Issue Date: March 28, 2019
Submission Date: April 15, 2019

Women’s World Banking is seeking a well-established and reputed Chartered Accountant firm having relevant experience for providing Financial, Accounting, Taxation, Secretarial, Legal and Compliance services. The selected firm is required to (i) assist in incorporation of a for-profit company and a not-for-profit (Section 8) company (ii) assist in applying and obtaining all necessary regulatory approvals for carrying out operations in India including for receipt of domestic and international funds, engaging consultants and vendors (iii) carry out day to day accounting, financial management, secretarial, taxation, legal and compliance for the two Indian entities.

About Women’s World Banking
Women’s World Banking is the US non-profit (501c3) devoted to giving more low-income women access to the financial tools and resources essential to their security and prosperity. For more than 35 years we have worked with financial institutions to show them the benefit of investing in education. Headquartered in New York, Women’s World Banking works with 38 institutions in 28 countries with a reach of 14 million women to create access to finance on a greater scale than ever before.

Women’s World Banking has three lines of business (i) Advisory Services (ii) Asset Management and (iii) Training. India is a priority market for Women’s World Banking where it is seeking to establish operations to further its mission to advance the security and prosperity of low-income women through the provision and engagement of financial services. As part of establishment of its India operations, Women’s World Bank is intending to setup a private limited company under the Companies Act, 2013 for carrying out its business and advisory services and a not-for-profit, Section 8 Company for carrying out charitable activities. Both companies would operate and receive domestic as well as international funds, subject to necessary approvals from regulatory authorities.

Objectives & Responsibilities
Please note that the below is an indicative list of role and responsibilities, however the terms and conditions would be as per the final Contract entered into with the shortlisted CA firm

  1. Entity structuring and Incorporation of the Indian entities
    1. Perform all pre-incorporation, incorporation and post incorporation activities including application to RoC, setup of Bank accounts, obtaining PAN / TAN, filings under FEMA etc, as applicable.
    2. Provide advisory services including a detailed checklist for all incorporation activities including for receipt and transfer of capital and funds to be used by the management.
    3. Assess and advise on transfer price structuring and benchmarking and structuring of contracts
    4. Complete other registrations to be obtained for maximization of tax efficiency and smooth conduct of business including receipt of foreign donations including 12AA, 80G registration under Income Tax Act for Section 8 Company, FCRA registration and approvals as applicable.
  2. Financial and Accounting services
    1. Data entry, book keeping, and general accounting management and ensure accuracy and completeness of books of accounts.
    2. Designing and implementation of accounting methodology, policies and procedures in line with the applicable Indian and International Accounting Standards including US GAAP.
    3. Updation of records in accounting software as applicable for Indian and US Books of account
    4. Establishing and monitoring budgetary controls in line with Women’s World Banking policies.
    5. Payroll management including compliance with statutory laws including applicable statutory contribution, deductions and filing (including PF, TDS, Professional tax, etc. as applicable)
    6. Preparation of reconciliation including but not limited to cash, bank, revenue, fund reconciliations.
    7. Invoicing and processing of all payments including to any vendors / consultants appointed.
    8. Support in travel and expense reimbursements to employees, vendors or consultant.
    9. Leading and provide all required information and facilitating audit of accounts conducted by statutory auditors, internal auditors and other agencies.
    10. Support in consolidation of books account of the Indian for-profit and not-for-profit company as per applicable Indian and International Accounting standards (including consolidation if any needed with Women’s World Banking financial statements).
  3. Tax, Secretarial, Legal and Statutory Compliance
    1. Responsible for ensuring compliances at all times to applicable law, regulations, rules and guidelines, including Companies Act, 2013, Foreign Contribution Regulation Act, Income-tax Act, various applicable law. Advising on all tax (indirect, direct), legal and statutory compliances and maintain checklist of filings and compliance under applicable law for the two entities.
    2. Draft and advise on various agreements and contracts with consultants, vendors, corporates etc. including on legal, taxation and contractual matters
    3. File Income Tax Returns, TDS Returns, GST Returns, filings under FEMA and other statutory / tax / regulatory returns/documents well within due dates and entire responsibility shall lie with the firm.
    4. Act as the first point in contact with tax and statutory authorities. Support in filing any appeals or advance ruling and appearing on behalf of the Companies in any proceeding by regulatory authorities.
    5. Ongoing secretarial support including but not limited to issue of shares, assistance in Board and Sub-committee activities, support in drafting agenda, resolutions and minutes of meetings.
    6. Deduction/ Collection of Various Statutory Dues and depositing the same if applicable
  4. Reporting and Maintenance of records
    1. Maintain all records and provide daily updates to the Indian management on all financial, tax, legal and secretarial matters.
    2. Provide regular updates to the management on all financial, tax, legal and secretarial matters.
    3. Preparation of Monthly reports, MIS, other reports required by the management.
    4. Act as a repository of books of account, filings and records pertaining to financial, tax, legal and secretarial matters

Duration of Consultancy
The consultancy would be started on an immediate basis as per terms of the final Contract and would initially be for a period of one year, extendable on a mutually agreed basis.

Location of Work

Eligibility Criteria

  1. The applicant firm should be a registered proprietorship, registered partnership firm or a limited liability partnership and should have been registered with ICAI. Further, the firm should be a reputed Chartered Accountant Firm having a full-fledged office in Mumbai, Chennai or Delhi and offering services related to Accounting and Auditing, Taxation, Incorporation, FEMA, Legal and Secretarial, etc.
  2. The Firm must have at least three qualified Chartered Accountants and two Company Secretaries.
  3. The firm should be active for not less than 10 years and should have relevant experience in incorporating Indian companies, preferably Section 8 companies.
  4. The firm should be able to allocate dedicated team member/s to carry out the scope of work.
  5. The firm should have all necessary approvals / consents / license to provide the services.
  6. The applicant firm should not have been barred/declared ineligible for corrupt and fraudulent practices by the Govt. of India/State Govt/RBI/ICAI/any other body and should not have any disciplinary proceedings pending against the applicant firm or any of the partners.

To Apply
Please submit your application no later than April 15, 2019, at midnight EST.

This application should include the following elements:

  1. Cover Letter including
    1. Income Tax PAN No. of the Firm
    2. GST Registration No. of the Firm
    3. Turnover of the Firm/ LLP in 2017-2018, 2018-19 (estimates)
  2. Proposal including:
    1. Scope of work with corresponding work plan and timeline for incorporation of the two Indian companies.
    2. Organizational capacity and experience
      1. Please provide specific experiences with other US not for profits incorporating in India.
      2. Undertaking that the Firm/LLP or any present partner of the Firm / LLP does not face any penalty or prosecution before any statutory authority, court, tribunal, disciplinary committee etc., whether connected with professional service or otherwise.
    3. Proposed team structure along with summary of their qualification and experience including any experts who may be appointed for delivery of the services. Please note that both the experience of the designated person and the firm would be considered in evaluation of the proposal.
    4. Proposed detailed budget and financial proposal, inclusive of applicable taxes for each category of services (e.g. incorporation, accounting, payroll, taxation, legal and secretarial).
  3. 5 client references with at least two pertaining to incorporation of a Company (preferably Section 8 company).

Apply Now!

Applicants may submit their question(s) in writing to Please include in the e-mail subject line “RFP: Chartered Acounting Firm for India Operations.”

This RFQ does not guarantee or commit Women’s World Banking to proceeding with the above described work.

The successful bidder shall not, without the prior written consent of Women’s World Banking, assign or transfer or cause to be assigned or transferred, any of its rights or obligations under the Contract of any part, share or interest therein.

Due to the overwhelming responses not all candidates will be contacted.


Women’s World Banking is an equal opportunity employer for all regardless of race, color,citizenship, religion, sex, sexual orientation, gender identity or expression, age, disability, veteran or reservist status or any other category protected by federal, state or local law.

About Women’s World Banking
We believe in being a force for the greater good, devoted to accelerating and growing the financial inclusion of women. With rapidly changing markets, influenced by technology and social behavioral expectations, we are embarking on a new chapter to transform the way we design and implement solutions.

For nearly 40 years, Women’s World Banking has partnered with financial institutions, showing them the benefit of investing in women as customers. We equip these institutions with in-depth our clients are financial service providers, our mission is to engage consumers – women who are marginalized by financial systems.

Women’s World Banking and WWB Asset Management is an equal employment opportunity for all regardless of race, color, citizenship, religion, national origin, sex, sexual orientation, gender identity or expression, age, disability, veteran or reservist status or any other category protected by federal, state or local law.


Q: What city will the office of organisation would be?
A: The registered office would be in Chennai and the preferred location is Chennai, however Mumbai or Delhi applicants would also be considered basis experience etc.

Q: Can you advise the estimated turnover and expenses volumes (both in Rs or dollar terms and in quantitative terms i.e no. of transactions) so that the budget/financial proposal can be worked upon?
A: The Indian company (PLC + NPC) will together not have more than 10 employees during the first year. Expenses would primarily pertain to salaries, consultant / vendor payments (4-5 vendors), expense reimbursements for the staff / consultants, statutory dues, etc. On the revenue side there would be 2-3 sources of revenue including service contracts, foreign donations, domestic donations, CSR funds.

Q: Is it mandatory to maintain records as per US GAAPs in addition to Indian GAAPs?
A: The parent company would need to consolidate its books of account and support would be needed in the same which could include data entry in the US company accounting software or preparation of US GAAP based accounts for December ending period.