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BUSINESS STARTUP IN INDIA
The term 'business' has a very wide scope involving a large number of activities that can broadly be classified into Industry and Commerce. While the term 'Industry' includes all activities related to the production of goods/services, the term 'Commerce' includes all activities related to the distribution of these goods and services. A business enterprise is an entity or an economic institution pursuing an economic activity. The purpose of a business enterprise is also to earn profits and acquire wealth. Individuals or a group of enterprising individuals always seek opportunities to set up a profitable business and then building it into a successful concern. Starting a business needs careful planning in terms of choosing the location, product / service, resources required like workforce, materials, infrastructure, study of the market etc.
An individual or entrepreneur setting up a business has to consider the following for ensuring that he/she faces no problem while setting up a business. They are:
- Making a business plan
- Selection of form of organization
- Selecting business location
- Choice of product / service
- Business Registration
- Sourcing Finance
- Infrastructural set up
- Sourcing infrastructural set up
- Product pricing
- Business regulatory requirements
ACCOUNTING OUTSOURCING
In today's scenario of globalization, the process of doing business has been redefined. Outsourcing various processes makes a lot of business sense. Most businesses and large companies are outsourcing their accounting processes for better management of their finances and time etc.
They are outsourcing accounting services to QCS to avail the following benefits:
- Cost effectiveness
- Time saving
- Optimization of business resources and processes
- Collection, summarization, and accurate analysis of financial data
- Correct interpretation of the company's financial position
- Analyzing the potential risks in advance
- Informed and better managerial decision making
ACCOUNTING SERVICES
We provide the following accounting services. These services are structured to suit an individual client's needs and requirements.
- Accounting System Design
- Accounts Payable
- Accounts Receivable
- Asset Accounting Management
- BRS - Bank Reconciliation Statement
- Budgeting
- CRS – Creditors Reconciliation Statement
- Cash Handling and Banking Operations
- Cash Flow Statement
- Cash Forecasting
- Creditor Payment
- DRS – Debtors Reconciliation Statement
- Debt Collection
- Depreciation & Amortization
- Financial Accounting Service
- Financial Analysis
- Financial Reporting
- General Accounting and Book-Keeping Service
- Generation of Invoices, Receipts, Vouchers, etc.
- General Ledgers
- MIS Reports
- Payroll Service
- Preparation of Financial Statements
- Ratio Analysis
- Records Management
- Sales Tax
- Schedules
- Tax Planning
- Tax Return Preparation
FOREIGN INVESTMENT SERVICES
The last decade has seen India encouraging Foreign Direct Investment (FDI) in almost all sectors including manufacturing, insurance, telecom, software, trading etc. This has lead to many international giants setting up operations in India, or entering into joint ventures with many Indian companies. It has become easier for International companies to trade in India as foreign exchange controls have been relaxed. Indian companies have also been allowed to raise money / funds from international markets and also invest abroad. Trade tariff levels have also been reduced for facilitating trade.
International companies can set up business operations in India by forming a new company, through wholly owned subsidiaries or joint ventures.
There are number of guidelines set for Global companies entering India for setting up business operations. QCS offers professional help and guidance for companies planning to enter the Indian markets. It helps the companies know:
- Process of company formation
- Extent of investment
- Channel of investments
- Foreign exchange controls
QCS also provides all the financial, legal help required for setting up business in India, this helps the companies save lot of time, money and also to know the domestic country's various legal, financial systems.
QCS assists the Global Companies in
- Incorporating a Private Limited Company in India
A Private Company is one which
- Has a minimum paid-up capital of Rs. One Lakh.
- Restricts the right to transfer its shares (any restriction that enables the directors to maintain minimum limit of two members and the maximum limit of 50 members, shall serve the purpose).
- Limits the number of its members to 50. This number does not include employees of the company and the ex-employees of the company who are still members of the company.
- Prohibits the subscription of shares or debentures from general public.
- Prohibits any invitation or acceptance of deposits from any person except its members, directors or their relatives.
- Incorporating a Public Limited Company in India
A Public Limited Company is a one which:
- Has a minimum paid-up capital of Rs. Five Lakhs.
- A public company cannot have less than seven members. There is no restriction with regard to the maximum number of persons who can acquire the shares or debentures of a public company. The shares and debentures may be quoted in stock exchange and are freely transferable.
- Opening Branch Office in India
Foreign companies engaged in manufacturing and trading activities abroad are allowed to set up Branch Offices in India after prior approval from Reserve Bank of India (RBI) for the following purposes:
- Export/Import of goods
- Rendering professional or consultancy services
- Carrying out research work, in which the parent company is engaged.
- Promoting technical or financial collaborations between Indian companies and parent or overseas group company.
- Representing the parent company in India and acting as buying/selling agents in India.
- Rendering services in Information Technology and development of software in India.
- Rendering technical support to the products supplied by the parent/group companies.
- Foreign airline/shipping Company.
Branch Offices established with the approval of RBI, may remit outside India profit of the branch, net of applicable Indian taxes and subject to RBI guidelines .
- Opening a Project Office in India
Foreign companies planning to execute specific projects in India can set up a temporary project/site office in India for carrying out activities only relating to that project. The Government of India has now granted general permission to foreign entities to establish project offices subject to specified conditions.
- Opening a Liaison/ representative Office in India
A Liaison Office could be established with prior approval of Reserve Bank of India (RBI). The role of Liaison Office is limited to collection of information, promotion of exports/imports and facilitate technical/financial collaborations.
Liaison office cannot undertake any commercial activity directly or indirectly.
- Entering into Joint Venture, Merger of all types including reverse merger and Acquisitions.
MERGERS & ACQUISITIONS
The term Mergers & Acquisitions refers to combining or merging of two or more business enterprises to form one single company. It is a part of a company's strategy for expanding and strengthening its operations. The process undertaken is usually beneficial to both the companies that are merging or if a bigger company is acquiring a smaller company.
Merger & Acquisition is a corporate finance strategy of a company and is a comprehensive process requiring the need of professional lawyers and chartered accountants to understand the financial and legal implications.
Types of Mergers
- Horizontal mergers: A situation when two or more merging companies manufacture similar product in the same industry.
- Vertical mergers: A situation when two or more merging companies work at different stages of manufacture of a same product.
- Conglomerate mergers: A situation when two or more merging companies operate in different industries.
QCS help a company during M&A , analyze whether the company is entering the right deal, whether the company can afford the acquisition, avenues for future growth etc. QCS provide complete services in every stage of the process right from identification of potential acquisition to negotiations, financial implications, cost of merger and forecasting the future potential etc. QCS also provide the following services:
- Review of a company's goals and objectives
- Preparation of financial forecasts
- Due diligence service
- Advice on potential threats and rewards involved in a merger/ acquisition
- Complete assistance in purchase negotiations
- Advice on financing and tax planning
NRI SERVICES
Some of the services offered are:
Taxation Services
(A) PAN number Allotment Procedure
- Obtaining PAN at the request of the client
- Emailing the format in which the client is required to furnish details specified.
- Client furnishes information by e-mail.
On the basis of the information furnished by the client, QCS prepares and e-mail application for obtaining Permanent Account Number. The client can then download, sign and send the form to the Income Tax department. QCS then obtains the PAN card on behalf of the client and sends it to the country of residence.
PAN Card is required for:
- Banking transactions.
- Transactions in shares, mutual funds, debentures etc.
- Property transactions.
- Claiming refund of income tax.
- Depositing income tax and filing income tax returns.
(B) Filing of Income Tax Return Procedure
Income Tax Return or ITR is filed on request of the client. QCS emails the client, the standard format in which the details of income is to be furnished. The information can then be sent to QCS through Internet.
Based on the information received from client, the accounting professionals compute the tax liability or the refund. The Income return is then mailed to the client, which he can download, sign and then send it along with required enclosures. The return is then filed.
(C) Wealth Tax
QCS helps their NRI clients pay the correct amount of wealth tax. It also includes capital gains that a person might have from sale of shares or debentures of an Indian company, gold, real estate etc. QCS also provides any other details or consultancy required by the client.
OTHER SERVICES
Import & Export Consultancy
QCS helps in getting Import Export Code number, Import Export Consultancy and Documentation, Registration & Compliance with Software Technology Parks of India (STPI) related matters, etc. |
