Virtual CFO Services | Startup India Registration Online

Presently, after the eruption of the pandemic worldwide, new companies and corporates are searching for approaches to run lean. There is stress in a lot of industries and even established promoters now want to slice out high costs associated with their senior management to maintain good profitability.

This condemns us all to rethink and derive new solutions wherein innovative and remote capabilities can serve the purpose of the appraisal, decision-making, and efficient use of man-hours in senior management roles.

As a result of the above, a new pattern of employing Virtual CFOs over the more conventional in-house full-time CFOs is now being adopted at an exponential rate.

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FEMA Compliances | FEMA Compliance Service in India

Foreign Exchange Management Act, 1999 (FEMA) is the legislation that governs foreign currency transactions in and out of India. The main aim of FEMA is to facilitate cross-border trade, the balance of payments, promote the orderly development of fair trade, and ensure effective compliance with relevant laws.

 

Mandatory compliances as per the FEMA, 1999:

Annual Return on Foreign Liabilities And Assets 

 

Every Indian Resident company that has made a Foreign Direct Investment (FDI) in the preceding year, including the current year, must submit the Foreign Liabilities and Assets (FLA) Return. If no such investment is made, then the company is not under any obligation to submit the FLA. Such a return must be submitted every year.

 

Annual Performance Report

 

Annual Performance Report is submitted by those Indian Party or Resident Individual who has made an Overseas Direct Investment (ODI). Annual Performance Report is provided in Form ODI Part II to the AD bank in respect of Joint Venture, Wholly Owned Subsidiaries (WOS) outside India on or before 31st December every year.

 

External Commercial Borrowing

 

Borrowers need to report to the RBI regarding all ECB transactions via an AD Category-I Bank in the form of ‘ECB 2 Return’ every month.

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Benefits of appointing a Virtual CFO over a traditional CFO for a business

When it comes to managing the financial well-being of a business, a Virtual CFO Services Provider can offer many advantages over a traditional in-house CFO. One of the biggest benefits of working with a Virtual CFO is the increased level of independence. As a consultant, a Virtual CFO is able to provide objective advice and guidance without being constrained by the internal dynamics of a company.

Another benefit of working with a Virtual CFO is that it allows companies to tap into the expertise and experience of an entire team of professionals, rather than relying on the skills of a single individual. A Virtual CFO Services Provider can offer a wide range of skills and experience that can help businesses achieve their goals. Additionally, a Virtual CFO can help ensure continuity and stability in a company's financial management, even during periods of transition or change.

Virtual CFO services can also be useful for businesses that operate in multiple locations, as they are not limited by geographic boundaries. This means that companies can engage a Virtual CFO from anywhere in the world, depending on their specific needs. Additionally, Virtual CFO services can provide access to experienced, skilled and insightful financial management at a more reasonable cost than hiring a full-time CFO, especially for small and medium-sized businesses and start-ups.

The Virtual CFO brings on board the third eye to have right perspective and views from trusted, credible & experienced professional team backed by their vast experience and diversity.

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RBI Monetary Policy: Repo Rate remains at 4 percent | TDS Compliances Services

During the Reserve Bank of India’s Monetary Policy Committee today, the Reserve Bank of India (RBI) Governor Shaktikanta Das today decided to keep the repo rate unchanged at 4 per cent. RBI’s monetary policy committee voted unanimously to maintain the repo rates intact as they found it necessary to support growth. Repo Rate is the key interest rate at which the RBI lends money to commercial banks.

Besides, the reverse repo rate remains intact at 3.35%, Marginal Standing Facility Rate and Bank Rate at 4.25%, as announced during the RBI MPC. While announcing the monetary policy review Das also maintained the Gross Domestic Product (GDP) at 9.5 per cent for FY22.

 

However, citing inflation concerns, the regulator increased the CPI inflation estimate to 5.7 per cent from 5.1 per cent.

 

Experts’ reaction to RBI Monetary Policy Committee Announcements:

 

Venkatraman Venkateswaran, Group President & CFO, Federal Bank Ltd

 

The very clear message from RBI comes as a continuation to the commencement of normalisation about a month back. The 10-year bond yields have moved from 6% to 6.20% in the last two months. The extension of the liquidity facility won’t make much of a difference in the present situation, given the fact that banks still have not fully utilised the existing limits. Liquidity thus is not a matter of concern at this point. Credit off-take is still tepid. Accommodating & supporting growth is crucial and so has RBI prioritised growth over inflation. Gradual & steady calibrated liquidity withdrawals would continue.

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SSI Enters Financial Aggregation Market; to Help Start-ups Raise Funds Post Series A

When businesses are facing harrowing times due to ill-managed resources or ideas, the need to have specialized personnel to help the ideation sail through has increased multifold.

 

At this juncture, Setup Services India (SSI) announced its entry into the Financial Aggregation market.

 

The company aims to develop a one-stop financial services solution for the next-gen entrepreneurs; SSI aims to facilitate business registration, compliance(s) management and advisory processes to be robust, transparent and cost-effective.

 

Headquartered in New Delhi, SSI has a profound professional network and in-house team of CA/CS to ensure the efficiency and effectiveness of the services being delivered. The company says that the goal is to become an extensive KPO in the B2B arena and provide various solutions to the new India.

 

“SSI will be following aggregation model to serve its clientele from all over India. We aim to facilitate the ease of doing business in India by promoting the culture of outsourcing technical activities like accounting and bookkeeping, which will in turn help entrepreneurs to increase their focus on core business activities rather than on compliances,” said Nishant Arora, Founder, Setup Services India (SSI).

 

Explaining the Financial Aggregation model and its lack of popularity in India, Arora said, “A financial data aggregation service connects banks and individuals’ banking information, bringing it all together in one place, such as a mobile banking app that automatically sets and tracks budgets. They compile information from clients’ bank accounts, such as spending habits, investments, and credit histories, from a variety of banks to develop a personal financial wealth management tool for them.”

 

The company has extensive plans to expand in India. “We plan to explore and launch Industrial, commercial real estate advisory in phase 2 implementation to provide an extensive one-stop solution to its foreign clients who are willing to set up their business in India. Also, such products may or may not come under the umbrella of SSI but will surely be coming under Sixth Element Finserv P Ltd., the holding company of SSI. Sixth Element Finserv Pvt. Ltd. will be expanding in investment advisory domain extensively and may initially come as an investment advisory company and then launch a full-fledged portfolio Management Service in its own brand,” said Arora.

 

Helping the country with the Startup India initiative, SSI aims to be a one-stop solution for all financial services start-ups may be looking for.

 

Talking about the role company intends to play start-ups domain, Arora said, “Our portfolio extends from incorporation, compliance management to outsourcing of key statutory requirements like maintaining books of accounts, ROC registers, etc. In the first phase, SSI will help Startups raise funds post-Series A and have tie-ups with leading Investment bankers based out of the United States of America. However, in phase 2 implementation i.e., around after six months, SSI will start a mentoring programme for Start-ups, entrepreneurs and guide them on how to scale up their business ventures.

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