To maintain enforcement levels and comply with evolving requirements at a reasonable cost, businesses need a flexible, end-to-end approach to governance and compliance management that can support many different compliance initiatives.
Further to this, companies are increasingly challenged by the rising number of regulations both from a geographical standpoint (different countries have different regulations and companies that do business in said countries have to toe the line) as well as industry sectors. If they do not comply, in the worst case scenario, companies run the risk of being closed down or being excluded from a market.
The risk and exposure to fines and penalties have grown as businesses face increasing scrutiny from government regulators and legal entities.
Every company, whether Indian or foreign, is required to comply with certain formalities under the Companies Act among many other Acts and ordnances.
Few of the basic factors with are required to be compliant as pet government and statutory requirements are:
Appointment of Directors
Accounting and Reporting
Filing of Returns
Repatriation/Remittance of Profits and Capital
Other than the basic compliance heads mentioned above, there are numerous sub-heads and clauses and in an era of enforceable corporate governance it is in-evitable that the business owner will need to the requirements on an on-going basis.