I have question regarding work arrangement for remote work from India for US company.
My scenario. I am currently employed on H1B with a Healthcare organization based out of Indiana, US. My work visa expires in June 2018 following which I will move back to India. My employer is wanting to secure my project consulting services as independent contractor. I am setting up a retainer agreement with monthly payment paid directly to my savings account. Given all this,
- I am not forming a LLC or corporation. I will be the sole proprietor and no other legality. Any issues with that approach?
- Other form aside from W8BEN do I need to submit to my HR such as W9? I know I need to submit W8BEN so they don't withhold any federal/state/local taxes and such, but what about Medicare and Social security taxes? What forms are required to stop withholding from that aspect or am I liable to pay those?
- Will I get 1099 from them towards end of year?
- For employers convenience, I would leave my US bank account running and request payments routed to it just as it does today and transfer to Indian bank account? Or should I apply for NRE/NRO? Which is the best option and any legal issues?
Any guidance will be much appreciated. Thank you in advance!