Earning doubt for Indians

Hi there

I am pursuing engineering from one of the top institutes of India. Getting straight to the point, after college, I would perhaps be getting into a tier A company (if I decide to take up a job) like Google, Yahoo or Microsoft with a pay package of around 10-12 lpa. But that is not what I wish to do.

I have a burning desire to leave the natural path and go freelance web designer and developer. Maybe start a firm with couple of my friends. I have high expertise already in these fields as I have been working on it for years and have completed many design and development projects already.

But my doubt is regarding the earning we in India, would make from foreign clients. I recently did a 1500 $ project for a foreign client and got my payment through paypal. But is there a limit to what we can earn from foreign clients ? Do we have to register ourselves for that ? (like STPI..). In short, what is the situation of earning of Indians from clients overseas. Does our govt. put any restrictions on our foreign earning or something ?

Also, I am looking forward for a net potential goal of about 100k$+ per annum when I go this path full time after passing out of college.

Thanks in advance
Rooney

 

any one please ?

 

You need to get an IEC (Import Export Code) if you are getting paid in Dollars.. its not needed for adsense alone since it pays you in INR...

Even I'm trying to gather more data on this as I'm also in a similar position like you.. the only difference is I already finished college (again a top institute in India ) and decided against joining oncampus offers.. not only due to preference to go on my own but also due to some health conditions at that point of time.


and $100k+ per annum is too high a goal for the short span of time.. do you have specific plans for that... and if you clear a certain revenue you will be eligible to register as an STPI there is lot of info in the STPI website you may want to check out.




_

 

Hi. Nice to hear from you. Thanks for the info. Really helped. I will do some more research regarding this and let you know. About taxes and all.

And 100k$+ per annum is my aim within a span of 3-4 years (when i get out of college as well). And yes, I do have specific plans for that. There will be 3-4 areas to focus for that.

Regards
Rooney

 

Get hold of a Chartererd Accoutant who has expertise in Tax Affairs. He should be able to help you.

IMO there's no upper ceiling on the earnings. Tax however would apply if you are a Resident Indian.

 

HI,

I am from India, and I really appreciate your interest.
In india generally ppl are afraid to take risk, they may work like anything for the company, they are employed.
even they will work for 15 hours in a day easily for their company and the same ppl will be afraid to start their own business.

Getting a Job like in Google, Yahoo or Microsoft!!!
I hope, you will be able to clear all 8 to 10 rounds of interview. one small correction, the maximum pay is 9lpa

Ok, Lets coming back to your point.
In a nutshell, I would say get some experience from some real companies and start your own.
Else,
If you have enough money to pump in, to sustain the inital years, then If you have will, certainly you will succeed.
If you need help, you can PM me.

100k$+ per annum
===> how many ppl ? the first this is almost impossible.

But, anyhow all the best!!!

Doing business is not that easy, be prepared for that. I was working in a MNC for eight years before starting a Web development company. When i was working for MNC, my work time is 9AM to 6PM, now my working time is 6AM to 11PM

 

"Now my working time is 6AM to 11PM" => This is a most common phenomenon when starting your own biz. We should sit calmly for half an hour and think not what to do but to think what not to do - to weed out our unproductive works that we keep doing - this way we can reduce 6AM to 11 PM to hopefully 7 AM to 9 PM.

 

Hi Dhana

Quite an informative reply.

In my college , we dont have 8-10 rounds of interview. There is only 1 written round to shortlist the candidates and 1 interview round. People who clear it are selected for the Job. Microsoft pays 12.5 lpa. Yahoo also pays 12.5 lpa. Google pays 10 or something (maybe 9 as you said).

Now as for 100k$ + , I know its impossible in first sight. But hey if our dreams are small enough to be easily achieved, I dont think we are putting in enough efforts. I think I shall talk to you in PM. Thanks for your reply.

Ohh and I completely agree with the Indian mentality about risk. People will work 12 hours a day, 280 days + per year even if they are getting paid 5 lpa. But no one wants to go alone even if it has 5x the potential. But not a problem with me. My favorite quote here - "Its better to burn out than fade away" by Kurt Cobain

 

"Its better to burn out than fade away"
===Great one. I really liked it. It shows what you want to be.
All the Best!!!, Lets chat.

 

You are very correct, We need to work smart, hard work will not give us anything. But the problem is, I am running a two business now. the new one requires most of time.

 

I myself was former alumini of REC/NIT and i never went i search of jobs and currently i earn more than enough! Also because i am passionate about my work i work anytime, no limits. i have become a boss at much younger age than anybody.

 

Hello,
Must say it is a very interesting thread I came across...
Rooney welcome to the world of Freelancing.
And One positive input from myside..
No Goal is Impossible...

I have been in online business since 1 1/2 years now...
Just remembering my beginning days...
First 6 months were when i didnt earn much on money side but held a lot of experience.
All my fellow colleagues were earning around 5 times than me. I am glad My parents were supportive and were with me always.
I worked for nuts and started building rep of myself...
Today my monthly business is in range of 5k or more... ( Its Business and not Income )
Still As the financial year has ended now i am in tax range and still looking for solutions. My Current CA is little downside when it comes to online income ( I believe most of CA are not informative about online Income )

Best of luck for your venture.

 

which NIT?

I am from one of the tier two Engineering institutes.. now I am working for a MNC which is into services

 

I am sure there would not be any restrictions on bringing $$$ in to the country! You just got to show your Income and pay TAX.

$100K per annum seems a decent target which is possible but difficult. Best of Luck!

 

Great thread its a lot of inspiration for young guys like me.I do freelancing writing work and earn around 800$ to 1200$/month in which I devote myself completely to writing.

 

Which college in India.. me too an engg grad.