While looking to expand your business in India, Entity formation is one of the critical aspects that might have serious implications on the growth of any company. NNRoad assists enterprises with entity formation and handles the entire set-up process for carrying out business in India, enabling them to focus on their core competencies instead of being tied down with the complex regulatory environment.
- Confirm the selection of a business entity type (e.g. private limited company, limited liability partnership “LLP”, branch office, and liaison office).
- Advise with initial capital amount and shareholding, if applicable.
- Assist with the selection and application of entity name.
- Assist with the identification of key persons in the entity (i.e. directors, officers, shareholders, and partners), if required.
- Secure a director’s identification number (DIN) and digital signature; designated partner identification number in an LLP.
- Apply and register with the Registrar of Companies (ROC).
- Apply for a PAN Card for local income tax purposes.
- Obtain TAN for all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).
- Assist with the drafting of charter documents such as the certificate of incorporation, Articles of Association (AOA), Memorandum of Association (MOA) and LLP agreement (for LLP).
- Assist with bank account opening.
Acting as your dedicated Employer of Record (EOR), NNRoad looks after all the legal rules and regulations to hire your employees in India. Your candidate is hired via NNRoad in full compliance with the local labor laws, and without the burden of establishing any legal entity in India, while full-time management of your employees is still in your hand.
- Hiring of and termination of employees/local labor contracts (contract administration – checking right to work legally in India, offer letter, appointment letter, relieving letter and experience/conduct certificate where necessary).
- On-boarding and off-boarding employees following local law practice.
- Complete payroll solution and statutory benefit administration.
- Employee management – employee record retaining, timekeeping, bonus and allowance management, expense and claims, and leave employee database management accordingly to the local law.
- Mandatory social security (provident fund and pension fund) compliance according to the local laws.
- Statutory Benefits policy maintenance and updating on a regular basis.
- Foreigner VISA application, if needed.
- Income tax declaration administration (employee personal income tax reporting), if needed.
Outsourcing your payroll to NNRoad can serve as a more cost-effective and simpler method of paying your employees. You can also benefit by gaining peace of mind knowing that you are paying the correct wage tax and social security obligations in full and on time by outsourcing your Indian payroll.
- Establishing a tax-efficient salary structure and adjusting the pay cycle per request.
- Registering the necessary company and personnel information for payroll calculation in the payroll software and system.
- Calculation of gross salary, salary deductions (e.g. statutory benefit deductions, unpaid leaves, etc.), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, commission, allowance, severance, retirement payment, etc.
- Providing a monthly payroll summary to the Company.
- Expense claim validation and calculation.
- Payroll disbursement - Issue payment notice to the Company for payroll distribution to employees and employee’s expense claim; release e-payslip to employees and disburse salary to employee’s account.
- Releasing the income tax computation statement to employees.
- Preparation of year-end tax certificate (Form 16).
- Adjustment of taxes owed or to be refunded to the employee based on the cumulative income of the employee for the entire year.
- Prepare annual payroll related reconciliation report.
Accounting services are necessary for all businesses to ensure accurate financial information. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time. NNRoad’s Tax & Accounting Services is focused on reducing the finance and accounting costs and burden of our clients as we help them manage the accounting and tax preparation needs.
- Preparation and maintenance of daily, monthly and quarterly accounts.
- Preparation of annual accounts for the annual audit.
- Preparation of Tax returns.
- Assisting in the recovery of debt and required legal action.
- Support on focusing on financial accounting and reporting perspective on the transition to GST.