Over the past few years, we have seen an increased interest of businessmen from India in opening a company in the USA. After all, with the relatively low cost of opening and maintaining a business, you have not only an American company with a bank account, but also many other advantages. You can:
- gain access to a large market with solvent demand
- open branches and representative offices in any country in the world
- use available credit resources
- optimize the taxation of the company in the country of residence
- in the future get a Green Card (GreenCard) and US citizenship
If you plan to do business in America, you can not do without registering incorporate company in USA with a legal entity. This is primarily due to the fact that resident companies are wary of counterparties from abroad. It should also be borne in mind that opening an account with an American bank is only possible for a company registered in the United States.
But, in order to survive a company in USA, you must need to hire a CFO services for your company. A financial director who manages all the financial stuff for the company to keep it safe from bankruptcy and liquidation and file the income tax returns for the company..
The financial director can be safely called the second person in the company in terms of the volume of functions performed. He leads not only the financial service, but also other parts of the organization. For a company to function efficiently, all services must work harmoniously, in harmony and without overload.
The CFO performs the following functions according to the job description:
- general administrative:
- coordination of large-scale transactions and basic instructions
- sighting of documents on financial and legal issues
- improving the use of current resources and optimizing costs
- selection of specialists for vacant positions in financial departments and / or coordination of applicants for them
- management and control of:
- accounting, tax and management operations
- treasury operations
- enterprise budgeting
- managing investments
CFO and Legal Nuances
When the legal department is exclusively involved in the preparation of contracts and the issuance of powers of attorney, it can be fully controlled by the financial director. In this case, or if you have to manage a company in India, the CFO services in India, along with subordinates, must develop and agree on the procedure for preparing and approving standard and non-standard contracts.
When the legal department is responsible for dealing with claims, contracts and claims, prepares documents for tenders, it is recommended to separate it from the financial department. In large companies, it is worth separating the financial service and other departments. In a functional sense, the CFO should not work on employees in related departments. However, they may be in administrative subordination in cases where the results of their activities directly affect the “life” of the financial service.