India offers enormous opportunities for Business, as its has already marked its presence as one of the fastest growing economies of the world. It has been ranked among the top 10 attractive destinations for inbound investments. With the complexity in norms and market with a series of interconnected regional markets, expert's advice and experiences creates the base for it. Since 1991, the regulatory environment in terms of foreign investment has been consistently eased to make it investor-friendly
Starting your business in India could serve as a lucrative proposition. However, the accounting, tax and regulatory laws in India are complex and can bring up significant challenges. At HSCo, we provide services to ensure that your business can sustain and comply with the demands of the Indian business environment
This includes :-
Setting up liaison/branch/project office in India under foreign exchange regulations of Reserve Bank of India.
Obtaining Foreign Investment Promotion Board (FIPB), for solo or joint venture entry.
Company Incorporation and related government approvals.
Obtaining registrations and permissions like Income Tax PAN and TAN, Sales Tax (VAT) Registrations, Import Export Code, Excise Registrations, etc required to commence business operations in India.
Assisting in staff recruitment and training.
We also assist in exit mechanism procedures.
From basic functions like book keeping to managing your assets and regulating your income, to providing assistance in auditing your firm, our experts provide complete assistance to help you manage your accounts. Our processes include :-
Book Keeping & Management
Laying out Accounting Systems and Maintaining following Books of Account and Registers based on double entry system using either 'Tally Accounting Software' or your specialized accounting software or ERP in compliance with the Indian Regulatory laws based on documentation system and formats as laid down by the Company.
Accounts Payable Management
Preparation / Handling of Vouchers, verification and approval of vouchers, arranging for payments and disbursements and carrying out Internal checks and balances from accuracy perspective.
Accounts Recievable Management
Accounting of funds received in accounting package, updation of invoices in the accounting package based on the information provided by the company, recording receipts in the books of account, monthly reporting of collections and debtors accounts reconciliation.
Review of Treasury Position, liaising with Bankers, reconciliation of balances, documentation for making Foreign Outward Remittances for Imports / Other Non Trade Payments.
Management Reporting System
Preparing all the Accounting Data requested by the Management, providing Periodic Reports to Management, assisting in Consolidation of Local Accounts with Head Office Accounts and ensure consistency between Management reports and local accounting reports, assisting in preparation of Budgets and Cash flow Statements.
Inventory Accounting System
Assisting in valuation of inventory of finished goods on a periodic basis, follow up on returns of non sold items, assisting the organization and participate regularly for physical inventories verification.
Fixed Asset Management
Preparing Fixed Assets Register as per Indian Company law requirements, assisting Management for annual Physical Verification.
Preparation of Final Accounts & Liason With Auditors
Preparing Annual Financial Accounts i.e. Balance Sheet, Profit & Loss Account along with all schedules and notes to accounts as per the Indian Corporate laws in Schedule VI Format, Liaising with Statutory and Tax Auditors in relation to obtaining their Audit Reports.
Providing Services of 'CFO' & Authorized Signatory
Providing services of CFO / Authorized Signatory to represent Company and execute documents on behalf of the Company in relation to Banking and other Tax / Regulatory Compliances.
Adapting and keeping abreast with the law can sometimes serve as a challenge. Our processes involve understanding the requirements of your business, addressing taxes and payments that are in compliance with the law, and even filing the same for our clients. Our services range within the following :-
INDIVIDUAL TAXATION, CORPOTATION TAX, WITHHOLDING TAX, TRANSFER PRICING, INNTERNATIONAL TAXATION (DTAA)
VALUE ADDED TAX (VAT), SERVICE TAX, EXCISE
PROFESSION TAX, PROVIDENT FUND, ESIC, SHAOPS AND ESTABLISHMENT
This includes services related to
Withholding of taxes from various payments, depositing into government treasury, filing of periodic statements and issuing Annual Tax Certificates
Periodic review of Income and Expenses for payment of Advance Income Tax.
Periodic compiling of accounting details, preparing and filing Returns.
Maintaining Statutory records and registers as prescribed under the laws.
Compiling details, preparing and filing annual Corporate Tax Return and other annual returns under various laws.
Apply for renewal of annual licenses.
Compiling Statements, attending Scrutiny Audits, making representations and replying to notices from various Government Authorities
Individual Tax filings.
Expat Taxation and Foreign Exchange Regulations.
Tax Treaties and Non Resident Taxation.
Managing payroll processing can be a tedious and time consuming task which only adds to more paperwork. Our business is designed to provide solutions to handle your payroll for you within expected timelines.
Simple and quick solution for setting up and processing payroll month after month.
Ensure Compliances under Payroll related laws like Income Tax, Profession Tax, Social Security. (Provident Fund, etc. covered)
Receive Payroll related MIS reports.
Ensure processing of Payroll keeping a regular track of the constantly changing rules, forms etc.
Get the benefit of latest technology software used for processing payroll like the web module which is an ideal solution to disseminate payroll information to employees.
Assistance in leave management, reimbursements, arrears and bonus calculations.
Assistance in Direct Bank Payment / uploading Electronic file to credit salary amounts to employees accounts.
From drafting the minutes of a meeting to secretarial compliance and assistance in the closure of companies, we provide our personnel to work for your businesses, ensuring you quality service at an affordable cost.
Funding Strategies and Capital Structuring.
Maintenance of Corporate records and Statutory Registers.
Assisting in Secretarial Compliance Audit
Assisting in filings with Ministry of Corporate Affairs.
Providing Digital Certifications.
Assisting in Reporting of Financial Data in XBRL format.
Assisting in winding up/closure of companies in India.
Providing services that help you audit your firm involves a lot of processes. At HSCo, we not only provide auditing facilities but also work towards improving the effectiveness of your risk management, control and governance processes. It includes :-
Managing your management is a task in itself. However if systems are in place, you can save a lot of money in the long run. The skill sets of business process improvement, internal audit and information security have been combined to provide path breaking improvements in several clients.
Business environments and the legal system around it is ever-changing. In trying to keep pace, there is a need to reassess one's business strategy on a regular basis. We provide perfect end-to-end solutions to assist companies in their growth strategy.
Our advisory services include :-
Assisting Indian businesses in expanding operations overseas
Providing guidance on cost-effective investments abroad
Providing guidance on cost-effective investments abroad
Assistance in setting up overseas entity
Sharing knowledge of local regulations, culture and customs of other countries for your M&A plans.
Providing accounting and tax support services for your overseas operations
Paying taxes in India requires a thorough understanding of the taxation system. Our personnel involved are constantly updating themselves to the ever changing rules in the tax system so that they can serve our clients better.
Our advisory services include :-
Transfer Pricing Study.
Advices and Opinions on specific issues arising under direct and indirect tax laws
Designing tax efficient pay packages for executives / expatriates.
Liaison with attorneys abroad with regards to International taxation.
Assisting in raising finance including IPO / Private Equity Placement.
Undertaking feasibility studies and preparing Project Reports.
RBI / Foreign Exchange Regulation matters.
Advices on financial or tax impact originating from various contracts like revenue contracts, intercompany transactions etc.
Hasmukh Shah & Co. LLP is a multi-disciplinary chartered accountant firm that offers a gamut of services like Setting Up Business in India, Business Support Services, Audit & Assurance Services and Tax & Regulatory Services to clients that are currently conducting or initiating business in India.