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- Virtual CFO
- International Taxation
- Domestic Taxation
- Goods and Service Tax
- Audit and Assurance Services
- Company Law Related Services
- Fema Compliances Services
- Start-up Desk
- Management Service for Angel Investors and Venture Capitalists
- DGFT Consultancy Services
- Services Provided to the Insolvency Professional
VIRTUAL CFO
Virtual CFO is an end-to-end solution of Accounts and Finance of the business organizations. Our Virtual CFO services are apt for the business organizations, who are cost conscious and have not appointed an in-house CFO. We provide high quality services at a fraction of cost incurred to keep an in-house team by adopting a shared service model. We provide these services to organizations who are looking to outsource these services to single partner. The service includes:
INTERNATIONAL TAXATION
As India attracts more and more Multinationals to set up business in India it is important that the multinationals understand India’s Tax and regulatory policies for enhancing growth. Our international taxation team gears up multinationals to plan in accordance with fast changing Tax and regulatory framework of India. These changes include India’s comprehensive Transfer Pricing regulations that are broadly based on the Organization for Economic Cooperation and Development (OECD) guidelines and recently introduced concept of Place of Effective Management (POEM).
Thus, there arises is a need to facilitate a smooth set up of business and provision of end-to-end services to the Overseas business groups which are as following:
- Expatriate Taxation. Taxation of the employees of the parent company according to the Income Tax laws of India Formation of employee agreements of Expats.
- Formation of international trade agreements in order to make the business transaction compliant with the Indian Business laws and DTAA.
- Performing research and finalizing the documents to support the Trade agreements as per the Transfer Pricing rules and regulations
- Assisting clients with competent authority proceedings for resolution of international tax disputes to achieve a mutual agreement between the Contracting States to a treaty.
- Advice and assistance in seeking advance rulings from the Authority for Advance Rulings in India on complex international tax issues relating to cross-border transactions.
DOMESTIC TAXATION
It has been the endeavor of the firm to provide the best possible advisory and compliance services to its clients based on the experience gained by the Partners of the firm over the years in dealing with a multitude of Clients. The tax advisory and compliance department of the firm keeps abreast of the latest legal judgments and tax laws along with the emerging economic scenario in different industrial fields and the impact thereof on the client’s business to ensure highest standards of professional services.
We offer our services in the following areas:
- DIRECT TAXATION
- INDIRECT TAXATION
Our Direct tax services are designed to assist companies deal with the myriad challenges arising from a complex tax environment revolving around the Income Tax Act. Our Team is well equipped to handle complexities of business organizations and providing bespoke solutions.
SERVICES PROVIDED BY SMBC
Our team comprises indirect tax professionals who provide comprehensive advice and assistance on various indirect taxes such as GST, VAT, Excise and Customs.
GOODS AND SERVICE TAX
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Act came into effect on 1st July 2017 Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. With the introduction of GST there has been a major change in the business environment of India and there is a need for significant realignment of operations including supply chain and logistics, pricing, procurements, accounting and Information Technology (‘IT’) Systems.
SERVICES PROVIDED BY SMBC
AUDIT AND ASSURANCE SERVICES
One of the most important of assurance services is auditing, which involves the evaluation and analysis of your company’s historical financial information and determining its accuracy. Audits are considered the starting point for most of the different types of assurance services that SMBC offers. Audits can be voluntary or as per the stipulated laws in force. Some of the benefits your business will obtain from a voluntary audit include, more accurate financial statements, increased valuation of your business due to audited financial records.
We provide following audit and assurance services:
- Analysis of Companies’ Financial Statements.
- Audit of Financial Statements as per the Companies Act 2013
- Audit of Financial statements as under the Income Tax Act 1961
- Audit of Financial statement as under the CGST Act 2017
- Tailor made Internal Audit of the processes of the corporates
- Due diligence audit of corporates
- Forensic Audit
- Other Audit and assurance service which managements to achieve management goals
COMPANY LAW RELATED SERVICES
Company Law matters have been the field in which the firm is well versed because of the vast experience of the Partners in dealing with large Indian and multinational Organizations having peculiar needs in Company Law matters. The matters dealt with under Company Law are as under:
Counsel on and ensuring compliance with the provisions of the Companies Act are:
FEMA COMPLIANCES SERVICES
Taking into consideration the significant development in India’s such as substantial increase in foreign exchange reserves, growth in foreign trade, liberalization of Indian investment abroad and increased excess to external commercial borrowing by Indian corporates, the Central Govt decided to introduce Foreign Exchange Management Act 1999 (FEMA) and repealed the Foreign Exchange Regulation 1973 (FERA).
Our team provides the following FEMA compliances services:
- Filing of intimation to RBI on receipt of remittance from non-residents for share purchase/subscription.
- Coordinating for share valuation certificate connected with the filing of Form SMF.
- Assistance in preparation of documents required in FORM SMF.
- Assistance in filing of FLA return.
- Handling compliance related to Foreign Direct Investment FDI/ External Commercial Borrowing.
- Handling compliances of FCRA registered entities.
- Assisting in filing Annual performance report.
START-UP DESK
The new-age start-up businesses, with business models based on information technology, inspired by innovation and mostly initiated by first generation business entrepreneurs, are occupying an ever-increasing role in income and employment generation. At SMBC we have a dedicated team which is fully engaged in providing services to start-ups which we
call “START-UP Desk”. The team constitutes of CAs, lawyers, CS and management consultants who provide a comprehensive service to these new entrepreneurs achieve their goal.
Our comprehensive services include:
MANAGEMENT SERVICE FOR ANGEL INVESTORS AND VENTURE CAPITALISTS
Angel Investment and Venture Capital Finance has now emerged as the largest source of funding to the start-up ecosystems of Indian economy. Other than the investment or funding they provide valuable inputs on business strategy and provide access to their global networks. It is easy to say that the start-up ecosystem of Indian economy is incomplete without the presence of Angel Investors and Venture Capitalists.
However, in the Indian start-up ecosystem there are no investors who have not seen a portfolio start-up fail. Thus, arise a need for tracking the performance of the business and efficient utilization of funds so provided.
Our team provides tailor made management service for the investors which includes:
- Performing Due diligence audit and review on target start-up.
- Reviewing the portfolio valuation report.
- Performing Cash burn audit.
- Designing of MIS and other management reports to monitor the performance of business
- Designing and implementation of internal control and checks.
SERVICES
Intellectual Property Rights (IPR) are about creations of mind which are new and original in the global context and are granted to creators of intellectual property by governments. Our firm comprises of highly competent Intellectual property consultants and professionals who gained their knowledge through several years of experience. We offer a wide range of intellectual property services and expertise to safeguard your intangible assets such as trademark registration, copyright registration, patent registration etc.
The service we provide includes:
DGFT CONSULTANCY SERVICES
Directorate General of Foreign Trade (DGFT) organization is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade. Right from its inception till 1991, when liberalization in the economic policies of the Government took place, this organization has been essentially involved in the regulation and promotion of
foreign trade through regulation. Keeping in line with liberalization and globalization and the overall objective of increasing of exports, DGFT has since been assigned the role of “facilitator”.
We provide assistance to our client in consulting, documentation and representation for Exporters and Importers with the office of DGFT. Our team guides and give hand hold support to Entrepreneurs, Industrialists, Exporters and Manufacturers to utilize Export and Import incentive schemes such as to benefit them in an utmost way.
SMBC provides assistance / Liaising in following Schemes of DGFT:
- Filing and claiming incentive under MEIS & SEIS schemes
- Export Promotion Capital Goods (EPCG) Scheme
- Assisting in selling MEIS/SEIS scrips issued by DGFT
- Advance Authorization
- Bond Cancellation of EPCG / Advance Licence
- Drawback under Section 74 of Custom Act 1962
- Assistance in registration with various authorities such as SAFTA, etc.
- Assistance in obtaining Certificate of Origin
- Obtaining IEC Certificate.
SERVICES PROVIDED TO THE INSOLVENCY PROFESSIONAL
The Insolvency and Bankruptcy Code, 2016 (IBC or Code) is considered as one of the most effective reforms brought in with the potential of transparently and expeditiously resolving India’s overwhelming non-performing assets (NPAs) conundrum. The Code seems to be an effective and time-bound mechanism for dealing with the problem of ever escalating non-performing assets (NPAs) and providing our banking system some much needed respite.
We at SMBC provide complete back-office support to the Insolvency Professional (IP) and undertake the entire Corporate Insolvency Resolution Process.