Gapeseed Consulting, Author at Gapeseed Consulting

Contract Staffing for fulfilling Global Business Aspirations

Many business enterprises/companies find the employee search and placement process to be time-intensive and challenging. The level of challenges increases many times more when foreign companies try to set up offices in India.They often experience disappointment when they are unable to find the right people for their company or have employees that don’t end up working out. At this critical point, contract staffing solution barges in. Contract staffing represents a choice for your organization to do smart hiring that provides instant value to the overall output. Through this the employers can not only save time and money but they can easily eliminate the dilemma in finding the right candidate for the job. With the rising demand of growing businesses, companies are increasingly concentrating on contract staffing to ensure that they get the best of talents that allow them to expand their business and meet future goals.

How our RPO Services can help in Contract Staffing?

Gapeseed specializes in recruiting professionals for a variety of fields including Information Technology, Engineering, and Executive Search etc. Gapeseed’s years of experience provide the employers/clients a true partner who can manage a company’s permanent or temporary staffing needs. Gapeseed Facility & Management Services also customizes solutions to meet client’s varied requirements. With the company’s contract staffing solutions, clients can delegate the ever-important task of hiring quality and skilled talent for immediate needs and can be rest assured that all their needs will be met by the best of talents.

For those of our clients who are in the process of Setting up a Business in India – RPO is a value adds, since we understand their business intent and are already helping them with Office Management and Business Support Services.

Let us now understand the Benefits of Contract Staffing with Gapeseed Consulting:

Speed up the Hiring Process

We can fulfil crucial staff requirements within days of vacancy or while setting up offices. With Gapeseed, you can easily tackle resource crisis almost immediately after requirements arise. And you can recruit highly skilled workers for as long as you require i.e. for a particular time frame without worrying about Payroll, Contract Management, Legal checks etc.

Get access of highly skilled Talent

With years of experience in the recruitment field, Gapeseed oversees and provides the best talents in any given field. The best of talents can be used according to your particular requirements. If you need technical staff for shift jobs or you need them for extra hours, Gapeseed can provide the middle-way to your organization’s resource problems.

Cut Over-Head costs

If you take Gapeseed on board, we will take care of the add-ons related to hiring a full-time staff such as payroll taxes, insurance benefits, workers’ compensation etc. This helps in cost cutting. Moreover, since we will take care of all the legalities related to unemployment claims and payroll taxes, you can avoid all the liabilities that come with recruiting an in-house staff.

Manage Special Requirements

We offer the flexibility and ready-to-order contract staff. This will augment your organization’s capacity while balancing the burn-out for in-house staff in case of special project requirements or peak period pressure.

Gapeseed – Your contract staffing partner

With Gapeseed as your contract staffing partner, we will ensure that we:

Manage all the aspects related to hiring and contracting
Takes care of resource requirements through highly skilled staff for positions in industries such as IT, Engineering, Management and Healthcare
Offers flexible staff augmentation and offshore staff augmentation models across categories of contract staffing, permanent staffing and contract to hire staffing
Allows seamless integration of hired staff into the workplace/remote location
Ensures quick response and speedy hiring for your immediate requirements

Besides contract staffing, Gapeseed provides various other solutions/services like setting up an office in India, event staffing, business support services, payroll management etc. To get details of each of these services, visit our website. And to avail them, simply e-mail us and our representative would get back to you with appropriate quote for the services offered.

For more information on Contract Staffing for fulfilling Global Business Aspirations, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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FRRO and Taxation Services for Expats in India

Living away from home is no easy job. And we understand the difficulties involved. A new city, a new country, a new work environment and to add to it – the language and culture difference – yes that is too much to handle. The Expats in India have good news though.

Gapeseed’s Expat Services are projected to ease out the Expats in India who are here for work or business and need someone to assist them with all the visa related documentation, registration for self and businesses, expatriate taxation, remittances etc. In this post, we will detail out about the FRRO and Taxation Services for Expats in India.

Wherever you travel across the world for business, it is always best to have up-to-date information about your destination. Be it about visa guidelines, expat’s foreign registration or other mandatory documentation related to stay or taxation, we provide solutions to all of these for Expats in India. It’s not advisable to be unaware or ignorant about the regulations or the services when travelling abroad or when traveling from foreign countries to India because that may affect your trip in more than one way. In this post we would be discussing about the basics terms and regulation of expat registration and how Gapeseed Consulting provides a complete gamut of services to expats in India.

Basics of Expat Registration

The Expats in India who are on Employment Visa (valid for more than 180 days) is required to get himself registered with concerned FRRO (Foreigners Regional Registration Officer) within 14 days of first arrival, the regulations are irrespective of the duration for which one is visiting. Even in other Visa types, if the Indian Visa has a condition for registration made by Indian Embassy on the Indian Visa and on Employment for less than 180 days, the Foreigners are required to be registered. Foreigners visiting India on other categories of long term Visa (valid for more than 180 days) including Business Visa would not require registration with the concerned FRRO if duration of his/her stay does not exceed 180 days on a single visit. In case a foreigner intends to stay for more than 180 days on a single visit he should get himself registered well before the expiry of 180 days.

Also, it is mandatory for all Expats in India to personally appear at the concerned FRRO office for obtaining any Visa related services.

Understanding Foreigners Regional Registration Officer (FRRO) and Documents required

The foreigner registration office is the primary agency to regulate the registration, movement, stay or departure of any Expats in India. FRRO is also the recommending authority for the extension of stay in India. Following are the documents required for Expat Registration:

Original valid passport and Visa along with 4 passport size colour photographs
Registration form
Photocopies of the relevant pages of passport (photo page, page indicating validity, page bearing arrival stamp of Indian Immigration
Undertaking letter (3 copies signed by Indian Host/ sponsor/ Guarantor along with any one valid identity document like passport, election identity card, official identity card, PAN card, etc.)
Proof of Residence (3 copies of either electricity bill/Telephone bill/ Municipal bill/ certificate of municipal authority/Leave & Licence agreement or any other valid proof of residence)
In case of registration on Employment visa, three copies of the terms and conditions of the contract of assignment, including salary, designation, tenure of employment etc.
In case of registration on Employment or Business Visa, three copies of PAN card or of application made for grant of PAN card
In case of registration on Employment or Business Visa, forwarding letter of concerned company/Firm /Business undertaking, duly signed by the authorized signatory mentioning name, designation & telephone and mobile number

You can download the Free Guide towards Expats Documentation here.

Gapeseed’s Expat Services

Gapeseed Consulting Services provides a full range of services to Expats in India. We have experienced professionals who are well versed, well traveled and experienced in the industry for providing expat related services. Our main objective is to reduce the hassle of foreigners visiting India and enabling them to focus on the purpose of the trip.

Our services to Expats in India include the following:

Foreign National Registration (FRRO Registration)

As discussed earlier, FRRO registration is a mandatory procedure when you decide to visit India from a foreign land. Gapeseed arranges for the registration with respective FRRO within the recommended timelines on arrival in India. All we need to initiate the process is the necessary documents required for the registration which is detailed above.

Expatriate Taxation

First and foremost we need to understand that expatriates does not include all the foreign citizens coming to India for employment, many of them are immigrants and not expatriates.

As per the Indian guidelines, the remuneration received by a foreign expats working in India is assess-able under the head ‘Salary’ if it is payable to him for services rendered in India as per the Section 9(1)(ii) of the Income Tax Act.

And this salary is considered liable to tax in India irrespective of the residential status of the expatriate employee and is also subject to TDS regardless of the place where the salary is actually received.

The Expatriate Taxation is managed two ways – through individuals and through the corporate who employ Expats in India. Gapeseed offers detailing to both the cases separately.

Please feel free to write to us to get a detailed recommendation document for managing the taxation for Expats in India. You can reach us through this form or call us.

For more information on FRRO and Taxation Services for Expats in India , feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Remote Staffing Solutions For Hassle Free Expansion

Now-a-days more and more companies, from small to big are moving into remote staffing.

Remote staffing is all about hiring remote employees at a fraction of cost compared to in-house employees. It not only helps to save money but helps to gain global exposure. The reasons why business enterprises are looking for such services revolve around mostly on economic factors. Remote Staffing reduces the need for office space hence induces cost cutting, adds on to flexibility in work schedules, reduces hassle with the usage of technology etc. Whether a company is a start-up or an established one, there’s certainly more ground for improvement with regards to remote staffing services. Let’s discuss the top reasons why one should consider taking advantage of remote staffing innovation.

Time Management

A team of virtual staff helps to fulfill tasks at a limited frame of time. If a certain assignment needs to be completed, one can just assign a deadline with a level of urgency and can expect it to be completed within the allotted time frame.

Delegating Tasks

An enterprise can be overburdened with many projects at one time. And in such instances remote staffing comes as a rescuer. It not only saves on time but it’s a cost friendly way of acquiring results in the desired time.

Easy Hiring

Hiring employees is a meticulous process of filtering the right candidate that involves a lot of time. In order to deliver urgent projects within a short span of time, one may not follow that process to pick the right candidate. This can be eliminated if one opts for remote hiring since an outsourcing company can take care of this easily and in no time.

Remote Staffing Services by Gapeseed

The need for a remote staffing team arises when you notice that you no longer enough time and space at work. Hiring such a team is the perfect solution for each time you get overwhelmed by the numerous tasks that sometimes need to be done simultaneously. That’s where Gapeseed’s services save you. Gapeseed Facility and Management Services offers Remote Staffing, Temporary & Permanent Solutions to International or national businesses expanding in India.

Gapeseed offers a low cost human resource outsourcing solution to ease small and mid-sized businesses by introducing an extension to the traditional form of outsourcing i.e. remote staffing. The solution lets you delegate most of the duties to a competent virtual team which further gets you time to pursue other fields to focus on like other tasks, side projects etc.

Our Remotely Managed Services are available for Foreign Corridors, MNCs expanding to India and national corporations which are expanding or intend to expand in various states of India.

Offshore Remote Staffing Services

Gapeseed acts as a foreign subsidiary for its clients. As per the requirement, the client can simply hire one remote employee on part-time employee leasing basis or a team on full-time leasing basis. This facility is like an extension to your own office. The dedicated offshore remote staffing facility leverages Gapeseed’s technical infrastructure, processes and execution capabilities.

Employee Monitoring Services

Gapeseed Consulting provides its clients with daily range of reports designed to allow them to easily monitor remote staff’s productivity. The reports are logged into a web-based application systematically so that the offshore employer/client can run reports on any range of dates. Through these reports the client can find out the status of the job assigned. This further helps the companies to calculate the efficiency of each low cost offshore employee and compare them with the rest of the in-house employees.

Data Security Services

With Gapeseed’s advance technology system, management tasks by quantifying data, processing them and keeping them safe gets easier. The system is potent enough to never give a chance to employers/clients to complain about data loss. Not only just the security of the data, accessing restrictions can be set through the system, performances can be monitored and our clients get the entire charge to maintain exclusive control and access to the system.

For more information on Remote Staffing Solutions For Hassle Free Expansion, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Liquor Import Compliance for Setting up a Business in India

Setting up a Business in India is considered a challenge but it is not the difficult when you know the facts right, possess the required documents and work as per the defined procedures.

In this post we will be covering the details of liquor import compliance for setting up a business in India with a perspective on Import and Trade of Alcoholic Beverages. We will be detailing the Treatment of Excise Duty for Import and Trade of Alchoholic Beverages in India.

india is a looked upon market for International Trade. And that is the reason many F&B International Brands are interested in understanding Liquor Import Compliance for Setting up a Business in India: be it an Indian Office/ Branch or subsidiary. Export/ Import Business also called as International trade is the exchange of capital, goods, or services across international borders or territories. The Government of India amends formalities and procedures from time to time for Setting-up an Export/ Import business in India. For setting-up an Export/ Import firm India, numeral documentation and registrations are required, which are explained below:

Rental agreement / or own property

After registering the firm’s name, a rental agreement with the premise owner must be established. Necessary stamp duty is paid for executing the rental agreement. This agreement is furnished to various government authorities for the firm’s address registration.

In case the premise is self-owned and the firm is a proprietorship concern, no separate rental agreement needs to be arranged; the sale agreement deed of said premise is treated as a proof of address. However, in case of running a partnership firm in self-owned premises, a rental agreement with other partners must be entered into with.

PAN – Permanent Account Number

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.

Separate permanent account number for individual and firm is required to be registered with income tax department. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.

The manner of applying for PAN is laid down in Rule 114 of the Income-tax Rules, 1962. This rule, amended in 2011, also specifies the copies of documents required to be submitted along with the PAN application (in form 49A or 49AA, as the case may be) as proof of identity and address of the PAN applicant. Rule 114B lists down the documents in which PAN is required to be quoted while entering into specified transactions/activities. Persons who do not have PAN are exempted from quoting PAN on furnishing a declaration in Form 60. Rule 114C lists the persons to whom section 139A does not apply. These are persons who have agricultural income by furnishing declaration in Form 61, non-residents, and Central Govt. /State Govt. and Consular offices, where they are payers

Is individual PAN number sufficient for firm name? How to obtain a PAN number for Proprietor, Partnership or Private limited company?

This is one of the most common questions among the people who are setting up a business.

In case the business is a sole proprietorship, the PAN number of the individual/ proprietor is sufficient. In case, the firm is a partnership firm, a separate permanent account number – PAN in the name of firm is required to be obtained from Income Tax Department. While applying for the said PAN number in the name of company, a copy of individual PAN number of each partner has to be furnished in the application form.

And if you are setting up a private/ public limited company, a separate PAN number in the name of the firm is required. While applying, a copy of PAN number of each director of the company must be furnished along with the application form.

PARTNERSHIP agreement

If your firm is engaged in a partnership, you need to a have a partnership agreement between partners with terms and conditions as per partnership Act. The complete details of terms and conditions among partners with share of profit are mentioned clearly in the agreement. For safekeeping, the partnership agreement must be registered with the authorities to settle dispute among partners if arises in future.

BANK ACCOUNT

For Setting up a Business in India, a current account is the type of account which is should be opened by any company in order to operate as per the Companies Act, 1956. An account for availing the inward/ outward remittances must be opened in such a bank which has Trade Service expertise with a deep understanding of regulatory requirements.

How to obtain an IEC number with DGFT with branch code?

Since this post is about the Import- Export aspect of Setting up a Business in India. Let us check the details on that.

An IEC or “Importer Exporter Code” number is mandatory to import or export in India. No person or entity shall make any Import or Export without IEC Code Number which is obtained from Director General of Foreign trade within the jurisdiction office of the company. Without an IEC code, no movement of goods from/to the country to outside is allowed.

Directorate General of Foreign Trade (DGFT) issued a Policy Circular No.15 (RE-2006)/2004-2009 Date: 27th July, 2006) for New System for issuance of Importer-Exporter Code Number.

Eligibility condition and Legal Provisions are given for IEC Code Number Application in Foreign Trade (Regulation) Rules, 1993 Ministry of Commerce, and Notification No. GSR 791 (E), dated 30-12-1993.

An application for grant of IEC number shall be made by the Registered/Head Office of the applicant and apply to the nearest Regional Authority of Directorate General Foreign Trade, the Registered office in case of company and Head office in case of others, falls in the ‘Aayaat Niryaat Form – ANF2A’ and shall be accompanied by documents prescribed therein. In case of STPI/ EHTP/ BTP units, the Regional Offices of the DGFT having jurisdiction over the district in which the Registered/ Head Office of the STPI unit is located shall issue or amend the IECs.

Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation.

DGFT procedures to obtain an IEC number are too liberalized now days. As per the recent notification, the following documents are required to obtain an Import Export Code:

1. Bank receipt / demand draft against application fee. This fee is INR 1000.00 while writing this article. You may re-clarify with DGFT before applying.

2. Application form in prescribed format issued by DGFT for issue of Import Export Code number. This application for is prescribed in Appendix 21B.2.

3. Please attest the application for IEC with you banker where in you have opened current account in the name of firm to operate export import activities.

4. Self attested copy of Permanent Account Number PAN issued by income tax authorities.

5. Two copies of passport size photographs of the applicant. You need to attest the said passport size photographs with your authorized bank.

6. If any partner or partners are non resident interest or holding in the firm or company exists with repatriation benefits, you need to attach a self certified copy of Reserve Bank of India approval on the same.

This was briefly about the treatment of Excise Duty and Liquor Compliance for Import and Trade of Alcoholic Beverages in India. We have already talked about various steps involved in Setting up a Business in India and how Gapeseed Consulting can help

For more information, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Business Support Services for International Businesses

t’s not easy to set up a business and these days small business owners think that it’s becoming even more difficult to manage and run a thriving company. While more and more business owners find it difficult to keep up with the competitive pace and continue to struggle to acquire everything required for the smooth running of the business;

they may gradually ask assistance from an outsourcing company to manage the business swiftly.

Start-ups and SMEs cannot always afford hiring new employees who can take care of the various business functions like customer services, travel desk assistance, bookkeeping, accounting duties and other related day-to-day tasks. Therefore, outsourcing the core processes makes it more cost effective and enables them to focus more on business development and invention of new ideas through which the business can be expanded further.

To ease up your burden, this is where our Business Support Services comes in and allows businesses to save money and provide outstanding services. So, let us explore the basic business support services that are required to run a business smoothly and how Gapeseed Consulting can take care of each one of them diligently.

Business Travel and International Visa Assistance

Travelling for business purposes is very common irrespective of the size of the business/ company. It could be attending a meeting abroad or arranging a small workshop for partners in some other city but managing business travel can affect your company’s budget if you don’t plan it well. In most cases, small businesses spend more on travel than large corporations. This is due to the fact that most small businesses lack a streamlined travel expense system. That’s where the Business Support Services of Gapeseed Consulting hop in.

When you choose us, we will not only help to arrange for your business travel, we will help you track and manage your budget so you can maintain a healthy bottom line. When you become our client, a dedicated professional/ account managed from Gapeseed Consulting will work for you to book flights, hotel rooms, transportation, visa assistance and other services that fit your budget and meet your company’s needs.

The Business Travel Services that we offer includes:

A dedicated assigned team to your account
Standard and custom corporate reports, along with access to secure online financial reporting
Financial management – Costings, provisional budgets based on different travel scenarios, closing budget, invoicing, payment and fee collection
Corporate travel and accommodation – Organizing National and International trips for employees/clients.
Completion of ticket voids
Management of Visa requirement – Organizing Visas, Visa Services to International Expats, travel insurances etc.
Delegate administration – Bookings, joining instructions with venue maps etc.
Emergency support available worldwide, 24X7

Setting up a Branch in India or Abroad

At Gapeseed, we offer host of business support services related to complete business set-up, be it in India or abroad. Our experienced professional team specializes in advising the right kind of business set-up keeping in view your business need and the necessary tax aspect.

Our bouquet of services covers from initial market study to post setup support for operational optimization. Services like taking care of approvals, legal compliances, registrations with authorities and all this in minimal time duration. We walk the complete path of setting up business with our clients in a smooth manner till they establish and enforce complete implementation.

Business Management Services, we offer, include:

Planning & Advisory

Advising on business structure
Advising on Indian/Abroad Regulatory Environment

Execution

Registration of Company, Partnership, Trust
Application for Various Trade Licenses
Registration with various tax Authorities (Central or Local)
System Development & Other related services
Management Support Services

Complete solution for setting up business

Customized solution according to need
End to End Advisory

Managing a Foreign Office in India

Managing a foreign office in India can involve a lot of risks if you don’t have the right kind of people working for it. So it’s very important to take care of employees that you are hiring. Staffing for foreign corridors in India is an uphill task as we have to act as the Employer Brand and the ambassador both and that is the reason we included Managing a foreign office in India as a part of Business Support Services at Gapeseed Consulting.

You need to have facts with employee background checks, you need to have resources to help you uncover records, employment education verification, paying employees at the right time, management etc.

All this involves different processes and Gapeseed’s umbrella of Business Support services include,

1.Payroll Management

Payroll isn’t just about paying your people. It’s about maximizing the productivity of any organization. Gapeseed Consulting Services helps to maximize the productivity of a company by channelizing timely and accurate salary processing, efficiently handling the reimbursements, managing loans and advances and government of India statutory requirements including all PF and TDS. We provide complete HR Payroll solutions to our clients/enterprises. A better management helps in streamlining processes, supporting employee work-cycle, lowering risks related to compliance and penalties etc.

2.Business Support for Managing a Foreign Office include,

Payroll Accounting

Recording and Reconciling Payroll Transactions
Professional payroll processing- pay checks and pay stubs
Payments to independent contractors
Payment tracking of employees

Compliances

Guaranteed, accurate federal, state and local tax calculations
Deposits & Compliance of EPF ESI or other Employee Welfare Contributions

System & Process Integration

The pace with which technology is changing and its effects on an organization is alarming. To keep their businesses on track with latest technology and solutions, an organization may either have to update their old systems with newer ones or replace them with new products from other vendors.

This migration process needs certain expertise in planning and execution. To fill this gap, Gapeseed’s system integration process steps in. Our integration services team includes various software, hardware and functional experts who can easily plan and execute this kind of migration without disturbing existing business activities of the clients. Our approach involves analysis of existing processes, understanding existing pain areas and then taking care of them via new and improved processes and technology solutions.

Services We Offer

Excellent implementation and support services help the client to concentrate on their business rather than handling day-to-day operational issues of the software.

Easy integration of different systems helps into optimized business processes and functions.

Customized solutions help customers get only those modules which are required for its business and internal activities.

Gapeseed Consulting comes with the expertise of directors and consultants who have handled many turnkey projects with international corridors. The need of Business Support Services emerged from that very domain only and we are most certain of the support we offer.

For more information on Business Support Services for International Businesses, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Social Security Systems for Effective Payroll Management

Gapeseed Facility & Management Services is a vertical of Gapeseed Consulting where in we provide HR solutions – right from staffing, recruitment, training and payroll management.

As we progress with our clients with their staffing & payroll processes – we constantly felt the need to explain the Social Security

Systems for effective Payroll Management.

The social security system in India is controlled by the government and applies to only a small portion of the popular.

The social security system includes not just an insurance payment of premiums into government funds, but also lump sum employer obligations. It is significant to understand the Social Security Systems for effective Payroll Management.

Generally, India’s social security schemes cover the following types of social insurances:

PENSION

The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (EPF & MP Act) which applies to specific scheduled factories and establishments employing 20 or more employees and ensures terminal benefits to provident fund, superannuation pension, and family pension in case of death during service. Separate laws exist for similar benefits for the workers in the coal mines and tea plantations.

HEALTH INSURANCE AND MEDICAL

The Employees’ State Insurance Act, 1948 (ESI Act) which covers factories and establishments with 10 or more employees and provides for comprehensive medical care to the employees and their families as well as cash benefits during sickness and maternity, and monthly payments in case of death or disablement.

MATERNITY

The Maternity Benefit Act, 1961 (M.B. Act), which provides for 12 weeks wages during maternity as well as paid leave in certain other related contingencies.

GRATUITY

The Payment of Gratuity Act, 1972 (P.G. Act), which provides 15 days wages for each year of service to employees who have worked for five years or more in establishments having a minimum of 10 workers.

DISABILITY

The Employees’ Compensation Act, 1923 (WC Act), which requires payment of compensation to the workman or his family in cases of employment related injuries resulting in death or disability.

The payroll management system differs at different levels depending upon the industry, the type of business entity, the state rules & regulations which applicable to the company etc. Here are the details on the following Social Insurances as applicable in the Payroll Management Systems of almost all large corporate houses.

PENSION

The Employees’ Provident Fund Organization, under the Ministry of Labor and Employment, ensures superannuation pension and family pension in case of death during service. Presently only about 35 million out of a labor force of 400 million have access to formal social security in the form of old-age income protection. Out of these 35 million, 26 million workers are members of the Employees’ Provident Fund Organization, which comprises private sector workers, civil servants, military personnel and employees of State Public Sector Undertakings.

The schemes under the Employees’ Provident Fund Organization apply to businesses with at least 20 employees. Contributions to the Employees’ Provident Fund Scheme are obligatory for both the employer and the employee when the employee is earning up to INR 6,500 per month and voluntary when the employee earns more than this amount.

If the pay of any employee exceeds this amount, the contribution payable by the employer will be limited to the amount payable on the first INR 6,500 only. Contributions should be made to the Employees’ Provident Fund Organization on an annual basis. The Employees’ Provident Fund Organization includes three schemes:

The Employees’ Provident Fund Scheme, 1952
The Employees’ Pension Scheme, 1995
The Employees’ Deposit Linked Insurance Scheme, 1976

The Employees’ Provident Fund Scheme is contributed to by the employer (1.67-3.67 percent) and the employee (10-12 percent).
The Employee Pension Scheme is contributed to by the employer (8.33 percent) and the government (1.16 percent), but not the employee.
• Finally, the Employees’ Deposit Linked Insurance Scheme is contributed to by the employer (0.5 percent) only.

Four main types of pension (all monthly) are offered:

Pension upon superannuation or disability;
Widows’ pension for death while in service;
Children’s pension; and
Orphan’s pension.

In addition, there are separate pension funds for civil servants, workers employed in coal mines and tea plantations in the State of Assam, and for seamen.

HEALTH INSURANCE AND MEDICAL

India has a national health service, but this does not include free medical care for the whole population. The Employees’ State Insurance Act creates a fund to provide medical care to the employees and their families, as well as cash benefits during sickness and maternity and monthly payments in case of death or disablement for those working in factories and establishments with 10 or more employees.

In case of sick leave, the employer will pay half salary to the employees covered under the Employee’s State Insurance Act.

DISABILITY

The Workmen’s Compensation Act requires the employer to pay compensation to employees or their families in cases of employment related injuries resulting in death or disability.

In addition, workers employed in certain types of occupations are exposed to the risk of contracting certain diseases, which are peculiar and inherent to those occupations. A worker contracting an occupational disease is deemed to have suffered an accident out of and in the course of employment and the employer is liable to pay compensation for the same. Occupational diseases have been defined in the Workmen Compensation Act in parts A, B and C of Schedule III.

Compensation calculation depends on the situation of occupational disability:

a. Death: 50% of the monthly wage multiplied by the relevant factor (age) or an amount of INR 80,000/- whichever is more.

b. Total permanent disablement: 60% of the monthly wage multiplied by the relevant factor (age) or an amount of INR 90,000/- whichever is more.

c. The Compensation Act also includes stipulations for partial permanent disablement and temporary disablement (total or partial).

GRATUITY

For establishments with ten or more employees, the Payment of Gratuity Act requires the payment of 15 days of additional wages for each year of service to employees who have worked at a company for five years or more.

MATERNITY

The Maternity Benefit Act requires an employer to offer 12 weeks wages during maternity as well as paid leave in certain other connected contingencies.

Every woman shall be entitled to, and her employer shall be liable for, the payment of maternity benefit at the rate of the average daily wage (the average of the woman’s wages payable to her for the days on which she has worked during the period of three calendar months immediately preceding the date from which she is absent on account of maternity), including the day of her delivery and for the six weeks immediately following that day.

The maximum period for which any woman shall be entitled to maternity benefit shall be 12 weeks, six weeks up to and including the day of her delivery, and six weeks immediately following that day.

During the one month proceeding the period of six weeks before her expected delivery or any period during that six week period for which she does not take a leave of absence, no pregnant woman shall be required by her employer to do any work that is arduous, involves long hours of standing or is in any way likely to interfere with her pregnancy or otherwise adversely affect her health.

Any woman working in an organization and allowed to maternity benefit may give written notice to her employer stating that her maternity benefit and any other benefits to which she may be entitled may be paid to her or to anyone she nominates in the notice, and that she will not work in any establishment during the period for which she receives maternity benefit.

On receipt of the notice, the company shall authorize the employee to absent herself from the company until the end of six week period following the day of her delivery.

The maternity benefit for the period preceding the date of her expected delivery shall be paid in advance by the company to the employee after having confirmed that she is pregnant. The amount due for the subsequent period shall be paid by the employer to the employee within 48 hours of the child’s birth.

In addition to the above, the act states that no company shall deliberately employ a woman in any organization during the six weeks immediately following the day of her delivery or her miscarriage. No company shall compel its female employees to do tasks of a laborious nature or tasks that involve long hours of standing or which in any way are likely to interfere with her pregnancy or the normal development of the foetus, or are likely to cause her miscarriage or otherwise adversely affect her health.

It is very important to understand the Social Security Systems for Effective Payroll Management. The latter should be developed keeping in consideration the former.

Payroll Management Systems are also significant for SMEs and Small Business for transparent and influencing Employer Branding. For better understanding on our Payroll Services, you can download the Free Guide to Payroll Management.

Get in touch with us now at info@gapeseedconsulting.com or call up: +91-9599444630/9 to know more.

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Outsourced Accounting Services

Outsourced Accounting Services: Turn on the key systems to enhance the growth of your business.

Whether you deal in manufacturing goods or own a chain of hotels, whether you specialize in fashion retail or any other business, your company has to find a way to manage its systems.And by systems we mean, the two most important ones – technology and accounting. You can’t stop moving forward and expect your business to move ahead. In order to see progress in its growth, you will have to keep your system updated. Relying on outdated technology and accounting system can impact your business’ bottom line. Does outsourcing accounting functions or technology consultation make sense for your business? The answer can be confusing but not when you know the advantages of hiring an outside company to manage your needs!

Advantages of Outsourced Accounting Services

Economic Savings

A major advantage associated with outsourced accounting services is the cost-effectiveness of the services. When you outsource, not only can you match the work hours/amount of projects to your needs, but also you can avoid employee expenses like insurance, payroll taxes, unemployment taxes, etc. You can save on providing a work space or system to the employee. A huge amount can also be saved up on operational costs and channelized towards the funding of core business processes.

Specialized Services

When you hire a service provider you can be confident enough that they will offer you nothing but specialized services. With perfect resources for handling projects methodically, they indeed become an integral part of your business. Also, with the growing competition, any service provider constantly hones their skills to keep up with the industry, thereby increasing the quality of the services. This means when you hire one of the providers, you can trust that your accounting will be handled well.

Accomplish Accuracy

Outsourcing accounting services can be quite beneficial when it comes to generating accurate results. This, in turn, ensures better management of back office functions. The accuracy in fact helps to control any possible fraud within or outside the organization. The service providers are accountable for every transaction processing as well as quality and accuracy control.

Advantages of Outsourced Accounting Services

Improve Efficiency

Technology has grown to an all-encompassing status within nearly every industry. Consumers have adopted an always-connected lifestyle and businesses have kept up with demand by becoming connected as well. It’s this connection between businesses and their customers which drives modern consumerism and those with upgraded technology can maintain this connection strongly. With proper services from providers, this continually advancing technology can be harnessed to push your business ahead of those who don’t utilize it effectively.
End-to-end solution

Choosing business or accounting software isn’t any easy and different business have different needs. Whatever your needs may be, expert from the industry can easily help you with the accounting and the technology experience, making it easy for you to choose, install and maintain your company’s software. From start to finish, the consultants can help you determine which services you need to optimize the performance of your technology systems, whether you need assistance with installing accounting software and training your staff or turn-key programming and custom networking solutions.

Time Saving

Think of the weekly hours it will take to manage in installing software—taking away from the time you can spend on business and relationship building activities more directly aligned with the growth of the company. Outsourced Accounting services improve this need of time optimization. You don’t have to deal with all the complexity involved with technological systems because that’s what the service provider will handle. That means you get time to focus on business & revenues that matters the most.

So, if you have understood the significance and benefits of outsourced accounting services for technology and business accounting, it’s time you get in touch with us. Gapeseed Consulting offers a full range of services designed to keep your critical business systems working for you. Our certified information technology and finance consultants can help you determine which services you need to optimize the performance of your technology or accounting systems, whether you need assistance with installing accounting software or custom networking solutions among other services. Irrespective of the industry, we offer personalized services based on the requirements of our clients.

Whether you are seeking a partner/an associate for Outsourcing Accounting Services or you want to update the existing accounting system by bringing in technological know how , get in touch with us.

Get in touch with us now at info@gapeseedconsulting.com or call up: +91-9599444630/9 to know more.

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Why Audits are important for business?

Because they serve important functions for the company and add value for its people.

When we refer to start-up or small businesses, in order to keep the budget low, they prefer to hire individuals to take care of their accounts and finances

But most of the time, they miss out on the fact that auditing is an important means of evaluating the effectiveness of a company’s internal controls and it is of utmost importance to let an expert conduct internal audits for financial records and an external one to review books. Performing audits of individual departmental finances or overall accounting function is necessary to determine if your business numbers are accurate to become aware of – obtaining reliable financial reporting, preventing fraud, learning to improve processes and procedures, minimizing the cost of the capital. And not only audits are important for the overall growth of the company, the process is essential in order to gain a fair perspective on the company’s financial statements. In fact potential investors and creditors look into these financial statements before deciding to invest in a particular business. This very aspect is very crucial for small business holders. In short internal and external audit processes contribute to a company’s audit system in important ways. It’s time we find out how.

Cut the business cost

In the beginning as we mentioned, for small businesses, managing the finance and cost cutting is the most important reason why they don’t consider a proper audit system to take care of the finances. It’s a wrong perception. The cost of capital is important for any company, big or small. And a strong audit system actually reduces various forms of risk in an enterprise which can add on to the cost of the company. Audit systems help to reduce the risk of material misstatement in financial reporting, the risk of fraud and misappropriation of assets, the risk of optimal management due to insufficient information on its operations and other forms of risks.

Meet your business goals

When we run a business, we keep certain goals and work hard to pursue and attain them. Having an effective audit system ensures you meet them consistently. Business processes need various forms of internal control to facilitate supervision and monitoring, prevent and detect irregular transactions, measure ongoing performance, maintain adequate business records and to promote operational productivity. A skilled audit system not only helps to take control of all this but helps to learn ways to improve business processes and procedures. A team of experts can help to improve cash flow, reduce debt-service interest, depreciate assets etc. which further improves the overall capital management process of the business.

Authenticate your business deals

If you need credit or loan or want investors/creditors to invest on your business, a potential audit system can make the process smooth because such transactions require accurate financial statements of the company. When it comes to business deals like preliminary loan or investment request, specific financial reports can be presented with the help of an internal audit system. Others, such as a negotiated business sale, might be contingent on the results of an external audit. This system lets you present financial data verified by an independent third-party professional accounting person or firm that shares or explains your numbers with others only as you direct.

Safeguard your business from frauds

Business deals and transactions are vital to any company and preventing them from getting misplaced or protecting them against frauds can be a task but not when you have an audit system functioning for you. Recurring analysis of a company’s operations and maintaining rigorous systems of internal controls can prevent and detect various forms of fraud and other accounting irregularities. Audit professionals assist in the design and modification of internal control systems the purpose of which includes fraud prevention.

These were some of the key features of how an audit system helps to uplift the overall growth of the business. If you want such a potent system to manage the finances of your business, you simply need to get in touch with us.

For more information on Audit, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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EMPLOYEES PROVIDENT FUND

Setting up a business in India

Can be a task but not when you have the taskmaster.

Setting up a business in India is mostly considered an uphill task, but if you have professional help, that can assist you to get your business plan

assessed as per the ethics and familiarize them fully about the licensing as well as the registration requirements, it is very much possible. Gapeseed Consulting aims to offer the most appropriate services to you right from the beginning until you entirely settle the business of your preference. Whether you are looking to expand your existing operations in the country or planning to set up outside, we provide a one-stop solution to thoroughly take care of all the intricacies involved in the process. Besides our competence in accounting and tax, our strength lies in the ability to be your business and commercial adviser and managing your entire set up plan. Right from conceptualisation phase to being your implementation partner, acquisitions and joint ventures, we take care of it all. Our consultants can also help you with talent management, payroll services and day-to-day business management services.

Our experience that has been gained over the years can facilitate you to get an edge and know-how to help you out in the most effective manner. Our team of professionals can guide you at every significant stage before you can set-up your business. Our consultants will offer adequate information that covers business environment, social norms, taxation policies, and insurance amid other necessary information required for setting up a business in India. Once your business is set up, we can even take care of your book-keeping, payroll, management reporting and compliance requirements. With years of experience, we can add value to your expansion plan by looking after these functions while you focus on your business.

Setting up a business in India involves various steps; however we can briefly tell you what all we provide:

Customize your needs

Based on your business size, your needs may differ – we customise our services to your requirements. We can help you at any stage of your entry plan. We will share our knowledge and design a package of services that is relevant specifically to your business. Our experience, practical and commercial understanding of the process will help you to set your own business successfully. It could be a company, a branch, a partnership firm or proprietorship.

Approval for Investments

In today’s world setting up a business and making investment generally do not require any approval and is covered under the automatic route. However, in case of some industries approval is required for setting up business. We provide services for obtaining approvals; for formulating strategy and for mode of business setup etc.

Beyond business setup

We can assist you with all that needs to be done while entering business world – right from liaising with a market research firm, pre-investment advisory on available opportunities, validating your business plan, selecting the correct form of entity, providing regulatory and tax advisory or getting you in touch with the right people, right vendors and more. But our job doesn’t get over just there. Once your business is set up, you can rely on us for book-keeping, payroll, management reporting, company secretarial and compliance requirements.

Business setup in no time

A business setup to become fully functional requires registration with various tax, labor and other authorities. Our business setup solution provides services for registration with various authorities immediately after incorporation. This leads to providing our clients ready to operate business setup within a short period of time

For availing business set-up services offered at Gapeseed Consulting, you can either call or e-mail us at info@gapeseedconsulting.com. As soon as you contact us, our representative would get back to you with appropriate quote for the services offered. For more details, you can download the Free Guide on Setting up a Business in India from the resource section.

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Payroll Services in Delhi NCR

Every business owner is faced with the option of doing payroll in-house or outsourcing to a payroll service provider. While each has its advantages, outsourcing payroll seems to be a common choice for both large and small businesses. Reason being – it saves cost and increases efficiency. Once you outsource the service, the providers can manage the tedious task of running payroll whereas you and your employees can focus on business growth.

In simple words the purpose of any payroll system is to standardize the process of paying employees and organize everything for tax purposes. Now, to choose the best payroll service for your business can be a difficult task. Because the type of payroll service that works best for each company depends on the needs and circumstances of the business. Some payroll providers can accommodate large companies with hundreds of accounts, while others are focused more on small businesses and limit the number of accounts they work with. So you should consider parameters like the cost involved, the reputation or status of the provider and the services it will provide.
However with so many options to choose from, finding the right one can be overwhelming. So to help you out in best way possible, Gapeseed comes as a rescuer. Our motto is very simple – We prioritize our client’s needs.

Check out the Benefits of Payroll Services

Save Cost: The most important aspect of any business is cost saving. So, in addition to reducing the probability of costly penalties, hiring Gapeseed to manage your payroll module can save you money in lot many ways. The price that you will be investing for training purposes or for labour may add up more than the price of outsourcing. And there’s no guarantee involved. Whereas if you hire us, you and your team can concentrate more on the business growth while we take care of the rest. We will also be involved in taking full responsibility for any mishap and you can feel confident, mistakes (if any at all) will even be taken care of.
Increase Productivity: Now, once you avail the service, you don’t have to involve any of your internal team members to process payroll, which means you not only save on cost, but also time. The team member can actually get involved into doing something productive rather than spending time on keeping track of employees’ wages and fees, processing paychecks and records etc.

Faster Processing: We hire experts of the industry when it comes to payroll rules and requirements. We also have advanced technical resources as support, so we can complete complex payrolls quickly and accurately. Be it paying the wages or reviewing employee contribution and deduction, all are taken care systematically. This also includes adding new employees to the system and removing former employees as soon as they leave the company.
Reduce Compliance Issues: Payroll tax regulations can be complicated and confusing. When trying to concentrate on running a business successfully, it may be difficult to stay up with all the tax rules and changes. Yet it is very important to keep a track as inaccurate payroll reporting can result in penalties from the government. Gapeseed can help you prevent compliance issues. Our systems are upgraded with up-to-date information on all tax rules and therefore reduce inaccuracy of any sort. In addition, we also handle filings, taxes and payments, and other such complexities.

There are many details and factors to consider in each of these processes and the easiest way to tackle all of them is to hire a professional payroll service provider. And to do so it’s advisable to hire the best among the rest.

Whether you are seeking the Payroll Services for a funded startup, an Indian Office of your foreign-aligned venture or any other payroll services in Delhi NCR, get in touch with us.

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

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