What are the compliances?

Every business/ profession has to comply with certain legal requirements which are mandatory. These compliances begin with the inception of the business, and have to be ensured from time and time. Compliances are not a one time process. Different compliances have to be ensured at different stages of the business.

Is it mandatory to fulfil these compliances?

Yes, it is mandatory to fulfill these compliances since these are the requisite of law. Non compliance of these requisite will lead to major consequences such as termination of license, suspension, heavy fines and even imprisonment.

At the time of the initial incorporation of the business

Obtaining licenses/ Government Permission to set up the business

Making rent agreement/leasing agreement/sale agreement etc. for registered office

Obtaining Shop Act License

Incorporation of the company.

Obtaining permission from the concerned Governmental body depending upon the nature of the business/ profession.

Environmental Clearance Certificate from the concerned Authority etc.

After incorporation some other compliances follow such as

Labour compliances

Safety compliances

Sanitation and waste management compliances

Tax, Audit and Financial compliances

Other statutory and Regulatory Compliances

During the business cycle, certain other compliances emerge such as

At the time of merger/ acquisition

At the time of Joint venture

At the time of expansion of business

Change in nature or objective of the company

While opening branch offices etc