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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Expectations from Union Budget 2022 | Online Trademark Registration

Amidst the current Omicron wave across the world, leading world economies, including India, are on the path of recovery from the damage the COVID-19 pandemic has done. With the predicted growth of real GDP estimated at 8.3 per cent, as forecasted by the World Bank, the Indian economy is at the centre of the limelight in world economics.

In this article on expectations from the Union Budget 2022, we have highlighted industry-wise expectations for reforms, subsidies, and support mechanisms from the Government of India.

Hospitality Sector

The hospitality sector is amongst the sectors that have been most disrupted from the COVID-19 pandemic and pursuant lockdown and travel restrictions that were imposed across the country.

This sector has been significantly suffered a crunch on liquidity and hence we expect the following reforms, support and benefits to accrue from the union budget 2022:

Reduction in tax rates on both corporate and normal assesses.

Fund for extending liquidity to the sector in form of collateral-free top-up of working capital limits

Increased or priority access to MSME reforms for the stressed entities.

Introduction of schemes for the promotion of travel and tourism by the government.

Textile Sector

The textile sector has relatively been relaxed post the deferred increase of GST rates. However, the entities are stressed due to rapid increase in the cost of inputs such as:

Cotton

​Problem:

Cotton prices have swiftly gone high due to the high level of exports.

Solution:

The textile industry is looking for relief in form of export duties so that more quantity can be made available for domestic and captive consumption and prices can be kept at valuation.​

The industry is also expecting the Government to remove or reduce the import duty of 5% levied on the import of raw cotton.

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How to incorporate a private limited company in India

 A private limited company is the most popular form of organization in India. Start-ups prefer this because it helps in getting seed funding and issue ESOPS. As they are legal entities, they need registration and are subject to a few rules for annual filing and for the payment of taxes. There are certain registration steps to incorporate a Private Limited Company, it varies from country to country on how one needs to register.

 

Registering a business may seem like an intimidating process, but it's not that complicated. 

 

Every business must register itself as part of mandatory legal compliance. First, you need to choose a business structure while applying. You will also need to check for the name availability of your company. One also needs to have documents like Proof of Identification, Proof of address, Rental agreement, etc... 

 

Now-a -days, registering a company in our country is a simple 4-step process. At the beginning of the process, you need the DSC (Digital Signature Certificate). As most things are online now, digital signatures are required to fill out forms in the MCA portal. The DSC is mandatory for all proposed directors, memorandums, and signatories. The second step is the Director Identification Number (DIN), which is to be obtained by anybody who wants to be a director, after this the name and the address proof are to be provided in the company registration form. Then, comes the registration on the MCA Portal; for this, the SPICe + form is to be filled and the documents are to be submitted. After registering, the director can log in to access the MCA portal service. This includes submitting electronic forms and viewing published documents. 

 

Lastly, it’s the Certificate of Incorporation, once the registration is done and the documents are submitted, then the application will be reviewed and after that, the certificate is issued. These are some easy steps of registering for a company. Once, all the steps are completed there are some conformances to be followed. There are a lot of benefits of having a private limited company. So that’s how one can incorporate a Private Limited Company in India by only following a few steps and rules. 

Long term vs short term capital gains tax: Here are key things you should know | TDS Compliances Services

Asset creation is a goal that most of us strive for throughout our lives, working hard to accumulate assets that will enable us to live a stable and comfortable life. Asset generation and distribution are often governed by laws in a social society, with the government maintaining track of them.

The income tax department in India keeps a close eye on assets, and asset owners must pay tax on the assets they own. The purpose of owning assets is to derive financial benefits from them, which can be obtained through sale or lease/rent.

 

What is a capital asset as per the law?

 

As per Section 2(14) of the IT Act, 1961:

Capital Assets have been defined as a property of any kind held by an assessee (Taxpayer) whether connected with his business or profession or not.

But excludes the following to be assessed as capital assets:

(i) Any stock-in-trade and raw materials held for the purposes of his business or profession

(ii) Personal effects, i.e., to say, movable property (including wearing apparel and furniture, but excluding jewellery, archaeological collections, drawings, paintings, sculptures and any work of art) held for personal use by the assessee or any member of his family dependant on him

(iii) Agricultural land in India not being situated within the jurisdiction of a municipality or within 8 km. of a municipality as may be notified

(iv) Gold bonds

(v) Special Bearer Bonds, 1991; and

(vi) Gold Deposit Bonds.

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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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Challenges On The Path To Taking A Company Towards IPO | TDS Compliances Services

When planning to take your company public, it is critical to map investor sentiments for the brand/ company and create the right pitch that is attractive and valuable for all proposed stakeholders

 

• The many laws that regulate the running of public corporations account for the significant variation in how public and private companies are handled.

 

• When the company decides to go for IPO, it must build the right team to go public; selection of competent lead managers and merchant bankers for its issue is a must.

 

Entrepreneurs who dream of taking their firms public might anticipate declaring their IPO by striking the stock exchange bell and celebrate an elaborate closing meal. 

 

However, these heady pre-IPO fantasies may swiftly run into several substantial real-world problems that public company executives encounter regularly. There are significant challenges that public firms regularly face that private company owners should carefully consider before deciding to go public.

 

Indeed, it is a crowning glory, but a lot of planned hard work has to be put in to win the crown. When planning to take your company public, it is critical to map investor sentiments for the brand/ company and create the right pitch that is attractive and valuable for all proposed stakeholders. Then comes conducting due diligence and drafting of a proper road map on handling all the incremental compliance requirements that come post the IPO. It should be recalled that there will be new responsibilities and restrictions that may come for the management post IPO, and these need a proper assessment before taking the dip.

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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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