One Stop Solution (OSS)

THE PROJECT AS I SEE IT

To start operations in  India.

The Activities in a nutshell will be

  • Formation of an Indian Company
  • One time registration under the various Government Laws as prevalent in India as applicable to the nature of business.
  • Day to Day handling of accounts, paper work for labour law, cash and bank handling, payroll and other related activities.

FORMATION OF A COMPANY

Work to be done
1. Formation of a private limited company in India

  • Apply and obtain Director Identification Number (DIN) for minimum 2 persons not necessary to be Indians.
  • Apply and obtain Digital Signature for any one person.
  • Requirements for the above – 2 passport sized photographs and 2 copies of passport.  If the passport is in a language other than English then two xerox copy of the passport with an English translation duly attested by the Indian consulate or an Attorney in the country of origin has to be provided.
  • Apply for a name with the Registrar of Companies (ROC).  The name should have a proper noun and also indicate the type of business.
  • On approval of name Memorandum of Association and Articles of Association will be drafted and all necessary papers and forms will be prepared and filed with the ROC.  In about 7 days the company will be incorporated.  In the present experience the physical certificate of Incorporation is received in about  10 days.
  • To print in book form along with certificate of incorporation 50 copies of Memorandum of Association and Articles of Association.
  • To make a common seal and rubber stamps for the company.
  • To Apply Permanent Account Number (PAN) Card for company and Directors.
  • To procure statutory registers
  • To draft the first board meeting minutes.

ONE TIME REGISTRATION UNDER THE VARIOUS LAWS PREVALENT AT TAMIL NADU

  • Sales Tax Registration presently known as Value Added Tax (VAT) if any goods or products are being manufactured or procured and exported.
  • Service Tax Registration if any professional or consultancy services provided.
  • Registration with Chief Inspector of Factories if any manufacturing is under taken.
  • Employee State Insurance (ESI) Registration and assigning code number (ESI is not applicable for staff who draw salary of Rs.10,000 and above).  This act is applicable only if you have more than 10 employees.
  • Provident Fund Registration and assigning code number.  This act is applicable only if you have more than 20 employees.
  • Application for Permanent Account Number (PAN) with Income Tax Departments.  This is a must if you want to do business in India irrespective of whether you have any profit generated in India.
  • Application for Tax Deduction Account Number (TAN) with Income Tax Department.  Any company which has expenditures towards Salary, Rent, Professional Fees, Royalty, Advertising, Contract Payments and commission has to deduct a certain percentage of tax from that expenditure and pay it directly to the Government.  This is of no additional cost to the company as you deduct from the amount payable and pay to the government.
  • Registration for Import Export Code.
  • Registration for Central Excise and Customs Duty.

DAY TO DAY RUNNING
In India the popular Accounting Software is TALLY (ERP version)

We are equipped with the knowledge to use of Quick Books Accounting Software (a product of Microsoft)

  • Operating the Bank Accounts
  • Handling Cash for petty expenses
  • Payroll preparation and salary disbursement
  • Maintenance of accounts.
  • ESI ACT: (Employee State Insurance)
    • Declaration forms will be scrutinized within due date.
    • Preparation of challans will be done within due date.
    • Preparation of annual return will be done within due date.
    • Preparation of accident report will be done within due date.
    • Appearing before ESI authorities will be done along with company official.
    • Conducting the Inspection whenever arises.
    • Verification of accounts books will be done once in a year.
  • EPF ACT: (Employee Provident Fund)
    • Declaration forms will be scrutinized within due date.
    • Preparation of monthly returns will be done within due date.
    • Preparation of addition and deletion forms will be done within due date.
    • Preparation of annual return and submission will be done within due date.
    • Preparation of claim forms and transfer application will be done within 10 days from the date of receipt of the same.
    • Conducting the Inspection whenever arises.
    • Appearing before PF authorities will be done along with company official.
  • PROFESSIONAL TAX ACT:
    • Preparing half yearly return will be done within due date (31/3 and 30/9 of every year)
    • Appearing before the authority will be done along with company official
    • ALL THE RECORDS UNDER LABOUR LAWS:
    • All the records inclusive of Attendance, Wages Register, will be maintained regularly.
    • Preparing Annual Returns will done within due date (31/01).
    • Preparing forms under National and Festival Holidays Act will be done within due date (31/12)
    • Appearing before Inspector of Factories will be done along with the company official.
  • Preparation of Final Accounts for year ending on 31st March and filing with the concerned authorities.
    • Income Tax Department by the 30th of September each year.
    • Registrar of Companies by the 30th September each year.

Depending on the number of employees we would appoint staff on the rolls of the company who will handle the above under our guidance and supervision.  The Staff will be paid for by the company.

 
IN SHORT THE JOB OF AN ACCOUNTS AND ADMINISTRATION MANAGER THAT A COMPANY WOULD HAVE, WILL BE HANDLED FROM OUTSIDE
BY A PROFESSIONAL TEAM.
 
 
     
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