According to a survey held in 2017, India is becoming one of the favourite destinations for entrepreneurs to start a new project. A growing economy, young and talented manpower and the English language which is spoken widely are the main reasons which are attracting many foreign companies to invest and start a business in India. If you are also one of the expats wishing to start a venture in India, then you first need a legal right to live and work here. For setting up your own business, you need to apply for the business visa and you must need to prove that you have enough funds and relevant experience in your field to set up the business.
Procedure you need to follow after arriving in India:
1. FRFO Registration
First, you need to register yourself with FRRO(Foreigners' Regional Registration Office) within 14 days of arrival to get a residential permit if you have a long-term visa for more than 180 days.
2. Get a Permanent Account number
You need to apply for the PAN card to obtain a unique tax registration number given by Income tax services of India if your income is taxable in India. Without PAN, you can’t file your tax returns.
Things you need to know taxation of expatriates in India:
The rules for taxation of expatriates in India are not simple as regular citizens. You must need proper knowledge and guidance to pay your return as expats. No need to worry as RGSC & company is always there to help you in providing various financial solutions such as tax auditing, claims settlement for expats, etc.
Here we are providing you with some important information you must need to know.
• It depends on your residential status to pay the taxes or not during a fiscal year.
• First, you need to calculate the amount of salary you have earned during living in India. Then, you need to pay your returns on the amount you have earned in India.
• If you have received your salary in foreign currency, then the tax is deducted after converting your salary in Indian currency.
Formalities you need to cover before leaving India:
RGSC & company is responsible for maintaining all kind of financial stuff such as they can also help you in obtaining ITCC(income tax clearance certificate) from the Indian tax authorities. This will help you in getting clearance from immigration authorities before leaving the country. Without it, you’ll not able to fly outside India.
You can also pay your returns through RGSC & Company as they are one of the leading firms providing quality solutions for all kinds of financial or tax related services like tax auditing, claim settlement etc. Moreover, they also provide information on company formation related business consultation services.