Dear Friends, Need urgent help as I am planning to set up a proprietership firm and the business would be in name of the firm and NOT individual, i.e. ABC company and NOT Ram kumar. Please see bellow for details and questions:
Nature of business: Outsourcing work for companies outside India (mostly US); (Export of services)
All money would be received in Forex (mostly USD)
Number of employees: 3
Employee salaries: between 2.4 L to 8 Lacs per annum
Expected turnover in year 1: INR 40 to 50 Lacs
Questions:
What registrations would this business require? I am going with following options, kindly review and guide.
a) Labour registration to help me get a government registration to help open a bank account in name of the firm
b) IEC (once bank account is opened) since this is export of service and receipt would be in Forex
c) TAN: not sure if this would be required or not. Kindly guide
d) Service tax registration: most likley not required since export of services, kindly advice
e) Audit: Based on turnover may not be required but if the margins or low or negative would it be required? Please guide
f) any other registration would I require?
g) The PAN number in name of proprieter is available
Kindly advise
CAclubindia
