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 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.
Yes but subject to conditions specified under different forms of business structure
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.
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:
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.
A Sole proprietorship can be converted into:-
A Partnership Firm can be converted into:-
One Person Company can be converted into:-
A Private Limited Company can be converted into:-
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.