In general, compliance means conforming to a rule, such as a specification, policy and standard or law. Regulatory compliance describes the goal that organisations aspire to achieve and the steps taken to comply with relevant laws and regulations.
Compliance and its importance are often overlooked by many startups new to the business and small company’s ecosystem simply because they are not aware of the existing laws. Ignorance may not be bliss in such cases as it affects a startup’s and small company’s viability and attractiveness to a potential investor.
Whether we take into consideration statutory compliance or legal compliance, following a structured approach would lead the company towards a better future, leading to sustained growth.
Compliances required to be followed to start a new business includes:-
- Registration of firm or company
- Conducting Board Meetings
- Appointment of Auditor
- Annual General Meeting
- Annual filing of forms
- Yearly forms of Directors
- Maintenance of statutory books and records
- Other event based compliances
Adhering to statutory compliances is necessary for all big and small companies in the world to keep their businesses safe from the legal trouble. A deep knowledge of statutory compliances is required to minimize the risk associated with the noncompliance of statutory requirements.
In today’s competitive and legal business world, it is very challenging for companies to manage statutory compliances without good professionals like Lawyers, Charted Accountants, Company Secretaries those having sound knowledge regarding all legal aspects.
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