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Payroll Compliance

ICI provides you with an entirely accomplished, standard payroll service, whether your firm has one employee or thousands around the world.

We provide HR solutions ranging from payment of salary to provident fund compliance. We will look after your payroll activities so that you can focus on your business!

payroll compliance

Want to know about India Company Incorporation?

We are India’s largest cloud-based business services platform dedicated to helping Entrepreneurs easily start & grow.

Benefits

Understanding client requirements
One-stop
solution
Improve efficiency
in Payroll process
Cost
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Payroll Management

Payroll processes help in maintaining financial records of employees such as net salary payable, tax deductions, provident fund, employee state insurance, gratuity, etc. Effective payroll systems make it possible to pay employees on a timely basis thereby increasing employee morale and positively reflecting on the company’s financial position.

FAQs

a. What are the benefits of starting a business in India?
  •  Access to 1.3 billion potential customers.
  •  Availability of cheap and skilled labour.
  •  Low paid-up capital requirements.
  •  Attractive tax incentives.
  •  Low operational costs.
  •  Business-friendly government’s initiatives.
b. Can a foreign resident/company start a business in India?

Yes but subject to conditions specified under different forms of business structure

c. Is business registration compulsory in India?

Yes, business registration is compulsory for all types of business entities except sole proprietorship and partnership firm for whom registration is not mandatory. However, it is advisable to register to avail legal advantage in the eyes of law in case of disputes.

d. What is the process to start a business in India?

The process to set up a business entity in India is generally the same, regardless of the specific entity structure you select. This process typically involves:

  • Selecting a unique trading name for the company.
  • Selecting an appropriate business structure.
  • Obtaining a Director Identification Number and Digital Signature Certificate.
  • Preparing registration documents.
  • Registering with the Registrar of Companies/Firms/Local bodies.
  • Registering for social security of employees and other business registrations like GST and Income Tax.
  • Opening a Bank A/c.
e. How can I be eligible to get benefits under the Startup India initiative?

Only the stated entities qualify as a “Startup” for the purpose of Government schemes:-

» Private Limited Company

» Registered Partnership Firm

» Limited Liability Partnership

Further conditions are:

1. Not more than 5 years have passed from the date of its incorporation/ registration.

2. Turnover for any of the financial years has not exceeded ₹ 25 crore.

3. It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.

f. Is conversion from one business structure to another business structure allowed?

A Sole proprietorship can be converted into:-

  • Partnership firm
  •  One Person Company
  •  LLP
  • Private Limited company (By acquiring the Sole proprietorship firm)

A Partnership Firm can be converted into:-

  • LLP
  • Private Limited Company

One Person Company can be converted into:-

  •  Private Limited Company
  •  LLP

A Private Limited Company can be converted into:-

  • One Person Company
  • LLP
  • Public Limited Company
g. I want to start a business with my friend. Which type of business entity is best suited for me?

In case you are looking to raise equity capital or offer ESOP to your employees in the future, Private Limited Company will be the best suited entity for you. However, if you do not wish to raise equity capital or offer ESOP to the employees, you can opt for a Limited Liability Partnership or a simple Partnership depending on the financial liability or the nature of the business.

h. Still Confused?

Speak to our experts who shall solve all your doubts.
Call us at  +91 7738 066 334  or Mail us at info@indiacompanyincorporation.com

Company formation in India is easy.
We can help to build your business at every stage.

Let’s get you started