India Strategy – Setting up a Company or Business in India
India is one of the most ideal destinations of for foreign investors looking to expand their business and optimes their operations. The country not only provides a conducive environment for business but also offers tremendous opportunities for the investors. There has been a continuous surge in foreign direct investment (“FDI”) in the country. However, there are many risks associated with venturing into a new geography with a complex accounting, tax, and regulatory environment.
Therefore, for starting business operations in India, it is important to understand the process and the governing laws of the country. Depending on the nature of business, there are numbers of approvals a company requires from the government before starting operations. The mode of entry also plays an important role in achieving the strategic objective.
As a part of India Strategy, we assist you in following areas
- Structuring an entity
- Company formation, Company Registration and government approvals
- Compliance with regulations relating to foreign exchange
- Company charter / Memorandum and articles of association
- Assistance for new bank account set up
- Registration with multiple direct and indirect tax authorities
- Provident Fund, ESIC, Shops and Establishment Act Registrations etc.,
- Ongoing Accounting, Payroll and Compliance Support
Audit and Assurance
Audit is a detailed examination of financial statements with eventual objective provide an opinion, whether it represents a true and fair picture. The aim is to reveal a clear picture of the company finances and help the management to take important steps to mitigate risks and improve the growth potential.
We approach every audit with high standard of professionalism and integrity, while also working with our clients to improve their internal controls and governance.
We assist business entities with the following services
- Statutory Audits under Indian GAAP
- Internal Audits and Risk Advisory
- Tax Audit and Transfer Pricing Certification
- Management and Operational Audits
- Agreed upon procedures engagement
- Due Diligence Review
- Information Systems Audits
- Stock Audit
Outsourced Accounting and Compliance
For companies that are in the early stages of growth, accounting and compliance can appear to be complicated and time consuming. This is because entrepreneurs and small businesses often are not aware of all the regulations applicable to them. Even if they know of the regulations, the nature of work would require a full-time specialist to be employed even with low volumes.
With an experienced team accustomed with business transactions, tax deadlines, and audit deadlines, we eliminate the hassle of accounting and compliance for small to mid-sized entities.
Our services include
- Monthly accounting in Tally, Quickbooks, Netsuite, Zoho etc.,
- Monthly assessment of Tax Deducted at Source (TDS) and payments
- Quarterly filing of TDS Returns and issue of Form 16A
- Monthly Payroll Processing , Generate Pay slips and Issue of Form 16
- Quarterly assessment of Income Tax/Advance Tax liability and Payment
- Management/MIS Reports preparation on periodic basis (Monthly/Quarterly)
- Year-end Financial Preparation as per Indian GAAP, Ind AS or IFRS for audit and filing with regulatory authorities
- GST Compliance on an ongoing basis
- Annual assessment of income tax liability and filing of returns
- Assistance in setting the accounting and reporting policies and framework for companies
- Transition assistance for companies once they can take accounting and tax activities in-house
Direct Tax Advisory
India’s taxation system is among the more complex systems globally and is constantly being updated to account for changes in the economy and policy. The system remains prone to delays and inefficiencies as well as substantial tax burdens for a misstep or lack of knowledge. There are additional restrictions on foreign nationals and companies, as well as international transactions between group companies.
Our services include
- Tax planning and optimization strategy for Indian and overseas companies
- Ongoing Tax Compliance
- Income Tax Return Preparation and Filing of tax returns for individuals and business entities
- Liaising with Income Tax authorities in cases of tax demands, scrutiny or disputes
- Employee tax calculations for companies and firms
- Interpretation of international tax codes and Double Tax Avoidance Agreements (DTAA) across geographies
- Transfer Pricing study and certification
Indirect Tax Services
The indirect tax system in India has undergone a major change in July 2017 with the introduction of GST, replacing the erstwhile systems of excise, VAT, Service Tax, etc. The new regime aims at greater transparency and fairness across the range of goods and service providers, however it also introduces higher compliance requirements in the form of multiple returns every month, multiple tax payments every month, and constant reconciliation of tax credits being claimed by each entity.
Because of these changes several businesses are opting for professional indirect tax services, instead of placing the responsibility on their own teams. A good GST services provider understands the system and challenges well and ensures that the transition to the new tax regime is seamless.
We provide the following indirect tax services to our clients:
- GST Registration
- Ongoing Calculation of GST liabilities and Input Tax Credits
- Filing of GST Returns
- Assistance for Filing of GST Refunds
- Liaising with tax authorities in cases of tax demands, scrutiny or disputes for both GST and erstwhile indirect tax issues (service tax, VAT, Excise Laws etc.,)
- Interpretation of GST Act and specific sections based on clients’ industry, products, exporter/importer status and other unique circumstances
VIRTUAL CFO
When an Organization finds it difficult to appoint a full time CFO, it can get a CFO Service on a temporary basis at an effective cost. MNSK provides you with all the services of a CFO, on a requirement basis. We’ll lead, advise, and offer you the services of a CFO, except the CFO will not be your full-time employee, thereby keeping your P&L light and your finances efficient.
As a part of CFO Advisory services, we assist you in the following areas
- Establishing Internal Financial Controls and processes
- Budgets and financial strategies
- MIS and reporting – setting up processes for periodic reporting and dashboards
- Fund raising support
- Ensuring statutory and tax compliance
- Treasury Management