In India Companies Act requires periodical filing of the Accounts with the Authority. The Institute of Chartered Accountant of India (ICAI) issues the Accounting standard along with guidance notes (based on International Accounting Standard) thereon to be followed by all the entities carrying out business in India.
YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services for your India Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
The Indian Companies Act requires mandatory audits for every company, branches, Banks, financial institutions by an Auditor who is a practicing member of the ICAI. The First Auditor of the Company may be appointed by the Directors within 30 days of the incorporation or else they need to be appointed by the Members in Extra Ordinary General Meeting. The Companies whose revenue is in excess of INR 10million are required to have their accounts audited under Income Tax Act.
Also, copy of the Audited Financial Statement signed by at least two Directors, including managing Director, if any, ad Statutory Auditor and dated, to be sent 21 days in advance with notice of calling Annual General Meeting to each shareholder and debenture holder within 18 month of Incorporation and 15 month every calendar year and submitted with the Registrar of Companies after Annual General Meeting.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals can provide you auditing services for your business as required by your business.
The Reserve Bank of India is the Central bank regulatory bodies for licensing and regulating Banking and Insurance Companies. It is very simple process to open Bank Account in India. The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening.
YourGlobalPro professionals can facilitate all the paper work in relation to banking need and can assist you in opening bank account for your business plan in India.