Format Of Authorization Letter For Sending Funds Directly Into The Bank Account: Fill & Download for Free

Rules Of EPF WithdrawalYou can withdraw your EPF amount if you have completed more than two months of service.You can withdraw if you have not got any job till two months after the resignation.You can also withdraw some amount of PF in the certain situation.Your employer should send the attested form of the EPF withdrawal within one week of submission.If you withdraw PF before 5 years of continuous service, the PF amount will be taxable.The Harassment of EmployersThe rules do not state that an employer can hold the EPF amount of an employee. But, Many employer do not approve the EPF withdrawal form to arm-twist the employee. The employers try to enforce the notice period against the signature on EPF withdrawal form. This illegal practice is very common among errant employers. Due to this the employee suffers. Are you also one of them?You Can Get PF Without Employer SignatureFortunately, the things are getting better. EPFO is really trying hard to contain the high handedness of the employer. First it was online PF transfer, which eased the PF account transfer very easy. Second, It came with Universal Account Number which made EPF transfer an easier process. Now it, has also made the EPF withdrawal without employer approval a cakewalk. The UAN has made EPF withdrawal very easy. There are two methods to withdraw EPF without employers signature.1. EPF Withdrawal Who has Given Adhaar NumberEPFO has introduced the Adhaar linked EPF withdrawal. This method of EPF withdrawal do not require any authentication, forget about the employer. It is as easy as filling bank withdrawal slip.But, to avail this super easy facility, you must fulfill these conditions.You must have the UAN. UAN is allotted by the EPFO. You can check UAN. Even, you can generate UAN as well.You must have given the bank account and Adhaar number linked to UANThe employer should have verified the Adhaar number of the employee.This process of EPF withdrawal do not ask anything related to your identity and KYC details. The EPFO verifies your identity with Adhaar data and deposit the money into the account authenticated by the employer. The employers are asked to verify the bank details and Adhaar number while you are in the service.Steps to EPF WithdrawalIt is really very easy.Download the form for PF withdrawl. This form is separate from the regular Form 19, Form 10C and form 31. The new forms are simplified and contains very few fields.In these form you need to fill the mobile number, name, UAN, Address, Date of leaving, reason of leaving, and PAN. To withdraw the EPF amount only, you should fill the ‘Form 19 UAN’.Attach a canceled cheque along with these forms.Submit the new EPF withdrawal forms and canceled cheque to the regional EPF office.Note, you have to keep in mind that EPFO would tally your bank account number of canceled cheque with the number mentioned in UAN database. Both of these accounts should match as EPF balance would be deposited into the bank account mentioned in UAN database.All other information given in the forms should match with UAN database. It is better if you tally the form with UAN account before depositing the form.2. EPF Withdrawal Who has Not Given Adhaar NumberThis is old method of EPF withdrawal without employer’s signature. This method is still valid for those who don’t fulfill the criteria of the above method. In this method, you have to verify your identity. Since, employer do not verify, You have to attest your EPF withdrawl form from other credible authorities. These authorities are –Manager of a bank.Any gazetted officer.Member of the Central Board of Trustees./ committee/ Regional Committee (Employees’ Provident Fund Organization).Magistrate/ Post/ Sub Post Master/ President of Village Panchayat/ Notary PublicAs you can see, the list is long, who can attest the withdrawal form. But in practice attestation by the bank manager is preferable. Also, Manager should be from the branch, where you maintain an account.Note that you have to take signature and stamp in every page of the application.Since this is an alternative route, EPFO does not encourage this process. Also, there is more chance of fraud as well. Hence, It asks for a letter which should state the reason of the direct application for EPF withdrawal.It is advisable to attach evidence, if any, of ‘non-cooperation’ by the employer. This will give weight to your application. Try to correspond in writing with your employer, so that you have some evidence of non-cooperationAttach an indemnity bond in a 100 rupee stamp paper. Although it is not mandatory according to rules. But you should not take any chance.Also, attach service proof. Application of one of Planmoneytax readers was rejected for the lack of service proof. Hence, you should attach copies of payslip, ID card, form16 or appointment letter from employer to substantiate your claim.Also, attach a copy of your identity proof and address proof.Other Points To Note For EPF Withdrawal Without Employer SignatureIf the bank account number would be same as with the EPF record then it will help. Try to give your salary account of the previous job.Also, If the attesting bank manager will be from the branch of your salary account branch then it would be better.PSU bank manager carries more weight.Before Jumping To The GunYou have two methods to withdraw the EPF. The method one is very easy, and everyone should go through this, whether employer cooperates or not. But, method 2 should not be the preferred route. As this method is not an easy one. Avoiding employer and going directly to the EPFO takes more time and more documentation. The probability of rejection also increases in this process.5 Tips To Avoid Direct Withdrawal Of EPF1- Try To Convince Your EmployerTry to tell your employer that it is his legal duty to sign your PF withdrawal form. He should know that you are aware of all the rules and regulation. Have some sweet talk as well it may work in 50% of the time.2- Take Present Employees In The LoopTalk in the presence of your earlier colleague who presently works there. The HR department would not like to give a bad impression to its current employees.3- Search A Mediator Who Can Talk To HR.Try to search a person in your old office who can mediate between you and the employer. Sometimes this method works better than any other process.4- Communicate In WritingDon’t talk with your employer verbally or through the phone for getting signatures in the form. Send your EPF withdrawal form through the registered post or speed post. Further communication should be also through this medium. Keep the receipt of the post as well as proof of delivery. Postal department takes 10 rupees to provide proof of delivery. It has the signature of the person who had received the post. Collect it from the post office. This will deter your employer to act arbitrarly.5- Threat Him About Legal ActionAccording to labour laws and EPF rules, it is illegal to withhold the PF money. If any employer is doing the same, then he is working against the law. You can drag him in the court as well as complain to vigilance commissioner of EPF.How To Teach lesson to Erring EmployerFile Grievance With EPFOYou can complain about the malpractice of employer to the EPFO. It is illegal to withhold the PF money of any employee, EPFO should act on it strictly. For this go through these steps.a. Please collect evidence of employer’s unsupportive behavior as much as possible.b. File grievance at the online portal of EPFO. Also, upload the copies of all of your evidence. It should be in PDF format.c. Wait for one month and check the status.d. File an RTI with EPFO and ask what action has been taken on your complaints. This will force the EPFO to act upon erring employer.Send Legal NoticeHire a lawyer and send A legal notice. You should state about all of your communication and give a copy to labour court as well. If possible, try to make a group with other harassed employees of your previous company.

Hello,For opening the block account in Germany you need to open normal account into the bank given below. Then you need to block around 8600 euros.*Using Fintiba Bank (This is the online bank for all international students) Procedure to open the accountOpen a Blocked Account at Fintiba website. You will find detailed information about opening your Blocked Account and if you have further questions they offer a free consultation.Fill out the application form. Once you’ve started the process, you will be directed to an online application form. Here, you need to provide your personal details and verify your identity (scanning your valid passport). Once the verification process is completed, your Blocked Account is opened.Deposit money. Now that your Blocked Account is opened at Fintiba, you need to deposit the required amount of money to your account. Note that international transfers normally take up to 5 days to be completed and sometimes more depending on your local bank.Receive a confirmation email. As soon as the funds are transferred, Fintiba will automatically send you an email to confirm that your deposit is accepted, and your blocked account is now activated.Make an appointment at the German embassy. As soon as you receive this email, you arrange an appointment at the German embassy. Print out the blocked account confirmation email because you will need it at the embassy to prove your financial resources.That’s it! Once you have your Blocked Account opened, you have completed one of the most important requirements to successfully getting your student visa.Access your money. Once you arrive in Germany, you need to open a current bank account at any bank of your choice where your monthly payout will be transferred from your Fintiba Blocked Account. Important! Do not forget to finish the last steps in your Fintiba account and upload all the required documents to get access to your money.Deutsche Bank Procedure is given belowFirst, apply for a blocked bank account as soon as you receive your university or college admission letter since you will have to present a confirmation letter to the embassy when you go for your visa interview.2. To start the application for a Deutsche Bank blocked account, you will need a computer or a laptop. Download the application form, and completely fill it with correct and honest information that complies with the information in the other documents that you are required to submit alongside with it. Leave open the sections where is asked the date, place, and signature, since they must be filled on the day you certify your documents at the embassy / consulate.3. Print then the completed form twice. One of the forms you will have to submit at the embassy or consulate of Germany in your home country, and the other one you must keep in case of need, for later.4. Collect the required documents (as listed below) and appoint an interview through phone or email at the German embassy or consulate in your country of residence, which serve as an attesting authority in this case.5. For the attestation you need to submit the following documents to German embassy or consulate in your country of residence:Application Form for a Deutsche Blocked Bank Account, fully filled with correct and honest information (Download the form here!)your valid passport, alongside with two black and white copiesyour admission letter from the German University where you will carry your studies, alongside with a copy of ita prepaid envelope (from a private provider such as FedEx, DHL or US to forward the application to Germany) addressed to Deutsche Bank, “Deutsche Bank”, Privat- und Geschäftskunden AG, Alter Wall 53, 20457 Hamburg, Germanydocuments that prove the source of your funds (e.g. bank statements)The following fees will apply:Students:authentication of signature: 20€Language Course Participants:authentication of signature: 20€certification of the copy of the passport page:For more in formation you can contact Rcare over sea education, if you face any doubts.

Decide on the structureThe structure of your business entity determines the requirements you need to meet for out-of-state incorporation. The following are the most common business entity types in the United States.C CorporationThis type of corporation is treated as an independent legal entity and tax structure from the owner.Being a C Corporation helps separate your personal assets from your business debts, as you can’t be held personally liable for debts incurred by the corporation.In a C Corporation, there is no limit to the number of shareholders. The shareholders then elect a board of directors, and these directors then designate the CEO to be in charge of managing business operations. You must also hold annual meetings and record meeting minutes.When it comes to taxation, a CCorporation is taxed separately from the owner on corporate profits. Owners would then pay another tax on shareholder dividends distributed out from the corporation. This is normally called a "double taxation" on corporate profits.S CorporationAn S Corporation is any private corporation eligible to operate under Subchapter S of the IRS Code. It incorporates, like any other corporation, by filing Articles of Incorporation with the Secretary of State, then choosing directors and officers who oversee the management of the company. A special filing will then be made with the IRS to designate the corporation to be treated as a S Corp.Similarly to a C Corporation, an S Corporation is treated as an independent legal entity and tax structure, separate from its owners. This helps secure your personal financial assets, as they can’t be seized to satisfy business liabilities.However, unlike in a C Corporation, S Corporation owners report their share of profit and loss in the company on their personal tax returns. There is no taxation at the corporate level; profits and losses are passed through to the individual shareholders to be reported on their tax returns.Another difference is that there are limits on the number of shareholders and they must be US citizens or residents.Additionally, an S Corporation must hold annual meetings and record meeting minutes.Limited Liability Corporation (LLC)A Limited Liability Company (LLC) is a hybrid business structure that combines the characteristics of a corporation, a sole proprietorship, and a general partnership.An LLC offers the tax advantages of non-corporate structures with the limited liability protection of a corporation.Like C and S Corporations, an LLC is treated as an independent legal structure separate from its owners. As an owner, you are shielded from being held personally responsible for LLC debt.In terms of taxation, if the LLC has only one owner, it is taxed similarly to a sole proprietorship. If there are multiple owners, the LLC will be taxed as a partnership. One can also have the option to be taxed as an S Corporation or C Corporation.In an LLC, there is no limit to the number of owners, you are not required to hold annual meetings or record minutes, and the business is governed by operating agreements. If you are forming a LLC you can follow the 5 Steps to Form an LLC.Sole Proprietorship and General PartnershipsSole Proprietorship and General Partnership are very similar types of business structure, the major difference being the number of owners.A Sole Proprietorship means there is only one owner, while a General Partnership has two or more partners.This type of business is easy to form and operate, so much so that, for example, no state filing is required when forming a Sole Proprietorship. However, the biggest drawback is that the owner(s) remains personally liable for lawsuits filed against the business.Regarding taxation, it is the owner(s) who reports business profit and loss on their personal tax return.You can download our resources to decide on the best business entity structure for you.VirtualPostMail Business Structure Advantages and Disadvantages.pdfVirtualPostMail Business Structure Comparison.pdf2. Choose the location to do business inMost often many choose to start a business in Delaware or Nevada. I’ll break this down on the benefits of each state.Forming a Delaware LLCThe biggest benefit of forming a Delaware LLC is for privacy and asset protection.You can submit your necessary documents and forms to the Division of Corporations, with the filing fee payment, which is a one-time fee of $90. If you want to speed up the process, you can pay the expedited fee of $100 for same-day filing or $50 for 24-hour filing on top of the filing fee. To maintain your Delaware LLC the annual franchise tax is $300.The benefits of Delaware LLCs is as follows:PrivacyDelaware LLCs are not required to list members’ names and addresses in their filings. The LLC’s operating agreement is the only document where members’ and managers’ names and addresses need to be specified. Since this document is private, the ownership and management structure isn’t available to public view.Asset ProtectionMany individuals use LLCs to protect their assets from lawsuits. Delaware LLCs provide superior asset protection because it is one of the few states that considers a charging order to be the only means to collect debt from LLCs. By contrast, many other states allow judgment collectors to go after the personal assets of the owners of single-member LLCs.Tax AdvantagesDelaware does not tax companies that operate outside of its borders. This means you do not end up paying Delaware state taxes if you have no physical office or do business directly within the state.No state sales tax needs be collected from customers.No corporate tax on interest or other investment income in a Delaware holding company.No taxes for fixed income or equity investment gains on the state level.No value-added taxes, use tax, or even inventory tax.No inheritance tax.No capital shares or stock transfer taxes.No tax on intangible assets such as trademarks, patents, and naming rights.No personal/business property tax.Although, there are many tax advantages having a Delaware LLC requires you to pay an annual franchise tax.If you need help you can follow our 4 Steps to Setting Up a Delaware LLC.Forming a Nevada LLCForming a Nevada LLC is attractive for many reasons, but the most important of them are because it offers tax benefits and strong privacy and asset protection for businesses.Registering a new LLC in Nevada involves the following payments. To register you must pay $200 for a business license, $150 for a list of officers, and $75 for articles of organization. The total to form a Nevada LLC is $425. To maintain your Nevada LLC note that you must file your business license and list of officers annually. It will be $350 annual filing fees.The benefits of a Nevada LLC are below:Tax BenefitsNevada is one of seven states where LLCs are not charged state income tax. Your LLC is not subject to taxes for the income it makes in the state of Nevada.Additionally, members of Nevada LLCs don’t pay the following taxes:No corporate tax.No personal income tax.No franchise taxAsset ProtectionLLC members in Nevada can expect thorough asset protection in the event of a lawsuit.All employees, members, agents, and directors are protected from being personally liable in a lawsuit. Firms are not required to hand over a list of their business assets, and apart from filing with the IRS, there is no record of the asset being linked to the company. Also, Nevada won’t request corporate income tax information and share it with the IRS.Strong Privacy ProtectionAnother benefit of forming your LLC in Nevada is it is not required that owners or board members of Nevada LLCs be listed in public records when filing with the state, assuring an extra layer of anonymity.If you need help you can follow our 6 Steps to Forming an LLC in Nevada.3. Register the name of your businessThe name that you choose must comply with your state’s LLC laws.Search if your LLC name is available in the state that you’re registering it in and that no duplicates or similar names exist. You can search your LLC name or on the individual state’s Secretary of State website.Reserve your business name (optional).Decide if your business name will be trademarked. If you wish to have a trademark, it’s best to come up with a unique and non-descriptive name for your business. The best recommendation is to speak to a Patent and Trademark lawyer.4. Select a registered agentA registered agent is a third party entity or individual that is responsible for the correspondence, processing, and receiving of government notices, lawsuits, subpoenas, and other official documents on behalf of the LLC. They help with keeping backup copies of legal documents, signing articles to be filed, staying up-to-update on compliances with State requirements.Requirements vary slightly in each state, but generally registered agents must:Have a physical office in the state where your business is registered.Be available at the physical street address during normal business hours to receive legal documents.You can learn more about why a registered agent is needed.5. Get an EINYour EIN is a unique nine-digit number assigned by the IRS to business entities operating in the United States. It is your permanent identification number and can be used immediately for most of your business needs, including:Opening bank accountsApplying for business licensesObtaining business loansHiring employeesBuild business creditFiling tax returnsForming LLCs and CorporationsOnce an EIN is issued by the IRS, it is permanent and does not expire. It stays for the life of the business until ownership or structure changes, or other exceptional circumstances. Obtaining an EIN is easy and free. Here are 4 ways to get your EIN.What is Required for an EIN Form?Whatever method of application you select to get your EIN here’s everything the EIN form will ask for:Legal name of entity (or individual) for whom the EIN is being requested.Trade name of business.Executor, administrator, trustee, “care of” name.Mailing address.Street address (if it is different).County and state where principal business is located.Name of responsible party.SSN, ITIN, or EIN.Type of business entity.Reason for applying.Date business started or acquired.Closing month of accounting year.Highest number of employees expected in the next 12 months.First date wages or annuities were paid.Principal activity of your business.Principal line of merchandise sold, specific construction work done, products produced, or services provided.Whether or not you’ve ever applied for and received an EIN.What is an EIN?EIN vs. FEIN: A Federal Employer Identification Number (FEIN) is another name for an EIN.EIN vs. SSN: A Social Security Number (SSN) is an individual tax identification number. Where an EIN is a businesses tax identification number.EIN vs. Tax ID: The number assigned by the IRS for tax purposes is the Tax ID and a EIN is a type of Tax ID, specific to businesses.EIN vs. ITIN: Your Individual Taxpayer Identification Number (ITIN) acts like a Social Security Number for non-U.S. residents and resident aliens. An ITIN is also used for their spouses and dependents who are not able to obtain a Social Security Number (SSN). Overall, it’s for an individual, whereas the EIN is for a business.Now that we've covered those details let's begin walking you through applying for an EIN.6. Open a business bank accountChoose a Bank That Fits Your Business NeedsAll banks are not created equal. There are a vast number of banks options out there, and you’ll need to do some research to see which account is right for your needs.When choosing a bank for your business, take into consideration the following factors:Existing banking relationship - banking relationship is extremely important when doing business. Using more products and services from the same bank will help to reduce some costs and also allows you to get better rates and easier approvals for lines and credits.Costs - Consider the affordability of the costs you might be charged, such as monthly servicing fees, deposit fees, and ATM fees. If you’re a cash-based business, check for cash deposit fees. If you wire funds frequently, check for free included wires or lower wire fees.Convenience - Make sure the location, as well as the number of ATMs and branches, suits your needs.Support for future needs - If you expect to need more than just bank accounts, make sure your bank offers small business loans, lines of credit, and credit cards; a small business credit card allows you to float business expenses and often offers rewards.We recommend you ask the following questions about your business bank account:What documents are required to open an account?What are the minimum monthly balance requirements?What are the monthly fees, if any?How much is needed for the initial deposit?Required Business DocumentationWhen opening a business account, the bank will request certain documents from you.What should I provide to open a bank account for my business?Generally, most banks ask for the following to start a new account:A filed copy of your LLC’s certificate of formation to ensure that your business is legally registered with the state.A copy of your LLC Operating Agreement. This is usually required to ensure that you are authorized to open bank accounts on behalf of the business.Federal tax ID number (EIN).The address where your business office is located. This must be a physical business address in the U.S. and can either be a residential or commercial street address, but cannot be a PO Box. Banks may require you to provide proof of address to ensure that you do occupy or own the space.A mailing address where all your documents, statements, and notices will be sent. This can be any address.A valid ID of the company owners or members.Some of these documents may vary depending on what state you live in (or the state in which you established your business). Federal banking regulations require a real physical address to open and maintain a U.S. business bank account. Mailbox addresses and PO Boxes are not allowed. Banks will close or suspend your account if they request for proof of physical address and you are not able to provide a proper physical address.What Documents Are Required For Applying For a Business Bank Account?You’ll need the following items to open your LLC’s business bank account.Articles of Organization - Every bank/credit union will require the state-approved Articles of Organization (also known as “Certificate of Organization” or “Certificate of Formation”) that will typically tell the bank/credit union the LLC's name and address, the nature of the LLC's business, and LLC’s registered agent. The Articles of Organization must be approved by the state before applying for a bank account, as this is the only way the bank/credit union knows the LLC is legally authorized to do business in your state.Employer Identification Number (EIN) - Make sure you’ve received your EIN from the IRS before heading to the bank. You’ll need to show them a copy of your EIN in order to open your account because an LLC is a legal entity subject to federal taxation, all banks and credit unions require an EIN number in order to open an account.Personal Identifications - You’ll need to bring in two forms of identification. Every bank/credit union will require at least one form of government-issued identification such as a driver’s license or passport. Double check with the bank before heading over.Additional Documents That May Be Required For Your Business Bank AccountOperating Agreement - The LLC Operating Agreement outlines ownership, member responsibilities, and operating procedures in an LLC. It also details who will have authority to manage the LLC and open bank accounts.While it is not required to have a written Operating Agreement in all states, it is strongly recommended that you do have one as some banks require this. The agreement will also benefit you if you have multiple members in the LLC, if you have a manager managing your LLC, or if you want to reduce personal liability.For a list of documents required to open a business bank account you can download it here.Open Your Bank Account and Use It!Now that you have selected the right bank and gathered all the required documentation, head to the bank and open up your bank account! This is likely the easiest step. Expect to take about an hour to open the account.Determine whether you will need an ATM card and whether you need checks. Ordering checks may cost you extra unless your bank account offers it as a free benefit. An ATM debit card will be useful if you need to make purchases online and you didn’t separately apply for a business credit card.Finally, make sure to use your bank account for all your business transactions. This helps to keep all your financials in one single place so you can easily file taxes at the end of the year.How to Open a Business Bank Account for Non-US ResidentsNon-US residents can now open an LLC business bank account online with Mercury.It wasn’t until this year that opening a business bank account for your LLC was extremely difficult for non-residents. You had to travel to the state where you formed your LLC and open a bank account in person.To open an account you will need:Documentation - Required documentation will depend on the state where you form your LLC. The most common forms will be any of the following Articles of Organization, Certificate of Organization, Certificate of Formation. You will also need to send a stamped and approved copy of your LLC approval documents.Identification - Mercury will only accept a passport for non-US residents. Additionally, they will ask for your phone number and other personal contact information.Address - You will need to provide Mercury with your LLC’s business address. This can be an office location. However, not having a permanent US address is the biggest problem you’ll face when setting up a business bank account in the US. Your proof of address cannot be a PO Box. Banks will ask for your proof of address or proof of residency.Employer Identification Number (EIN) - You will need to show proof of your LLC EIN Number. Mercury will only accept two official letters from the IRS. You can submit an EIN Confirmation Letter (CP575) or EIN Verification Letter (147C).OFAC Restricted CountriesBecause of U.S. sanctions, you won’t be able to open a bank account if you reside in some countries. For a list you can check the Sanctions Programs and Country Information issued by the U.S. Department of Treasury.You can see all of Mercury’s fees here: Mercury pricingYou can see frequently asked questions here: Mercury FAQsIf you are a non-US resident/citizen and plan to open your bank account in the U.S. in person, you will need to check with the bank to see if they support international businesses and what types of documents are required to open an account in the U.S. International banks tends to be more friendly to international businesses.