Business Startup and Office Setup


Commercial Banking

In the US the term commercial bank was often used to distinguish it from an investment bank due to differences in bank regulation.
Commercial banking proposes following activities:- Internet Banking, Online Bill Payment.
•   Issuing bank drafts and bank cheques /Cashier or Certified Checks
•   Accepting money on term deposit
•   Lending money by overdraft, instalment loan, or other means
•   Providing documentary and standby letter of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures
•   Safekeeping of documents & other items in safe deposit boxes
•   Sales, distribution or brokerage, with or without advice, of: insurance, unit trusts and similar financial products as a “financial supermarket”
•   Cash management and treasury
Merchant services include Point of Sale equipment rental, e-commerce solution, A Merchant Account has a variety of fees, some periodic, others charged on a per-item or percentage basis. Some fees are set by the merchant account provider, but the majority of the per-item and percentage fees are passed through the merchant account provider to the credit card issuing bank according to a schedule of rates called interchange fees, which are set by Visa, Discover, and MasterCard. Interchange fees vary depending on card type and the circumstances of the transaction. For example, if a transaction is made by swiping a card through a credit card terminal it will be in a different category than if it were keyed in manually. Typically A bank will verify few information to open a business merchant account, e.g.-

  • Business location verification, a site inspection could be made
  • Company corporate filing and business document
  • A business or personal guarantee especially, in case of equipment financing or rentals
  • Higher business revenue could attract additional underwriting procedure
References  Rates and Rules

Accounting Services

Overseas Corporate Professional provides a full range of accounting and bookkeeping services customized in assisting small to mid-sized companies. Our aim is to help business owners like you reduce time spent on non-essential tasks, enabling you to focus on core business functions and increase profitability. Many of our clients save up to 60% compared to the costs of hiring in-house staff to perform these functions.

I. Book-keeping Services includes

  • Accounts Payable Management (Vendor Bills and Payments)
  • Accounts Receivable Management (Customer Invoices and Collections)
  • Bank Reconciliations (Checking and Credit Cards)
  • Electronic Document Management
  • Inventory Management
  • Recording and Reconciling Payroll Transactions
  • Revenue Reconciliation with Bank Deposits
II. Controllership includes,
  • Ensuring all revenue earned and expenses incurred during the period has been recorded properly
  • Fixed asset management
  • Reconciliation of all balance sheet accounts
  • Preparation of adjusting and closing entries
  • Preparation of financial statements
  • Project cost control, and financial progress monitor
  • Other Corporate accounting and reporting requirements

Payroll Requirements:

In a company, payroll includes salaries for an employee, wages, bonuses and deductions. Payroll plays a major role in a company for several reasons. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholding and deductions and to ensure that the withholding and deductions are remitted in a timely manner.
In United States of America Payroll taxes include the following:–
  1. Federal income tax withholding, based on withholding tables in “Publication 15, Employer’s Tax Guide by Internal Revenue Service – IRS.
  2. Social Security tax withholding. The employee pays 6.2 percent of the salary or wage, up to 113,700 (as of 2013). The employer also pays 6.2 percent in Social Security taxes. If you are self-employed, you pay the combined employee and employer amount of 12.4 percent in Social Security taxes on your net earnings.
  3. Medicare tax. The employee pays 1.45 percent in Medicare taxes on the entire salary or wage. The employer also pays 1.45 percent in Medicare taxes. If you are self-employed, you pay the combined employee and employer amount of 2.9 percent in Medicare taxes on your net earnings.
  4. State income tax withholding.
  5. Various local tax withholding, such as city taxes, county taxes, school taxes, state disability, and unemployment insurance.


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