Activities to Be Performed after Incorporation Of Company

If you have recently incorporated your private limited company or under the process of incorporation then you must get yourself familiar to the new provisions of Companies act 2013.

The most important things that every promoter or director of a newly incorporated private limited company should know after getting certificate of incorporation or before getting into the process of incorporation.

Checking Company’s Master Data after Incorporation

Certificate of incorporation for a private limited company is the last step in the process of incorporation. Once you received the certificate of incorporation, it means, all legal formalities required for company registration are completed in India.

At Gapeseed Consulting, we have legal consultants like chartered accountants and Company Secratories who help us in the process of company incorporation and do all such things that are required to complete the registration process.

Now the question is how to cross check to know that the company is incorporated with correct details like authorized share capital, registered office, category, CIN, paid-up share capital, status and date of incorporation etc.

These are the most important thing that every company should keep it right.

We suggest you to check these details in company’s master data by visitingthe website of Ministry Of Corporate Affairs after getting certificate of incorporation.

If you find any changes or incorrect details then immediately inform to your chartered accountant or Company Secretary to take necessary actions for its correction.

You need to check following things in company’s master data;

Authorized share capital
Paid up share capital
Registered office address
Status i.e. Active or Inactive
Date of incorporation

File E-Form INC22 For Situation Of Registered Office

Situation of registered office has to be intimated within 30 days from the date of incorporation to the registrar of companies. This can also be filed at the time of incorporation along with other e-forms if registered office of the company is going to be the director’s residence or owned house.

If it’s not filed at the time of incorporation then within 30 days from the date of incorporation, then it is a Non-Compliance u/s 22 of the Companies Act,2013

As per section 12 of Companies act 2013, a company shall, on and from the 15th day of its incorporation and all times thereafter shall have a registered office. This means the company should enter into a rent or lease agreement within 15 days from the date of incorporation and within 30 days from the date of registration should file INC-22 with ROC.

Display Company’s Identity And Other Details

After incorporation, it’s the duty of the company to display following things outside the company’s registered office;

Name of the company
Registered office address of the company
Corporate identity number or CIN
Telephone number, email ID
Website address and fax number if any

These details are also required to be printed in all business letters, bill-heads and in all other official publications.

Putting CIN or corporate identity number in all official publications is a new requirement in Companies act 2013. This provision was not there in old Companies act 1956.

In case of failure to quote CIN number, penalty of Rs. 1,000 per day shall be imposed on the defaulting company and on every officer in default for every day during which such default continues up to a maximum limit of Rs. 1,00,000.

If company has changed its name in last two years then it shall paint or affix or print, as the case may be, along with its name, the former name or names so changed in all official publication including letter head and bill-heads.

Appointment Of Company Auditor

As per section 139(6) of Companies Act 2013, company has to appoint its first auditor within 30 days from the date of incorporation in a board meeting. If board of directors are not able to appoint then it has to be appointed within 90 days in a general meeting of members.

First auditor as appointed is required to hold office till the conclusion of first annual general meeting. Companies Act 2013 does not require any form to be filed with ROC but this is a requirement of law and it has to be complied within time.

Open A Bank Account And Issue Shares To Subscribers

Companies Act 2013 requires the company to allot and deliver share certificates within 2 monthsfrom the date of incorporation to all subscribers of MOA. It’s also mentioned that each subscriber will deposit subscription money as specified in MOA to company’s bank account by cheque or through net banking.

We suggest to open a bank account with the help of MOA, AOA and certificate of incorporation and then takecheque from each subscriber and deposit it in company’s bank account.

File Audit Report, Financial Statements And Annual Report Before Due Date

A private limited company is required to file its balance sheet, profit and loss account, auditor’s report and annual return every financial year before the due date with the registrar of companies. Non compliance to this provision will attract additional fee in addition to the normal fee that are charged while filing the e-Form.

Now you know mandatory things that promoter or directors of a private limited company should remember after incorporation of a private limited company. In case of any doubt or clarification please contact us by using our comment form.

For more information about Activities to Be Performed after Incorporation Of Company, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Outsourced Accounting Services ,
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Procedures and Documentation For Startups,
Payroll Services for Startups.

One Person Company and its Incorporation

ONE PERSON COMPANY

One Person Company (OPC) is a form of business entity that is owned and managed by a single entrepreneur. This concept was introduced in India through the Companies Act, 2013 supporting entrepreneurs who are capable of starting a venture by creating a single person economic entity. A One Person Company is also a separate legal entity from its members just like a Private Limited Company or a Limited Liability Company. In this type of business entity, only one person is required who can be the Director and as well as the shareholder of the company. This venture of One Person Company is still in its emerging stages which makes it much more difficult for entrepreneurs to adopt, it is mainly suitable for people starting an unregistered Proprietorship. The entrepreneur can set up their company without sharing their profits as One Person Company does not need a middleman to target the markets.

Features of One Person Company (OPC)

One Shareholder

One Person Company is a business entity which is owned and managed by a single person. The Company Incorporation Rule states that only a resident and also a citizen of India can form a One Person Company. The entrepreneur hold all the shares of the company as it has only one member. The people who are Foreign citizens and are Non-Resident citizens cannot indulge in the formation of a One Person Company. A shareholder can only have shares in a single One Person Company and not in various companies.

Director

A One Person Company can be managed by a Single Person. In this type of business entity, the Sole Shareholder can become the Sole Director of the business. A One Person Company can have a maximum number of 15 directors even if it may be having a Sole Shareholder.

Nominee

This states that the Shareholder of the company has to nominate a person who in the event of death or inability to continue the work in the company will come forward to take the charge of the One Person Company. The present shareholder will issue a written consent in the name of the nominee, the nominee must also be a resident and a citizen of Indian. The person nominated must not have any other One Person Company under control.

Incorporation of a One Person Company (OPC) in India

A One person Company can be incorporated as per the procedure explained below :

Director Identification Number (DIN) & Digital Signature Certificate (DSC)

A person intending to become a director of a company requires a unique identification number which is issued by the Ministry of Corporate Affairs. This number then is used to record the details of the director of the company. The Digital Signature Certificate is the digitalised version of all the paper certificates. This certificate can be used to prove the director’s identity, access information and sign documents digitally. Certain documents are required for DIR-3 application:

1. Identity Proof: A copy of PAN card is mandatory whereas a copy of the Driver’s license is optional.

2. Address Proof: A copy of the Passport / Election ID / AADHAR card / Driver’s License is sufficient.

3. Passport Size photo

4. Mobile Number

5. Education Qualification

6. Verification signed by the applicant.

Company Name Availability

The name of the company must not be pre-existing, applicants must first search for any existing Trademark and then decide on the company’s name. The Promoter of the company have to provide at least 6 names in the order of their preference to the Registrar of Companies for name availability.

Memorandum of Association (MOA) & Articles of Association (AOA)

When the name of the company has been approved by the Registrar of Companies then the Subscriber have to draft a MOA & AOA specifying their Names, Address, Occupation and the sign the subscription pages of the Memorandum and Articles of Association formed.

The Memorandum of Association is a document regarding the main objectives as well as the secondary objectives of a company. It covers all the necessary fundamental provisions of the company’s constitution.

Articles of Association is a contract based on mutual understanding between the company and its members defining their rights and duties.

Filing E-Forms with Registrar of Companies

After the drafting of Memorandum of Association and Articles of Association, an application has to be sent to the Registrar of Companies regarding the incorporation of the company. This Application must contain all the necessary documents of the Company and its Directors.

Verification of Documents

The company must pay the desired fees to the Registrar of Companies and must get Stamp Duty to get the documents verified.

Issue of Certificate of Incorporation

When all the documents are verified and duly approved by the Registrar of Companies, a digitalised ‘Certificate of Incorporation’ is mailed to the Directors of the company. Once the Incorporation Certificate is received, company can start with its operations.

Post Incorporation

After the Incorporation of a One Person company some necessary formalities are required immediately, such formalities are:

 Opening a Current Bank account in the name of the Company

 The Company must apply for the Shop Act License

 The Shareholder must be issued a Share certificate by the Company

 The subscription money must be payed through the Current Bank account

of the Company

BENEFITS

1. A One Person Company is a separate business entity and have Limited liability to its members.

2. This type of Company helps an entrepreneur to establish its own business without depending upon a second person.

3. A Legal Auditor is not required in this business unlike any other business enterprise.

4. A One Person Company being a separate legal entity can own property in the Company’s name and the shareholder cannot make any claim upon the property.

For more information on Incorporation, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Excerpts from GST Council’s 8th Meeting

What were the main points in the GST Council’s 8th meeting?

The main points of discussion in the 8th GST council meeting were as follows:

1. ISSUE OF DUAL CONTROL
In the 8th GST council meeting, the group of members didn’t have any common agreements on the issue of dual control. This issue made people think differently as many had different views on this topic. The State does not want the Centre to have the authority over all the small tax paying entities whereas The State does not have any problem in having Dual Control with the Centre for the authority of all the bigger tax payers. The Council also cannot decide the turnover to defy a small taxpayer from a bigger one, for some a company having a turnover below 5 crores will be a small tax payer whereas as per the Centre a company having a turnover of 1.5 crores will also be a small tax payer. The centre is not ready to accept the demands of state for access over 1.5 crores in case of small tax payers. The council wants to consider a high cut off rate and wants the Central Goods and Services Tax to be administered by the Centre and the tax payers below that cut off should be administered by the State.

2. CESS
CESS will be charged on many more goods such as luxury goods, aerated drinks, tobacco products and on high-end cars. The ultra-luxury goods and sin goods will have a GST cess for a period of 5 years. The major part of CESS will depend upon the current incidence of tax, if the clause of GST cess for 5 years raises any profit, then the council will decide on how to use these profits to compensate any other losses incurred by the State or Centre. Only the Clean Environment Cess will be retained and all the funds will be used to compensations.

3. INDUSTRY REPRESENTATION
The Government is deliberating all representation from Trade and Industry in the implementation of the GST bill. The Commerce and Industry sectors has given representation from officials to the GST council. The banking and insurance sector also has given representation to understand the impact of GST on products.

STATE WISE SCHEDULE FOR GST REGISTRATION

State	Start Date	End Date
Puducherry	08-11-2016	07-12-2016
Sikkim	08-11-2016	07-12-2016
Maharashtra	14-11-2016	07-12-2016
Goa	14-11-2016	07-12-2016
Daman and Diu	14-11-2016	07-12-2016
Dadra and Nagar Haveli	14-11-2016	07-12-2016
Chhattisgarh	14-11-2016	07-12-2016
Gujarat	15-11-2016	07-12-2016
Odisha	30-11-2016	15-12-2016
Jharkhand	30-11-2016	15-12-2016
Bihar	30-11-2016	15-12-2016
West Bengal	30-11-2016	15-12-2016
Madhya Pradesh	30-11-2016	15-12-2016
Assam	30-11-2016	15-12-2016
Tripura	30-11-2016	15-12-2016
Meghalaya	30-11-2016	15-12-2016
Nagaland	30-11-2016	15-12-2016
Arunachal Pradesh	30-11-2016	15-12-2016
Mizoram	30-11-2016	15-12-2016
Manipur	30-11-2016	15-12-2016
Uttar Pradesh	16-12-2016	31-12-2016
Jammu & Kashmir	16-12-2016	31-12-2016
Delhi	16-12-2016	31-12-2016
Chandigarh	16-12-2016	31-12-2016
Haryana	16-12-2016	31-12-2016
Punjab	16-12-2016	31-12-2016
Uttarakhand	16-12-2016	31-12-2016
Himachal Pradesh	16-12-2016	31-12-2016
Rajasthan	16-12-2016	31-12-2016
Kerala	01-01-2017	15-01-2017
Tamil Nadu	01-01-2017	15-01-2017
Karnataka	01-01-2017	15-01-2017
Telangana	01-01-2017	15-01-2017
Andhra Pradesh	01-01-2017	15-01-2017
Enrolment of Taxpayers who are registered under Central Excise Act but not registered under State VAT	05-01-2017	31-01-2017
Enrolment of Taxpayers who are registered under Service Tax Act but not registered under State VAT	09-01-2017	31-01-2017
New registration under VAT/Service Tax/Central Excise after August 2016	01-02-2017	20-03-2017

For more information on GST or for Registration under GST, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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GST, AN OVERVIEW

The Goods and Services Tax is destination based indirect tax, levied at the time of consumption of goods and services by the ultimate consumer. It also aims at simplifying the present tax structure in India. It subsumes taxes like Central indirect taxes – Service Tax, Additional Customs Duty, Special Additional Customs Duty, Central Excise Duty, and Countervailing Duty, and Sale indirect taxes – Sales Tax, Central Sales Tax, Entertainment Tax, Luxury Tax, and Octroi/ Entry Tax.GST is just like a duty just on value addition at every stage. The end consumer subsequently bears the GST charged by the last merchant in the Sales Network, with set-off advantages at all the past stages. With the GST all set to be rolled out, we look at the registration procedure.

GST REQUIREMENTS

Any person carrying on any business who has a taxable supply of over Rs.10 lacs in case of Northeastern States Of India and Rs. 20 lacs in the rest of India would be required for registration of GST in India. A mechanism is available for voluntary GST registration to help claim ITC(Input Tax Credit). It must be obtained under 30 days of exceeding the Rs.25 lacs turnover limit. A procedure would be announced for migrating the VAT or service tax registration as a GST registration.

According to Schedule III of the Model GST Law, the following shall be registered compulsorily, disregarding the total turnover of their respective businesses:

• Every person/entity who is registered or holds license under any earlier law, is liable to get migrated under this Act;
• Every person shall be liable to be registered under this Act if his turnover in a financial year exceeds the taxable threshold limit.
• Every person making any inter-state Supply, irrespective of taxable threshold limit;
• persons who are casually taxable i.e. any person who occasionally undertakes transactions involving supply of goods and/or services in the course or furtherance of business;
• Every person who are required to pay tax under reverse charge;

GST REGISTRATION NUMBER

It is expected to be provided based on PAN. One of the major advantage of implementation is that the same GST registration number can be used across all states of India against the VAT regimen in which a dealer needs to obtain VAT registration in each of the states (with additional cost and compliance formalities).

DOCUMENTS REQUIRED FOR GST REGISTRATION

For Private limited company

• Certificate of Incorporation
• PAN of the company
• List of Directors along with their personal details
• PAN Card of Directors
• Adhaar Card of Directors
• Passport size Photo of Directors
• Board Resolution
• Address proof of company

For Proprietorship

• PAN of the proprietor
• Address proof of the proprietor
• Photo of Proprietor
• Address proof of Entity

For Limited Liability Partnership

• Certificate of Incorporation
• LLP Dead
• PAN of LLP
• PAN of partners
• Adhaar Card of partners
• Letter Of Authorisation
• Address proof of Entity

For Partnership Firm

• Certificate of Registration
• Partnership Dead
• PAN of Partnership
• PAN of partners
• Adhaar Card of partners
• Letter Of Authorisation
• Address proof of Entity

ONLINE GST REGISTRATION PROCEDURE

GSTN maintains a portal for the online GST registration procedure. The applicant is required to submit an online application for GST registration along with the entire and specific details of the goods and services to be dealt. A temporary GST registration number would be provided post the submission of application and the online payment of registration fee.

A copy of the application must respectively be printed, attached with the other mentioned documents and then couriered to the GST department. A final GST certificate would be issued by the concerned officer post the verification of the application along with the documents.

ADVANTAGES OF GST REGISTRATION FOR BUSINESSES

On the registration of a business it will get various advantages of the implementation of GST. Business will legally be approved to gather charge from buyers and pass the tax credit on to the buyers or beneficiaries and will be legally perceived as a provider of goods and services. The business shall thus be having a proper bookkeeping of expenses paid on the input goods or services which can be used for payment of GST due on supply of products or services by the business.

For more information on GST Registration Procedure, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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E-FORM INC-32

EVERYTHING ABOUT E-FORM INC-32

The Ministry of Corporate Affairs has introduced E – Form INC-32 under SPICe (Simplified Proforma for Incorporating Company Electronically) scheme vide MCA’s notification dated 01/10/2016 notifying Companies fourth amendment Rules,2016. This is a very significant initiative for technological advancement. The basic aim is to simplify the incorporation of a company by filling up an e-form INC-32.

EarlierMCA had come with the integrated process of incorporation by filing E-form INC-29. This was a major reform brought by MCA for incorporation of a company which required filing of only one E-form i.e. INC-29 as against the 5 forms filed earlier. As the entire process is in single form, correct filing would mean approval in 48 hours.

For further simplification, MCA has facilitated the process of incorporation by introducing SPICe E-form INC-32 which provides the same facilities as were provided in Form INC-29 with facilitating the process by introducing filing of Memorandum and Article of Association electronically. As against the earlier process, it has the potential to save lots of time and energy, if properly implemented. However, further clarification with regard to incorporation under SPICe is to be provided by Ministry of Corporate Affairs.

THE FORM CAN BE FILED EVEN AFTER INC-1
As against the facility provided by the e-form INC-29, e-form INC 32 has the facility to fill the form of incorporation of a company even after filing for the INC-1. That is, even if you’ve already filed the INC-1, you can apply for the name of the company INC-32.

IN DEPTH INFORMATION AS COMPARED TO INC-29
The five purposes for company registration, which are application for DIN allotment, reservation of name, incorporation and even PAN and TAN, are fulfilled by both INC-32 and INC-29, but INC-32 has in depth information as compared to INC-29 with an additional introduction of filing of MOA and AOA of the company electronically.

ELECTRONIC FILING OF MOA AND AOA
Now under SPICe, Memorandum and Articles of Association should be filed electronically, simplifying the whole process. In E-form INC-33 a copy paste of the objects of the company has to be done and in E-Form INC-34 a choice has to be made amongst the pre-drafted clauses of Articles of Association.
This has made the task of drafting Memorandum and Article of Association much easier for professionals.

DIGITAL SIGNATURES OF SUBSCRIBERS AND WITNESS
With the introduction of the new electronic Memorandum and Article of Association of the company, there is no need of signatures of subscribers and witness. Only the digital signatures of subscribers and witness on the E-Form INC-33 and E-form INC-34 would be enough for the specific purpose!

SHORTCOMINGS OF INC 32

Obtaining digital signatures is a costly affair.
The maximum limit for initial subscribers is 7, exceeding to which, the normal procedure of incorporation must be followed.
One single name can be proposed in the form as there is no provision for entering multiple names.

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

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How to apply for TDS Refund?

TDS is deducted by the client at the time of payments and is deposited with the Income Tax Department as tax deducted on behalf of the person/entity to whom the payment is being made.

Most of the service providers do not object to TDS deductions, as it is allowed to be claimed as a credit after filing the Income Tax return. The only condition to this is that the balance amount after filing the income tax return is required be to taxable and TDS refundable.

Let us now understand the Procedure for applying for TDS Refund

TDS Refund is not a preformat based application. A taxpayer becomes eligible for TDS refund once s/he files his income tax return and in that, they should be able to detail out the calculation of his payable income tax and also the total TDS which is been deducted over the period for which income tax return is filed.

Once the books are updated and the above details are refurbished, any accounting software will automatically reflect the refundable amount of TDS and the same will be refunded in a certain period of time.

On filing the income tax return, when a tax payer mentions about any dues in the form of TDS refund, the income tax officer takes time to sanction the refund. However, the refund comes with an additional interest of 6% per annum in the cases where payable refund is more than 10% of the total tax payable in the same financial year.

An intimation is sent to the tax payer under section 143(1) with the refund with the details of the computation of interest. The tax payer can connect with the income tax officer in case of dissatisfaction with the interest paid.

Previously some cases were noticed where some agencies asked the taxpayers for their bank details on approval of income tax refunds. Such cases were reported as scam and the Income Tax department alarmed the tax payers to not indulge into such emails or phone calls. The Income Tax department maintains that once a refund is approved, it is automatically credited to the provided bank details.

Some of the discrepancies occur due to the mistakes in return filing, the bank account closure, a wrong branch or may be typo error in your IFSC details etc., are the only reasons for delay.

Learn how to check the TDS Refund Status?

One can easily check the TDS refund status online with the help of the PAN number and the year for which the return is sought. Banks like SBI also provide status of TDS refund thru email and a toll free number.

Other significant points regarding TDS Refund include:

1. You need to file income tax return to assess the refund.
2. You can expect a TDS refund as soon as you file your ITR.
3. Deductions made as TDS reflect in Form 16 and 16A.
4. Consolidated TDS deductions reflect in Form 26AS.
5. Incase, you fear that deducted TDS amount can surpass the taxable amount that year, s/he can file Form 13 in advance for Nil/Lower Deduction of TDS.

Further more, you can get in touch with us to understand the TDS Refund status and also for other Taxation related and Accounting related services. Feel free to connect to us at, info@gapeseedconsulting.com or call +91-9599444630

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Basics For Incorporating A Startup

Now that you have understood the basics of CFO Services for Startups and the Payroll Services and the advantages of payroll for startups, our blog 3 in the series is all about Incorporating a startup, the options and categorization as sanctioned by the Ministry of Corporate Affairs.

To help you understand the requirements, following are the types of Incorporation as laid down by the Ministry of Corporate Affairs and other government authorities in some cases. Anyone who is interested in Incorporating a Startup can choose to launch business from the following categories:

1. One person Company

Anyone can incorporate “one person company” as a corporate body. He or she is only one entitled shareholder and Director of the company. The pre-conditions for one person company include:

Shareholder and Director Must be citizen or resident in India
Only One Director at a time
Nominee for shareholder is must

If you are planning of incorporating a startup which is home run, family run or service oriented you can probably begin with one person company and once you get established you can think of expansion.

2. Private Limited Company

A private limited company is the one with two directors and two shareholders. This is the basic requisite to incorporate private limited company. The maximum number of members in a private limited company can be 200. Company cannot invite general public to subscribe its shares or debentures. A private limited company can

Register with MCA as body corporate
Business governed by board of directors
Limited liability of members
Can not accept deposit from Public

People incorporating a startup which involves product, delivery and revolves around mass consumption or even which involves a number of stakeholders involved from the beginning should go for private limited company. This adds credibility to your idea at the launch stage itself.

3. Limited Liability Partnership (LLP)

LLP is a corporate structure that combines the flexibility of a partnership and the advantage of limited liability. Owing to flexibility in structure and operation, it would be useful for small and medium enterprises, in general and for the enterprises in service sector professionals.

It is body corporate and legal entity separate from its partners
Limited liability of partner.
Minimum two partners
On LLP, the Partnership Act 1932 not applicable.

There are pros and cons attached but entrepreneurs who are in the process of incorporating a startup which involves further licensing and compliances with other government authorities opt for LLPs. This is mostly a preferred option for startups entering the BFSI sector.

How we can help as an Agency for Setting Up a Business in India

Gapeseed Consulting Pvt Ltd is a financial services company with a team of experts coming from the Accounting and Legal backgrounds. Startups usually have reservations with the set of services, registration protocols etc and they find it complex to execute. We are here to simplify business functions and thereby multiplying the possibilities.

Our set of services include, Incorporation, Accounting, Tax and Company Law compliance, consulting, drafting agreements, Payroll and CFO Services.

Financial Services for Startups

The challenge to startups is not just to manage and grow business, it is also about managing in the right way. Entrepreneurs need advice on regular basis so that all compliances are met right from the day of incorporation of business.
We at Gapeseed Consulting provide virtual CFO Services to support your business. We understand that Startups usually do not hire a senior Chartered Accountant or Finance Professional at initial stage because it is very difficult situation for entrepreneur and Senior Financial Professional to do full time job in Startup. Therefore Virtual CFO Services is win-win situation for both.

Virtual CFO or Interim CFO Services in Delhi from Gapeseed Consulting can offer the follow-ing solutions:

Business Plan
Investor Relations
Financial Analytics
Budgeting and forecasting.
Cash Flow Management
Board & Management Reporting
Accounting Team Search
Transaction Accounting

Gapeseed Consulting has also launched Financial Services Startup Packages to make it more suitable for the startup requisites.

Allied Services

One of our startup client who will be soon celebrating their first anniversary felt dramatically low at a point when they realized about the compliances and regular taxation norms. Apparently those were nor considered at the planning stage and hence they felt the pressure to perform as per law & guidelines.

Since we had helped them with the Registration process, they asked for our help and Gapeseed Consulting readily deputed our in-house chartered accountant Mr.Jain as the Interim CFO to manage the Liquor Import Compliances for Incorporating a Business in India while setting up a business.

Some of our basic allied services include the management of compliance, taxation and other procedures that include:

Tax Deducted at Source- TDS is to be deducted by company at the time of booking or making payment exceeding prescribed limits. TDS to be deposited every month before 7th day of next month. TDS return is to be filed quarterly before 15th of each quarter.
Service Tax- Presently Service tax rate is 14%. Service Tax is to be deposited before 6th day of every month by company and before 6th of every quarter in case of individuals. Return is to be filed half yearly.
Advance Tax- Advance tax is to be calculated every quarter and to be deposited by company before due date. It is payable before 15th June, 15th Sep, 15th Dec and 15th March.
Income Tax Return- Income Tax Return is to be filed annually after accounts are adopted by Board and Audited by Chartered Accountant” – we provide help to startup prepare complete accounts so that auditor can audit without any problem. We provide all information, details required for audit.
Transaction structuring/ Opinion – Our experts give opinion on transaction structuring on any matter of accounting, taxation, debt or equity.
MCA Filings- Returns to be filed with MCA for shifting of registered office, change in directors, increase in share capital, filing of Board and EGM/AGM Resolutions.
RBI matters for filing FCGPR, or any other matter.
Drafting Shareholders Agreement and Debenture Agreement for Private Limited Companies.
Drafting of contracts, patent and trad mark registration and other services

We hope that this post helped in understanding the launch procedure and also in ascertaining the best suitable option for your startup idea. Our next post will be around the documentation that is required to complete the registration process for a startup or new business.

In case of any query pertaining to startup series or services that we offer, please send in an email to info@gapeseedconsulting.com

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The idea of this post is to streamline the taxation process for an expatriate. Expatriate taxation is variedly provided as a service from taxation firms, CAs, CFOs. The edge we have over others is that we have been dealing with expatriates across the country that Continue reading Taxation for Expatriate

Outsource Bookkeeping Services and Simplify Taxation

Gapeseed Consulting is a professional services firm dedicated to the success of businesses – big & small, which is why we offer our Outsourced Bookkeeping Services. This service is designed so that we become your internal accounting department and thereby helping in Outsourced Bookkeeping Services.

You turn over all your time-consuming bookkeeping tasks to us—including paying bills, recording deposits, reconciling bank accounts, and more. With our advanced technology platform, we can manage all your bookkeeping activity online. You simply send your scanned source documents to us via a secure Internet connection, email, or fax. Once received, our bookkeeping experts process your documents and then deliver all the required financial documents to you online. You can enjoy a completely web-based process!

The Value of Outsourced Bookkeeping Services @ Gapeseed Consulting:

The benefits to you are immense. Consider the following:

1. Frees you to focus on your business, not time-intensive administrative tasks.
2. Eliminates vendor late fees—we ensure that all your bills are paid on time.
3. Saves you money by eliminating the need for onsite staff.
4. Provides assurance that all your bookkeeping needs are met—our experts take care of everything for you.
5.Offers ultimate convenience because all documents are exchanged online.
6. Ensures security of data—processing documents within our online platform is more secure than sending documents via email.

The Process is Simple

Everything is handled online, so you don’t incur the extra costs associated with delivering paper documents or scheduling pick up of monthly reports and financial statements.

Take a look at our simple process:

1. When invoices and other bookkeeping documents come in to your office, either scan and upload the electronic copies to your portal, email, or fax them to us.
2. Your documents are received in our office electronically.
3. Our experts process all documents.
4. Our experts deliver management reports, financial statements, tax planning and cash flow reports, and more to you via your portal or email.
5. It’s a completely paperless and convenient process.

Our Bookkeeping services include:

• Assets / equipment ledger maintenance
• General ledger maintenance
• Expenses ledger maintenance
• Accounts receivable services
• Accounts payable services
• Preparing ageing reports & summaries
• Bank account reconciliation services
• Credit card reconciliation services
• Inventory reconciliation
• Payroll reconciliations
• Cash flow management

Outsourced Bookkeeping Services– using today’s technology

We are familiar with and have experience in using most of the standard financial packages, including:
• MYOB
• Quickbooks
• Handisoft
• Account Right
• Xero
• Excel
• Arrow
• BGL
• Bank link
• ERP

In addition to this, the team are capable of quickly learning any other accounting, client relationship management, and payroll or data processing software – often at no cost to the client.

Why do you need a bookkeeper?

You may have discovered that by owning your own business you spend hours upon hours trying to keep track of the accounting paper trail instead of doing what you enjoy. Wouldn’t you rather use your strengths and skill set to build your business rather than having to worry about accounting issues?

Outsourcing bookkeeping helps you answer the following questions:

• Who owes me?
• Who do I owe?
• Did I make enough money this month?
• When was that financial statement due anyway?
• Am I meeting my filing deadlines?
• How do I accurately process payroll?
• What about taxes (sales, property, income)?
• Am I keeping up with corporate record compliance?

These questions reveal the fact that there is a lot more to keeping a proper set of books than just knowing how to write a check.

Outsourcing your company’s bookkeeping to a certified bookkeeper can save you staffing overhead, operating costs, and management time, freeing up essential capital and increasing your capabilities so you can run your business more efficiently. The misconception is that by outsourcing bookkeeping the owner might lose control but with the right system in place the management decisions remain under the control of the Owner.

Tax Advantages of Book Keeping:

Tax preparation is a key reason to maintain a detailed set of books, but there are other factors at play. A company’s books are used to determine the amount of taxes the company must pay. They are also used in preparing tax returns.

Sometimes, a tax agency may decide to investigate the information reported on a tax return or other type of tax-related document. In such cases, business owners are required to present accurate records for the tax agency’s inspection.

Why Small Businesses in India Should Outsource Accounting Services?

Start-ups and small companies face the dual challenge of growing their business and controlling costs. Once considered to be done by large corporations, outsourcing a non-core function such as accounting and bookkeeping is now being done extensively by many small businesses. Not only is accounting time consuming, it is also more and more of a specialty trade. Professional service providers know the rules and can keep you out of trouble. They are highly efficient because they do this work on every day basis.

Reasons to Outsource Accounting Services –

1) Improved work efficiencyBookkeeping and accounting are effort taking activities. You not only need to put in long hours but also have to ensure accuracy. Hiring an in-house business accountant involves additional cost of keeping a full-time employee and chances are that he may not be specialized with every aspect of accounting and taxation. Outsourcing gives you an edge. You get benefits of domain expertise and advanced accounting software, assuring productivity and accuracy.
2) A cost-effective solutionAs discussed in the above point, keeping a full-time in-house accountant involves cost of paying him year round. While accounting and bookkeeping is more ‘seasonal’ in nature. Accounting outsourcing companies offer customized solutions and charge fee only for the services availed. Hiring an in-house employee means you will pay out a monthly salary regardless of the amount of work he has completed. With outsourcing, you only pay for the work done.
3) Access to domain expertise and advanced systemsOutsourcing your finance and accounts activities means you have expertise and advanced bookkeeping and accounting systems on your side. On the other hand, if you hire an in-house team, you will have to arrange and pay for training and new software, in addition to monthly salaries. Small businesses are usually not in a position to pay for highly expensive accounting software. Outsource accounting services let you have the benefit of such tools and the expert knowledge of industry professionals.
4) Enhanced business operationsAmong several things to consider, outsource accounting services can help a company get a better handle on its pay-to-procure process. Powerful analytic lead to a better understanding of spending through the entire supply chain, and help control budgets and standardize procedures throughout the company.
5) Facilitates business productivityFor being successful a business must have an eye on tomorrow and readiness to accept and implement change with strategic planning. Engaging outsource accounting services can increase company revenue by cutting down costs and by providing owners with flexibility to devote their time and effort on more important revenue generating functions.

Summing It Up:
With a certified bookkeeper on your side, Gapeseed helps your businesses to become more profitable, more efficient, and more competitive. You’ll get accurate reports reflecting your business activities so you can make decisions that will keep your business moving forward. And all those deadlines – they are met without you giving them a second thought.

We also offer consulting services, tailored to meet your needs. We’ll be glad to give you a competitive quote that fits within your budget.

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

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5 Steps for Setting up a Business in India

Startups and India are rhyming well together and 2016 seems to be bringing opportunities in abundance. That makes a perfect reason to bring last post of this year as the ‘5 Steps for Setting up a Business in India’

With Gapeseed Consulting, you can climb the steps smoothly when Setting Up Business in India!!

The current economic scenario of India is growing towards the trend of individuals getting ready to start up their own business enterprises. Opportunities are opening the doors and people are rushing to enter through those doors. Unlike hunting for a job, setting up a business requires a winning idea in the first place. But besides that a lot of groundwork has to come before the actual act of opening up a business. Now, such groundwork includes creating a workable business plan, thorough market research, finalizing funding sources and pinning down the business model. Once you have validated your idea with these steps, it is time to delve into the legalities and paperwork involved in setting up a business in India. And that’s where we enter. We, at Gapeseed provide our clients Business Setup Solution based on a methodology which takes care of approvals, legal compliances, registrations with authorities etc. to provide a ready to operate business setup in shortest time period.

In this post, we will not only guide you with the steps of setting up a business in India processes but also with the tips of how smoothly you can walk past it.

Industrial Approval for Business Investment

Although in today’s time setting up a business and investing in India generally do not require any approval. However, in case of some Industries approval is required for setting up business in India. Gapeseed provides services for obtaining approvals from Foreign Boards or Indian Boards (read Reserve Bank of India), as may be required. We also provide services for formulating strategies for mode of business setup i.e. Foreign Branch Setup or Liaison Office setup or Setup of Subsidiary Company as required.

See more at: http://www.gapeseedconsulting.com/blog/liquor-import-compliance-for-setting-up-a-business-in-india/
Incorporation of Your Enterprise

For setting up business in India through limited liability company involves registration with Registrar of Companies under the Companies Act. Foundation of company involves several steps including name approval, digital signature of directors, and preparation of Memorandum of Association etc. Our Business Setup Solution takes care of all the required compliances and procedures for incorporation of a company and endeavours to provide our clients ready to operate business setup as smoothly and as quickly as possible.

Get. Set. Register.

A business to be fully functional requires registration with various authorities. For instance, a trading company needs to get registered with Sales Tax/VAT Authorities, Income Tax Department, Excise Department, Custom Department, Service Tax Department, Registration with Shops and Establishment Act etc. Our Business Setup Solution provides services for registration with various authorities immediately after incorporation. This leads to reducing burden from client’s end with matters related to tax, labour and other relevant authorities.

See more at: http://www.gapeseedconsulting.com/resources/

Brand yourself and advertise

What’s the point in getting things right if people don’t come to know about your company? Gone are the days when people used to spread the word verbally; Now-a-days one has to find the right kind of customer first and then think of many ways to reach out to them. In order to create an identity, create a logo, and then create a company website and social media profiles to mark your presence and through social media windows spread the word about your brand. You can not only promote your business through digital channels but can get hands-on feedback from your customers which will further help you improve.
Move ahead with your business

Once you start up, you should think of growing your business with each passing day. In order to make profit, you have to be ahead of what you received out of your business yesterday. And to do so you can think of collaborating with more established brands of your genera. You can even reach out to other companies and request them for your business promotion in exchange of a free service, product etc. You can even partner with other lines of business and build a mutual relationship to promote each other’s brands.

Setting up a business can be challenging but if you follow these steps and reach out to us, you can not only set on the path of entrepreneurship smoothly but can make your business more profitable and more successful.

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

More Newsletter

Liquor Import Compliance for Setting up a Business in India

Setting up a business in India

Outsourced CFO Services for Startups for Winning edge

Importance of Accounting for Startups

Union Budget 2016-17, Keypoints for Startups