/TCS Certificates. we can help you obtain your TAN registration quickly and hassle-fee.
Trademark is the mark, word or a short phrase used to identify the products and services traded by any company or individual in India. It can also be used by recognised organizations to identify them. Your product or service name could be in the form of a logo, sign, heading, graphic, slogan, design, signature, word, letter, or combination of colours or any combination thereof.
It is important for you to secure your trademark in India as it serves as your brand identity, and trademarks help your costumer to recognize you in the crowded marketplace. You should register your trade mark to protect your brand.
Trademark, is a recognizable sign, design or expression which identifies products or services of a particular source from those of others. The trademark owner can be an individual, business organization, or any legal entity. A trademark may be located on a package, a label, a voucher or on the product itself.
Trademark registration is the first imperative if you are planning to establish a company or expanding your existing business. Early filing of
Trademark registration helps avoid legal troubles later. If certain other companies are copying, infringing or indulging in close imitations then they are infringing on your IPR. The same is the case if another company misusing your invested trademark as its own identity.
A Digital Signature is the equivalent of a physical signature in electronic format, as it establishes the identity of the sender of an electronic document in the Internet. Digital Signatures are used in India for online transactions such as Income Tax E-Filing, Company or LLP Incorporation, Filing Annual Return, E-Tenders, etc. With E-Return filing becoming mandatory for Income Tax Assesses with an income of over Rs.5 lakhs per annum, the requirement and prevalence of Digital Signatures has increased manifold. we can help you obtain your Digital Signature hassle-free online.
There could be several other registration that might be required depending upon the nature & type of business one is engaged in.
For instance:
- Business relating to food items might need a FSSAI registration.
- For import/export of spices, one need to register with Spice board of India.
In the same way, there could be various clearances/registration depending upon what you are engaged in.
Consult with us for knowing what’s required for your business
Compliance Services:
Once you have registered your business, you might be required to take several other registration on basis the nature of your business. While there could be hundreds of registration, once need to know which ones are applicable to their business and that’s where we come to your assistance. We help you figure it out and also get the required registration done
The Goods and Services Tax (GST) has consolidated a plethora of indirect taxes levied by the Centre and states into a common tax. It eradicated multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government are embraced under the GST regime.
Goods and Services Tax came into effect on July 1, 2017. Businesses are required to file monthly, quarterly and annual returns and those with turnover exceeding INR 2 crore will also have to file audit reports.
Our portfolio of services, that makes it easy for you to comply with this tax regime, comprises of:
- GST Returns: GST Act mandates every registered entity to furnish details of its sales and purchases including tax paid and collected thereon by filing GST returns. Taxpayers must provide correct information to department as the system is designed so that all transactions are in synchronized with each other and no transaction is left unnoticed between buyers and sellers. Out team let you focus on your business, by filing your tax returns in compliance with GST regime.
- GST consultancy: Since GST is a new & complicated law. We also provide customized & specific GST consultancy on basis your requirement
- GST Amendments: Once you are registered as goods and services taxpayer and want to make any alteration in your details of core or non-core fields like change in address, addition of place of business etc., you may reach our GST experts for any assistance.
- GST refunds: We can also assist you in applying & getting GST refunds. GST act specifies certain situation wherein a taxpayer can apply for refund under GST. For instance, exporters can apply for refund. Similarly, business dealing with inverted tax structure can also apply for refund of accumalated ITC.
- GST Audits: Our team of professionals with rich knowledge on GST, perform audits and prepares required audit reports for its clients.
- GST Assessment: We can help you with your self-assessment of GST. Our team will assist you in whole process of assessment carried out by tax authorities.
- GST Compliances: We will keep you updated with any new compliances announced by GST Council.
There are certain listed payments which requires a certain class of people business to deduct TDS, deposit the same with the government and file TDS returns to ensure the compliance.
Individuals who are salaried are normally not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) might be required to deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc.
TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government’s collection of tax is proponed and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government – quoting the TAN number.
Based on the documents and information presented, an TDS expert will prepare your TDS return and send for your approval.
Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. The ROC filing of annual accounts is governed under Section 129(3), 137, of The Companies Act , 2013 read with Rule 12 of the Company (Accounts) Rules, 2014 and annual return is governed under Section 92 of the Companies Act,2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014. Annual filing means submitting companies’ financial and non-financial information to Companies regulatory authority i.e. ROC (Registrar of Companies) of the concerned state where the registered office of the company is situated within the stipulated time period.
Annual filing ensures the transparency in the working of the companies. Since it is a mandatory requirement, therefore, companies cannot hide its financial information. Annual filing provides various information of the company such as company’s business activities, capital structure, cash flow, liquidity and profitability, transactions with related parties etc.
Business Management Services:
Business management services are specially designed services to help you manage your business. So that you could focus on the core-business activities, while we help you ease down the non-core, yet essential business processes.Accounting and Book Keeping services
We can accommodate businesses in any walk of life, whether you’re: Just starting a business, managing your own finances or you have an employee handing your bookkeeping. All our services are customizable.
Specifically designed for full-time businesses who only need part-time bookkeeping. Our services are available when you need them, whether its once a week, every other week, once a month, once a quarter or even once a year!
We recognize that every business is different and can mold our services into what works best for you and your business.
To ease your issues related to business accounting, we have come up with accounting services plan for small business, to help your company reach where you want it to go.
Our bookkeeping services include the following :
- Accounts Payable Management (Vendor Bills and Payments)
- Accounts Receivable Management (Customer Invoices and Collections)
- Bank Reconciliations (Checking and Credit Cards)
- Electronic Document Management
- Inventory Management
- Recording and Reconciling Payroll Transactions
- Revenue Reconciliation with Bank Deposits
The scope of management consulting is vast and dynamic. It covers under its gamut miscellaneous services to be performed by any organization for systematic and effective functioning of its business operations. Assisting businesses in enhancing their performance by analyzing the present-day complications and fabricating a strategy for development. Services of management consultancy are required for diversified reasons including securing external guidance as well as accessing consultants’ area of proficiency.
Management consultancy approach is integrated to tackle with all the aspects of running of an entity viz throughout thorough planning, practicality, outsourcing, compliance outsourcing as well as transactional services.
Our team can render assistance in:
- Business planning
- Transaction advisory
- Valuation of businesses
- Due diligence
- Feasibility assessment
- Internal restructuring consultancy
- Standard operating procedure (SOP) development
- Strategic planning and consultancy
Payroll is a financial record of compensation paid to an employee as salaries, wages, bonus or deduction. It is given for the work done during a particular period of time. Payroll processing is referred as administration of employee’s financial records as well as involves tedious routine work.
Our payroll services allow you to take your human resources management to a higher level than just giving out paychecks to your employees ensuring error-free payroll management activities. Outsourcing this process not only saves cost but enables you to focus on core tasks and enable growth without manpower or infrastructural restrictions. Partnering with us will lead to the added advantage of reduced costs and increased profits. Our team helps you manage your payroll process in a manner that would maximize salary pay-outs and minimize per employee cost to the entity.
In contemporary era, systematic payroll processing services have become a requisite for every entity with the intent of streamlining payroll procedure, optimizing productivity as well as improving administration. Every employer is required to comply with the laws applicable in relation to the employees hired in their organization. Some of the compliances under such laws are outlined hereunder:
Provident fund (PF): Certain periodical returns in respect of the provident fund contributions made are required to be filed by the employers with the prescribed authorities. Our team possesses requisite knowledge w.r.t. all the provisions under law and can guide you in complying with the procedure systematically. Also, we can assist you in filing periodic PF returns.
Employees’ State Insurance (ESI): It is a multidimensional social security system tailored to provide socio-economic protection to worker population and their dependents covered under the scheme. Every employer to whom the ESI scheme is applicable is required to comply with the provisions prescribed therein. Our team can assist you by providing professional advice in relation to all such laws and assist you in complying with the procedural requirements from time to time.
Gratuity: Various obligation of the employer have been laid out under the Gratuity Act such as providing a notice of opening of establishment, payment of gratuity upon determination of services of the employee, obtaining insurance as prescribed therein, etc. Our team of trained professionals can provide you advice on various compliances required under the Act and assist you with the procedural requirements prescribed therein.
Tax Deducted at Source (TDS): TDS rule directs employers to deduct a certain amount of tax before full payment is made to the receiver / employee. It is mandatory to have TDS deductions before payroll is initiated. We assist you at each and every step of TDS deduction and remittance to ensure secure and quality services to our clients.
Payroll outsourcing primarily helps companies file tax returns on time, easing the pressure of work, reducing the load and getting more efficient with their core business activities. We simplify your complexities and offer highly comprehensive and best payroll processing services.
We assist our clients in:
- Maintaining payroll records
- Setting up payroll
- Running weekly / bimonthly / monthly payroll
- Making payments to its employees via direct transfer
- Issuing pay stubs
- Payment of withholding taxes
- Filing of payroll tax returns
- Payroll reports
- Collection and vetting of investment proof at the end of each year
- Providing administer reports such as payroll register, bank file, variance report and payroll summaries.
- Providing employee reports like payslips, tax statements & other related statements