Pre-Business Setup Phase. This phase lasts from the time the corporation has the idea to start a business in India to the time the business is prepared to start operating there. This is a lengthy period that necessitates promoters to carry out tasks including study and analysis, due diligence, and other compliances as required by various laws. J J J And Company LLP assists its clients in all operations and services effectively and efficiently throughout the pre-business setup phase in order to facilitate prompt business establishment.

We have gone above and beyond in our efforts to give our clients one-stop shopping for business setup in India by specialising in additional tasks that need to be completed for business establishment but are outside the core competencies of a Chartered Accountant firm.

 

FOLLOWING ARE THE COMPLETE LIST OF SERVICES THAT ARE OFFERED BY J J J AND COMPANY LLP IN POST BUSINESS SET UP PHASE –

COMPANIES ACT, 2013 COMPLIANCES SERVICES OVERVIEW

The Indian Parliament passed the Companies Act, 2013, which regulates the incorporation of companies in India and keeps an eye on how they are being run. The Companies Act, 2013 just took its position in order to update the law and make it more applicable to Indian businesses, regulators, and stakeholders. The Ministry of Corporate Affairs, along with the Offices of the Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection, etc., administers the Companies Act of 2013. The incorporation of new corporations and the management of active firms are handled by the Registrar of Companies (ROC).

The following services are provided by our dedicated section for Companies Act Compliances at J J J and Company LLP.

There are two most popular ways to incorporate a company in India, and they are as follows:

Private Limited Corporation A private limited company is one that has a minimum paid up capital of INR 1,00,000 or a greater paid up capital as may be required and limits the transfer of its shares, if any, according to its bylaws.

Public Limited Corporation

A company is considered a public limited company if it has a minimum paid up capital of INR 5,00,000 or a greater paid up capital as may be required.

What separates a private limited company from a public limited company is-

Private limited company	Public limited company
A company to be Incorporated as a Private Company must have a minimum paid-up capital of Rs. 1,00,000.	A Public Company must have a minimum paid-up capital of Rs. 5,00,000.
Minimum number of members required to form a private company is 2.	Public Company requires atleast 7 members
Maximum number of members in a Private Company is restricted to 50.	There is no restriction of maximum number of members in a Public Company.
There is complete restriction on the transferability of the shares of a Private Company through its Articles of Association.	There is no restriction on the transferability of the shares of a Public company
A Private Company may have 2 directors.	A Public Company must have atleast 3 directors.
A Private Company can commence its business immediately after its incorporation.	A public company cannot start its business until a Certificate to commencement of business is issued to it.
A Private Company cannot issue Share Warrants against its fully paid shares	A public Company can issue Share Warrants against its fully paid up shares.

 

The following services relating to company incorporation in India are provided by J J J and Company LLP.

REPRESENTATION SERVICES BEFORE COMPANY REGISTRAR

Documents are examined by ROC before issuing a certificate of incorporation for a firm once they have been submitted to ROC and costs have been paid. In the event that a question is posed by the authorities, we represent our client before the authority and obtain the questions’ resolutions.

The Income Tax Act of 1961 is India’s law governing income tax collection. It includes provisions for the assessment, management, collection, and recovery of income tax. India has a sophisticated tax system with distinct lines of jurisdiction between the Central, State, and municipal governments.

The Central Government of India currently has the authority and capacity to collect taxes in India. Through the Central Board of Direct Taxes (CBDT), a division of the Ministry of Finance’s Department of Revenue, the central government exercises this authority.

Even though the Income Tax Act of 1961 only requires a small number of compliances, such compliances nonetheless need to be honoured. Through a specialised section, J J J and Company LLP offers the following services in relation to the Income Tax Act of 1961.

Valuation of shares as per prescribed pricing guidelines.

The price of the shares subscribed for by a foreign investor in an Indian company must follow SEBI norms in cases when the company is publicly traded, as required by FEMA.

• In the case of unlisted enterprises, not less than the fair value of the shares as determined by a SEBI-registered Merchant Banker or a Chartered Accountant using the Discounted Free Cash Flow Method (DCF).

Being a Chartered Accountancy firm, J J J And Company LLP is qualified to perform such share valuations.

 

 

Share issue related services.

Liaisoning with Authorized Dealer.

Every communication between an individual or a company and the RBI must go through authorised agents that the Reserve Bank of India has established. We offer representative services to our clients, whereby we represent them before authorised agents for any communication with RBI. This eliminates the issue of our clients having to coordinate with these authorised agents.

 

External Commercial Borrowing Consultancy.

A different set of guidelines have also been established by the Reserve Bank of India through the Foreign Exchange Management Act for foreign investors who wish to invest in India through debt rather than equity. While injecting loan finances to our client’s firm or organisation, we make sure that he abides by all guidelines and regulations.

Special Services

The services that are not central to the work of a Chartered Accountant or Business Consultant are considered special services for J J J And Company LLP. But when we first launched the “business start up india” service, our major goal was to give foreign investors looking to start a business in India a one-stop shop. With this concentration in mind, we went above and above to acquire specialisation in services that are related to our core offerings. These consist of

Selection of Place of Business

Every business owner needs to determine how location will affect the company’s success and then choose a site accordingly. The most important factor in choosing office space is occasionally not where it is but what it is. The facilities in the facility must be suitable for your business or adaptable to it. Our highly skilled and knowledgeable personnel offer our clients advice on the optimal location for their business start up india.

Additionally, the government has established a number of special economic zones for a variety of companies and sectors. These Zones provide particular Industries with special amenities and concessions. In this service, we help our clients find such distinct areas or locations that could provide them with unique benefits.

DUE DILIGENCE

An examination and analysis of a business start up india opportunity are done with due care. The phrase emphasises that everyone has a duty to keep an eye on how the business is operating. It examines the enterprise’s past, present, as well as likely future. Prior to making any investments, J J J and Company LLP provides comprehensive due diligence support to businesses. Professionalism, originality, and an all-encompassing vision are the hallmarks of our strategy. We strive for the highest level of transparency and give our customers a quick but comprehensive service.

OBTAINING INDUSTRY SPECIFIC LICENCES

Certain businesses, like the one that deals with alcohol, chemicals, or food, need licences that are exclusive to those industries. Foreign investors often find it difficult to learn about and secure these licences since they are unfamiliar with the Indian market. To prevent our clients from being exposed to connected hazards, we help our clients get industry-specific licences.

After a company is incorporated, it must comply with a number of laws and regulations that are in effect in the nation during the post-business setup phase. As a result, it is the business entity’s responsibility to abide with these laws. This is a lengthy phase that necessitates corporate reviews of their operations as well as ongoing attention to the accounts and legal compliance obligations.

In order to facilitate prompt business establishment, J J J and Company LLP offers its clients effective and efficient assistance in all activities and services during the post-business setup phase. We place a major emphasis on offering clients worldwide comprehensive company setup services.

FOLLOWING ARE THE COMPLETE LIST OF SERVICES THAT ARE OFFERED BY J J J AND COMPANY LLP IN POST BUSINESS SET UP PHASE

OBEDIENCE TO CERTAIN LAWS

Businesses Act Regulation Services

Exchange Rate Management Act (FEMA) services for adherence

Providing Direct Tax Services

Services for Indirect Taxation

IPR Act Employees Similar Laws

determining the Act’s eligibility for application

SERVICES SPÉCIAUX

Cooperation with C&F Agents

Review of Operations and Industry Comparisons

System Implementation and SOPs

Services for Special Audits

Every organisation is required to maintain track of all transactions, including those involving purchases, sales, receipts, and payments made by either individuals or groups. Recording a company’s daily financial activities is known as bookkeeping.

We assist you in keeping frequent, precise financial records that enable you to track the success or failure of your company. Monitoring your business operations on a regular basis will help you run more smoothly, keep your cash flow under control, and boost your profitability.

Shareholders and other interested parties can learn about the company’s operations and financial performance from annual reports.

Your finance department’s workload can be decreased by our Financial Statements Preparation (FSP) team. For both public and private businesses, funds, and other organisations required to report to its members, we prepare high-quality financial statements.

REPRESENTATIONAL SERVICES

Annual Reporting under FEMA – The company is required to create its Annual report of International Transactions, which is subject to FEMA regulations, at the conclusion of the Accounting Year. For both public and private businesses, funds, and other organisations required to file reports under the FEMA, we prepare high-quality financial accounts.

We provide our clients with incredibly trustworthy FEMA Regulations consulting services. The full spectrum of foreign currency law is covered by the FEMA Regulations consultancy services, including Investments in India (Overseas Investments)

Investments made by foreign companies, foreign residents in India (FDI), non-resident Indians (NRI), and people of Indian ancestry (PIO), as well as external commercial borrowings (ECB) and other types of investments.

Import quotas and orders from the customs authority set limits on how much merchandise can be imported and exported in international trade. Additionally, trade agreements between the importing and exporting jurisdictions govern the importation and exportation of goods.

We offer legal advice on import and export rules as well as consulting, which enables you to apply best practises in your company.

 

Consultation regarding the accumulation of offences

Compounding offences is a quick way to avoid going to court.

Compoundable offences include the following:

offences that only carry a fine.

offences that carry a fine or a jail sentence.

offences that can result in fines, jail time, or both.

Regarding the compounding of offences, we offer advice and consulting services.

The following direct taxation services are provided by J J J and Company LLP in India.

REGISTRATION, COMPUTATION, PREPARATION AND FILING OF RETURN OF INCOME

Hindu Undivided Families (HUFs), individuals, businesses, associations of people, bodies of people, municipal governments, and any other artificially created judicial entity are all subject to income tax imposed by the government of India on their taxable income. According to the rules of the Income Tax Act of 1961, each individual and corporate entity must determine their tax liability and prepare and file a monthly income return.

 

OBTAINING LOWER /NIL TDS CERTIFICATES

Every tax-deducting individual is required to provide a TDS certificate. TDS is one of the ways taxes are collected; it involves a person deducting a specified percentage of money when making or crediting a certain kind of payment to another person, and then remitting the money to the government. The Indian government has made the option of a low or nil TDS certificate available to lessen the burdens placed on tax payers.

 

FILING OF QUARTERLY RETURNS

According to the rules of the Income Tax Act of 1961, the person in charge of deducting TDS amounts is required to deposit such amounts with the Income Tax Department on a quarterly basis. The Indian government has made the option of TDS E-filing (online filing) available in order to ease the burden of paper work.

 

DOCUMENTATION AND COMPLIANCE WITH TRANSFER PRICING PROVISIONS

Indian Income Tax Act, 1961, contains the provisions governing the regulation of transfer pricing in India. The cost or expense allocated to, apportioned to, or, as the case may be, contributed by, any such enterprise in relation to such service or facility shall be determined having regard to the Transfer Pricing Regulations contained in the Act where two or more associated enterprises enter into a mutual agreement or arrangement for any service or facility provided or to be provided to any one or more of such enterprises. Every individual who has engaged in an overseas transaction is obligated to keep the prescribed records and information in respect thereof, per T.P rules.

EXPATRIATE TAX PLANNING

Instead of illegally dodging an existing tax obligation, expatriates planning activities typically aim to prevent legally incurring tax consequences. It is a proactive action that includes strategically arranging business start up india to reduce tax bills.

TAX STRUCTURING OF THE COMPANY AS A WHOLE

We offer tax structuring for business start up india , which entails gathering the various data and information needed for tax purposes and offering tax audit assistance services, both of which facilitate the timely submission of tax audit returns.

 

REPRESENTATIONAL SERVICES

Everyone, including corporations, must communicate with the income tax and wealth tax authorities in order to conduct business operations successfully and efficiently. We represent our clients before the Income Tax authorities to bridge the communication gap between our client and the Income Tax/Wealth Tax authorities.

The following indirect taxation services are provided in India by J J J and Company LLP.

 

MAINTENANCE OF STATUTORY RECORDS REQUIRED UNDER ALL INDIRECT TAX LAWS

Every assessee conducting business start up india is required to keep track of receipts for all purchases, manufactures, storage, sales, or deliveries of goods (including inputs), capital goods, and receipts for the procurement or payment of input services, stock accounts, etc. These records must be kept in accordance with all applicable indirect tax laws, and they must also be submitted on a regular basis.

 

SELECTION OF DIFFERENT BONDS, UNDERTAKINGS, AND FORMS UNDER DIFFERENT LAWS

An Assessee must sign a bond, an undertaking, etc. in order to acquire goods free of duty, get confiscated items temporarily released, get goods temporarily assessed for duty-free export, etc.

JJJ assists our clients in effectively and efficiently obtaining and carrying out a variety of bonds, undertakings, etc. while minimising inconveniences.

DETERMINATION AND DEPOSITION OF CUSTOMS DUTY PRIOR TO CLEARANCE OF GOODS BY CUSTOMS AUTHORITY

A sort of indirect tax known as customs duty is imposed on both imported and exported products in India. Imports into or exports from India are taxable events.

Basic duty, additional customs charge, anti-dumping duty, education cess, etc. are the typical types of import duties.

AUDITING AS PER INDIRECT TAXES RULES AND REGULATIONS

For the purpose of conducting an indirect tax audit, certain norms and regulations have been established. While VAT audits are overseen by several state legislation, GST audits are conducted department by department. While conducting the indirect tax audit, a number of statutory papers, appropriate return filing, and proper Cen vat credit matters must be taken into consideration.

At J J J And Company LLP, we have a committed group of professionals who offer auditing services in accordance with IDT laws and regulations. Our team provides you with the insight and assistance you need to manage indirect taxes more skillfully and successfully.

RESPONSIBILITY SERVICES

Communication with the indirect tax authorities is required of all individuals and corporations.

We at JJJ offer representational services to our client, where we represent our client before the IDT Authorities, in order to avoid the issue of coordination with IDT Authorities.

 

TOTAL TAX STRUCTURING OF THE COMPANY

We offer tax structuring for business start up india, which entails gathering the various data and information needed for tax purposes and offering tax audit assistance services, both of which facilitate the timely submission of tax audit returns.

DEVELOPING STANDARD OPERATING PROCEDURES (SOPS) ENSURING COMPLIANCES WITH ALL INDIRECT TAX LAWS

Evaluation of benefits allowed by the Foreign Trade Policy as well as help acquiring licences of various types, such as EPCG, DFIA, and AAL. DFIAs are issued to permit the duty-free import of inputs that are utilised in the production of export products (making normal allowance for waste), as well as fuel, energy, catalyst, etc. that are consumed or used in the process of obtaining the export products. With EPCG, exporters can import machinery and other capital goods for reduced or no customs duties at all for the purpose of producing items for export.

At J J J And Company LLP, we help our clients secure licences of various types (EPCG, DFIA, etc.) and support them as they assess the advantages allowed by foreign trade policy.

REPRESENTATIONAL SERVICES

To carry out the Business Operations efficiently and effectively, every Individual and Corporates has to communicate with the Income Tax and Wealth Tax Authorities. To fill the communication gap

between our client and Income Tax /Wealth Tax authorities, we represent our clients before the Income Tax /Wealth Tax authorities.

Intellectual property (IP) is a product of human creativity. It is similar to any property, whether movable or immovable, where the proprietor or owner may exclusively use his property at will and has the right to prevent others from using it without his permission. It refers to ideas, knowledge, invention, innovation, creativity, research, etc., all of which are the products of human mind. Intellectual property rights are the terms used to describe the rights pertaining to intellectual property.

J J J & Company, LLP The following services in relation to IPR are offered to clients after the business setup phase:

IPR registration under several laws, such as the Copyright Act and the Patent Act. IPR includes things like trademarks, copies rights, patents, geographical indications, and designs. The following conditions must be met in order to register an IPR. JJJ assists clients with IPR registration needs.

maintaining the required registers, records, and periodic filing of necessary documents. It is beneficial to keep sufficient documentation of your intellectual property rights in order to enforce the company’s rights in compliance with local legislation. Receipts, records, invoices, and other paperwork pertaining to the creation and first use of intellectual property, as well as the annual sales volume of products containing IPR, must be kept up to date.

JJJ assists our clients in keeping the necessary registrations, records, and filing of documents.