India is the new start-up nation! With third highest start-ups launched in the world after US and UK in the year 2015. To build the investors’ confidence and brand reputation, to drive the top line growth and protect the bottom line, it’s imperative for any start-up to be ready! As startup our plan should focus all three aspects of a business i.e. Commercial, Financial and Compliance.
Check out the "Legal Milestones" every startup and entrepreneur should know about. Whether you're just innovating around a new idea or creating a breakout brand headed toward an exit or acquisition, you need to plan for the milestones that create legal impact along your journey
What is the startup legal life cycle? How do startups raise funds at the seed stage? What are founders' dilemmas, and how do you solve these? What legal risks do startups face when developing technology (mobile and web apps etc.)? What is a startup lawyer? How to split equity in a startup? What has the law gotta do with it? Legal 101 for awesome startups and their founders.
Final top ten mistakes startups make 09.23.2014 (00046831x c0cb4)Roger Royse
LEARN FROM THE EXPERTS. EXPERIENCED CFO AND ATTORNEY WILL DISCUSS OBVIOUS AND AVOIDABLE MISTAKES COMMONLY MADE BY STARTUPS IN THEIR EARLY YEARS.
Financial and legal mistakes go hand in hand and often overlap. This interactive "conversation" between a CFO and an attorney will shed light upon these common mistakes, as well as provide solutions for avoiding common pitfalls. This webinar is geared towards current and future executives at startups, financial and legal advisors of startups, and students considering starting their own businesses.
Speakers: Lisa Chapman, Esq. - Royse Law Firm
Chris Chillingworth - Partner at CFOs2Go
Moderator: Fred Greguras, Esq. - Royse Law Firm
The Startup Triangle includes Money, People and Technology. Slides include Founder's Equity, Vesting, Advisor, Seed Funding, Options and 409A Value, The Priced Round, VC Negotiations and Exit Value.
Gain knowledge and insight on how and where to register your business in the state of Illinois and federally as well. Visit the Illinois workNet Start A Business section for more information.
Check out the "Legal Milestones" every startup and entrepreneur should know about. Whether you're just innovating around a new idea or creating a breakout brand headed toward an exit or acquisition, you need to plan for the milestones that create legal impact along your journey
What is the startup legal life cycle? How do startups raise funds at the seed stage? What are founders' dilemmas, and how do you solve these? What legal risks do startups face when developing technology (mobile and web apps etc.)? What is a startup lawyer? How to split equity in a startup? What has the law gotta do with it? Legal 101 for awesome startups and their founders.
Final top ten mistakes startups make 09.23.2014 (00046831x c0cb4)Roger Royse
LEARN FROM THE EXPERTS. EXPERIENCED CFO AND ATTORNEY WILL DISCUSS OBVIOUS AND AVOIDABLE MISTAKES COMMONLY MADE BY STARTUPS IN THEIR EARLY YEARS.
Financial and legal mistakes go hand in hand and often overlap. This interactive "conversation" between a CFO and an attorney will shed light upon these common mistakes, as well as provide solutions for avoiding common pitfalls. This webinar is geared towards current and future executives at startups, financial and legal advisors of startups, and students considering starting their own businesses.
Speakers: Lisa Chapman, Esq. - Royse Law Firm
Chris Chillingworth - Partner at CFOs2Go
Moderator: Fred Greguras, Esq. - Royse Law Firm
The Startup Triangle includes Money, People and Technology. Slides include Founder's Equity, Vesting, Advisor, Seed Funding, Options and 409A Value, The Priced Round, VC Negotiations and Exit Value.
Gain knowledge and insight on how and where to register your business in the state of Illinois and federally as well. Visit the Illinois workNet Start A Business section for more information.
How to Reduce Legal Difficulties with Litigation Support Services Scarlett Eva
This presentation describes that litigation support is one of the essential factor in legal process to resolve the various difficulties that occur in legal work.
Introduction to Business Entities in Pakistanhamidjalal
The document provides a brief description of Legal Entities that could be incorporated in Pakistan to start a business and the merits and demirits of using each entity as a launch pad
How Paralegal Support Services Help to Increase Client Satisfaction?Scarlett Eva
Cogneesol team of legal experts tackle your needs according to your requirements with an efficient manner. We offer paralegal support services in legal coding, legal data entry, legal editorial and publishing services etc.
Philippine Business Permits Licensing ProcessKirk Go
A handbook on Philippine business permit & licensing procedures, outlining processes, fees, and appropriate government agencies handling regulatory functions for specific businesses.
a Presentation by Department of Trade and Industry (DTI) at the BSP Regional Financial Literacy Campaign for OFWs in Davao City, Philippines on July 27, 2006
Choosing the right entity type could be a time taking process, but with the right information you can start your venture pretty soon. This Presentation would give exactly the right information that is self sufficient to incorporate a LLP in India.
When two or More Person Start a Business is known A partnership firm
A Partnership Deed is Sign Between the Partners which contains the Profit Sharing Ration And Rules And Regulations of Partnership.
A partnership is not a Separate Entity so the Partners are Personally liable for all Profit and Losses.
so most People now register LLP wich Means Limited Liability Partnership in which Partners are not Personally Liable for Liabilites.
Two or More Person can Make a Partnership Firm.
max 10 people are allowed for banking Business and 20 for other Businesses.
Documents Required for Partnership Registration
Form No. 1 (Application for registration under Partnership Act)
Original copy of Partnership Deed signed by all partners
Affidavit declaring intention to become a partner
Rental or lease agreement of the property/campus on which the business is set
This is one of presentations from the 2009-2010 Game Industry Start Up Workshop Series. The first workshop topic was "How to Form and Protect Your Business" and it took place on 9/15/09.
How to Reduce Legal Difficulties with Litigation Support Services Scarlett Eva
This presentation describes that litigation support is one of the essential factor in legal process to resolve the various difficulties that occur in legal work.
Introduction to Business Entities in Pakistanhamidjalal
The document provides a brief description of Legal Entities that could be incorporated in Pakistan to start a business and the merits and demirits of using each entity as a launch pad
How Paralegal Support Services Help to Increase Client Satisfaction?Scarlett Eva
Cogneesol team of legal experts tackle your needs according to your requirements with an efficient manner. We offer paralegal support services in legal coding, legal data entry, legal editorial and publishing services etc.
Philippine Business Permits Licensing ProcessKirk Go
A handbook on Philippine business permit & licensing procedures, outlining processes, fees, and appropriate government agencies handling regulatory functions for specific businesses.
a Presentation by Department of Trade and Industry (DTI) at the BSP Regional Financial Literacy Campaign for OFWs in Davao City, Philippines on July 27, 2006
Choosing the right entity type could be a time taking process, but with the right information you can start your venture pretty soon. This Presentation would give exactly the right information that is self sufficient to incorporate a LLP in India.
When two or More Person Start a Business is known A partnership firm
A Partnership Deed is Sign Between the Partners which contains the Profit Sharing Ration And Rules And Regulations of Partnership.
A partnership is not a Separate Entity so the Partners are Personally liable for all Profit and Losses.
so most People now register LLP wich Means Limited Liability Partnership in which Partners are not Personally Liable for Liabilites.
Two or More Person can Make a Partnership Firm.
max 10 people are allowed for banking Business and 20 for other Businesses.
Documents Required for Partnership Registration
Form No. 1 (Application for registration under Partnership Act)
Original copy of Partnership Deed signed by all partners
Affidavit declaring intention to become a partner
Rental or lease agreement of the property/campus on which the business is set
This is one of presentations from the 2009-2010 Game Industry Start Up Workshop Series. The first workshop topic was "How to Form and Protect Your Business" and it took place on 9/15/09.
Startup India is a flagship initiative of the Government of India, envisioned to build a strong ecosystem for nurturing innovation and Startups in the Country.
This SlideShare shows my analysis of a short film called 'Perfection' which shows the struggles of an Asian American woman as she tries to achieve success and gain her parents approval.
This SlideShare shows my analysis of a short film called 'Perfection' which shows the struggles of an Asian American woman as she tries to achieve success and gain her parents approval.
"ПОДАТКИ ТА ПРАВО-2016" - практична Конференція фінансистів, бухгалтерів, юристів України.
Конференція відбулася 4 грудня у конгрес-холі «Космополіт» м. Києва. До участі в цьому заході запрошувалися фінансові директори, бухгалтери та юристи підприємств України.
Практична конференція стала головним майданчиком для обговорення нового Податкового кодексу, податкової та правової лібералізації у 2016 році, практичних рекомендацій бухгалтеру та юристу підприємства з цих питань.
Своїми знаннями, практичним досвідом у рамках конференції поділилися провідні експерти в галузі оподаткування і права, адвокати-практики, аудитори та представники Міністерства фінансів України, Державної фіскальної служби України.
Kyiv Audit Group, як офіційний Партнер Конференції, прийняла участь у даному практикумі. В числі спікерів практикуму - були і консультанти Kyiv Audit Group - експерти з питань бухгалтерського обліку та оподаткування, дипломовані спеціалісти.
Доповідь наших експертів у форматі Презентації до Вашої уваги.
Filinglouge.com is an online portal with a team of highly professional people where we provide a huge range of online services for businesses like business registration, GST registration, ISO certification, Import export code, MSME registration, trademark, copyright, patent, tax return filing, etc.
Summer internship presentation development process of startups from start to...Dinesh Kumar
Startups have been the flavour of the season over the last few years for the Indian markets. This has resulted into the emergence of a number of home grown unicorns across the country. One of the major contributors leading to this development has been the mega funding that has been ploughed into most of these unicorns between the period 2007 and 2015. This has been in line with the global trend dominating the space. Even the aspiring unicorns have had a decent run during this period, where managing to find investors is usually considered a tough task. The trends of investments suggest that investors want to enter as an early investor, even before the start of the firm.
From an overall viewing, India comes across as a thriving under-penetrated consumer driven market with a scope for exponential growth. Internet penetration and its increasing importance will drive most of the businesses. On account of the consumer demographics, with China being out of bounds, India offers the largest pie of investment opportunity that the world is eyeing. This is despite the multitude of operational, regulatory and taxation issues that surround the business running environment in India. However, 2015 has turned out to be a year offering a bit of a reality check to one and all and redefined the dynamics to a great extent. The year also set the tone for the next stage in the evolution of the startup ecosystem. The maturity in decision making that should ideally come in at this stage would be a step in the right direction taking the startup space in India towards greater heights, as it deserves.
The larger problems plaguing the businesses, such as the unorganized and fragmented Indian market, lack of clear and transparent policy initiatives, lack of infrastructure, lack of knowledge and exposure, complications in doing business, etc. are at least now being identified as issues that need to be addressed. The framework and course of regulations need to be updated and adopted as per the times. The right policy matter announcements by lawmakers can be a push. In times like these, pro-reforms announcements are required to provide the much needed impetus to the general business environment in the country in the startup space. To create awareness and building an entrepreneurial environment, a lot of emphasis should now be given to creating infrastructure for mentoring startups. Various stakeholders such as the government, corporate, educational institutions and others are and should join hands to build a better ecosystem for young people. I understand that the Commerce Ministry is planning to build an online portal for information sharing among various stakeholders including incubators/accelerators, angel investors, VC funds and government departments. Also, I understand that other such initiatives are in the pipeline and are expected to be rolled out in due course.
The rise in Startup Registration is not a mere coincidence but a result of various factors converging to create a conducive environment for startup registration.
Surviving and thriving in a post FASEA environmentnetwealthInvest
Dr Deen Sanders OAM, Partner - Governance, Regulation and Conduct at Deloitte, and previously inaugural CEO of FASEA, walks you through the impacts of the new education standards changes and how you can adapt and build a financial advice business that succeeds in the new environment.
Training Slides of Certified Compliance Officer to enhance Personal Development, discussing the importance of Compliance.
Some Key-Points:
- The Framework of Compliance
- Corporate Governance
- Compliance Program
For further information regarding the course, please contact:
info@asia-masters.com
www.asia-masters.com
Matog Consulting is a Management Consulting Outfit providing support to both private and public sector entities in the area of Advisory, Tax, Business Development, Sales, Strategy, Public Policy, Audit, Human Capital, Enterprise Risk Management, Business Plans, SME Advisory, Company Registration
Acct 504 mart perfect education acct504mart.commiddle12
FOR MORE CLASSES VISIT
www.acct504mart.com
Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: Compare and contrast sole proprietorships, partnerships, and corporations.
Relief For LLP Firms - Settlement Scheme 2020LexComply
MCA introduces "LLP settlement Scheme, 2020" which gives relief to defaulted LLPs from paying a huge penalty for not filing form-3, Form- 4 and annual returns
For More Updates, Sign Up: https://lexbuddy.com
Follow Us: http://linkedin.com/company/lexcomply
LexComply - Compliance Management Software India
Professionals Appointed Under Insolvency Bankruptcy Code, 2016 (IBC, 2016)LexComply
Government of India, Ministry of Corporate Affairs- Role of Insolvency Professional(Interim Resolution Professional(IRP) or Resolution Professional(RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016) for filing various forms/ documents with MCA-21 under Companies Act, 2013.
For More Updates, Sign Up Now: https://lexbuddy.com
Follow Us On http://linkedin.com/company/lexcomply
LexComply - Compliance Management Software India
Government of India, Ministry of Jal Shakti has updated that the due date for submission of applications for grant of 'No Objection Certificate' (NOC) for Ground Water withdrawal through the NOCAP portal of CGWA is hereby extended up to 31.03.2020.
For More Updates, Sign Up: https://lexbuddy.com/login.php
Follow Us: http://linkedin.com/company/lexcomply
LexComply - Compliance Management Software India
It’s like very important change in GST, Government decided to bifurcate DUE DATE OF GSTR-3B on the basis of TURNOVER, and now 3 categories of due dates of GSTR-3B is as follows:-
1) 20th - For more than 5 crores turnover
2) 22nd - For 15 States
3) 24th - For 22 States
For More Updates Sign Up Now: https://lexbuddy.com/
Follow Us: http://linkedin.com/company/lexcomply
LexComply - Compliance Management Software India
SEBI has directed Stock Exchanges to penalize the listed Companies for Non-Compliance with the provisions of the Listing Regulations (LODR) & Circulars/Guidelines issued thereunder. Circular includes a list of Penalties to be imposed in respect of Non-Compliance of various Regulations.
Penalty for Non-Compliances goes up to 5,000 per Day (in Some Cases it is 50,000 per instance)
For more Updates Sign Up Now: https://lexbuddy.com
LexComply - Compliance Management Software India
Drive compliance culture to ensure 100% adherence & lower risks with LexComply Legal Compliance Management solution in India, having integrated technology & updated legal library to identify, Allocate, Report & monitor compliance across group companies, locations, departments, & 3rd parties.
Enterprise Governance Risk and Compliance (GRC) Management Solution in IndiaLexComply
Having most comprehensive coverage of compliance amongst the available GRC solutions in India, we ensure you don’t miss any compliance or legal updates . Know all you need about compliance in a single screen.
Centerally monitor and control legal cases, notice to improve efficiencies, communication through the legal ecosystem. Visit :- https://lexcomply.com/enterprise-litigation-management
Lexcomply - ERM enables organizations to implement an Enterprise Risk management (ERM) & Internal Controls framework. Risk Manager captures information such as loss events, key risk indicators (KRIs), assessment responses and scenario analysis data in a flexible and connected way. Connecting the entire risk eco system including internal and external stakeholders, it allows Risk managers to analyse risk intelligence and communicate effectively.
We are leading GRC technology solutions provider offering Compliance Management, Internal Financial Control & Litigation management solutions.
In current regulatory framework an SME has to report ~ 3000+ compliance under ~90+ Central & State Acts applicable on them; complexities increase with size.
“LexComply.com” enables organizations to plan, report, monitor and execute its compliances with updates on any changes in acts governing them.
LexComply.com, is an all inclusive Compliance Management tool suitable for Professionals and Organizations to identify, assign, manage and report relevant compliances
Extension of AGM under Companies Act, 2013 LexComply
Law Reference: Sec. 96 of the CA’2013 provides that every Company other than OPC (One Person Company) shall in each year hold an AGM of its shareholders.
Frequency AGM: Not more than 15 months shall elapse between the date of One AGM of the company and that of the next.
Earlier the benami transactions are defined as a “transaction where a property is held by or transferred to a person, but has been provided for or paid by another person”. This Act has amended this definition by to add other transactions which qualify as benami
There was a time when corporates used to consider compliance of laws as a burden, gone are the days, now corporates consider it as its responsibility. In the past, there was not proper guidance system, due to which corporates couldn’t comply with regulatory requirements. But now picture has been changed and with the passes of time, guidance system has been developed. Now corporates are complying all the legislations applicable on it with the help of professionals and with the help of compliance tool/software available in the market.
Delisting means permanent removal of securities of a listed company from all or any of the recognised stock exchanges where such shares are listed. As a consequence of delisting, the securities of that company would no longer be tradable at that stock exchange.
INGREDIENT- BASED APPROVAL FOR PROPRIETARY FOODSLexComply
Food Safety and Standards Authority of India (FSSAI) recognizes that a specific framework to manufacture and market proprietary food is required in accordance with the global best practices to provide certainty to all stakeholders while providing them with the flexibility to innovate.
How to Build a Diversified Investment Portfolio.pdfTrims Creators
Building a diversified investment portfolio is a fundamental strategy to manage risk and optimize returns. For both novice and experienced investors, diversification offers a pathway to a more stable and resilient financial future. Here’s an in-depth guide on how to create and maintain a well-diversified investment portfolio.
Textile Chemical Brochure - Tradeasia (1).pdfjeffmilton96
Explore Tradeasia’s brochure for eco-friendly textile chemicals. Enhance your textile production with high-quality, sustainable solutions for superior fabric quality.
Explore Sarasota Collection's exquisite and long-lasting dining table sets and chairs in Sarasota. Elevate your dining experience with our high-quality collection!
When listening about building new Ventures, Marketplaces ideas are something very frequent. On this session we will discuss reasons why you should stay away from it :P , by sharing real stories and misconceptions around them. If you still insist to go for it however, you will at least get an idea of the important and critical strategies to optimize for success like Product, Business Development & Marketing, Operations :)
Reflect Festival Limassol May 2024.
Michael Economou is an Entrepreneur, with Business & Technology foundations and a passion for Innovation. He is working with his team to launch a new venture – Exyde, an AI powered booking platform for Activities & Experiences, aspiring to revolutionize the way we travel and experience the world. Michael has extensive entrepreneurial experience as the co-founder of Ideas2life, AtYourService as well as Foody, an online delivery platform and one of the most prominent ventures in Cyprus’ digital landscape, acquired by Delivery Hero group in 2019. This journey & experience marks a vast expertise in building and scaling marketplaces, enhancing everyday life through technology and making meaningful impact on local communities, which is what Michael and his team are pursuing doing once more with Exyde www.goExyde.com
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Salma Karina Hayat is Conscious Digital Transformation Leader at Kudos | Empowering SMEs via CRM & Digital Automation | Award-Winning Entrepreneur & Philanthropist | Education & Homelessness Advocate
1. Are you a compliant start up?
India is the new start-up nation!With third higheststart-ups launched in the world after US
and UK in the year 2015.To build the investors’ confidence and brand reputation,to drive
the top line growth and protect the bottom line,it’s imperative for any start-up to be ready!
As startup our plan should focus all three aspects ofa business i.e.Commercial,Financial
and Compliance.Startups are known for bringing in innovative business ideas,process,
products etc. Hence it becomes more critical to analyze the regulatoryimpacton such
ideas,process and products.E-commerce companies are bestexample wherein since
pastfew months they have been under tremendous pressure ofReserve Bank of India,
DIPP, VAT departments for adhering to various compliances including ofthose who are
selling through their platform.Startups have contributed tremendouslyin improving
consumer experience.Butit also essential thatif you are introducing any new concept then
that should be within the four walls ofIndian law. So it is pertinentto have regulatory
validation along with commercial validation atthe beginning,when stakes are low and
plans are more flexible.
Compliance is all aboutthe knowledge of rules that regulate your kind of business and complying with them.Owing
to little knowledge and complexityof applicable statuettes,owners ofSTARTUPs shy away from it thus missing on a
very importantmanagementtool that ensures security,quality and the potential expansion of the bus iness.
Indian Central and State governmenthas lately been trying to simplifythings for STARTUPs so that projects like
‘Make in India’ are a success.‘Start-up India’ initiative, One Person Company(OPC), Goods and Sales Tax (GST),
online registration platforms like ebiz.com are some steps to ease the effort of running a business in India.However
looking at the diversity of STARTUPs, their magnitude and the distinctenvironmentto operate and quaintinputs
required,it’s necessarythat focused measures are taken.
BENEFITS
A Compliantstartup can enjoythe following benefit:
1. Absence of regulatory risk which can be operational,monetaryand imprisonment;
2. Better chances of attracting investors;
3. High Consumer confidence;and
4. Enhances Goodwill.
COMPLIANCE ASSESSMENT
Ordinarily, a companyoperating in the Indian regulatory environmentneeds to complywith Central,State and Local
legislations depending on the following:
1. Business ofthe Company;
2. Operational Process followed to do such business;
3. Locations where such business is being carried on;and
4. HR involved in the process.
The compliances which are required to be executed under these acts can be broadlydivided into the following
category:
a. Due Date Based Compliances:Every business entityhas to follow and report various statutory compliances i.e.
monthly, quarterly, half-yearly, annuallye.g. Income tax return, TDS return, depositofTDS, VAT, Service tax etc.
These types of compliances are referred to as Due date based Compliances.
b. Ongoing Compliances:As the name itselfsuggests,apartfrom the due date based compliances,every act
prescribes certain setofmandatorycompliances which are to been assured bya corporate at any and every given
pointof time e.g. maintenance ofBooks of accounts,displayofabstracts of HR rules and regulations etc
c. Event based Compliances:These are compliances which are triggered due to a corporate action e.g. if you are
2. opening a new office or starting a new productthen you need to get various registration/modifyregistrations ofShop
and Establishment,VAT, CST, Service Tax. Like-wise a simple actofchange in an Executive Director can impact
more than 10 Acts in a startup and more than 30 acts in a manufacturing company.These are Event based
compliances which can impactvarious divisions within an organization.
As per a research conducted by LexComply.com team , if we consider top thirty mostcommonlyapplicable laws then
due date based compliances are less than 10%,ongoing are almost50% and event based compliances ,which are
mostlyignored,are almost40% of the total compliances.Further non compliances ofsuch cases mayresultin
imprisonment,operational closure or monetarypenalty. As per the research there are provisions ofimprisonmentin
almostof60% cases.
Ignorance or lack of experience is also one of the reasons thatthe compliance culture is notnurtured but if you are
running a business,ignorance can’tbe your defense.Financial blockades,litigations and finallyend of the enterprise
are the aftermath of such callousness.
Realizing the financial and legal implications ofbeing non-compliant,compliance qualifies to be in the top to-do listof
all start-up founders.The think tank of a start-up should always consider establish a compliance managementsystem
which has facilitates the following features:
Identification of applicable laws;
Allocation of responsibilities to various team members;
Educate and train the team about the same;
Review regulatoryimpactof a business decision;
Ensure that requirements are incorporated into business processes;
Integration of departments,consultants and management;
Enables adoption to regulatorychanges;
Act as repositoryof statutes,forms , challans and compliance supportdocuments;and
Facilitates review operations to ensure responsibilities are carried outand requirements are met.
HOW STARTUPs CAN BECOME COMPLIANT?
PROFESSIONAL SERVICES
Startup can create a communityof practicing professionals who can mentor the STARTUPs teams in-house.These
practicing professionals are no third parties butthe Chartered Accounts, CompanySecretaries,Labour Law experts,
Fire and safety experts etc already working with the STARTUPs. These mentors can help STARTUPs to identify the
applicable Statutes thatthey have to abide as per the nature of their business and sensitize them aboutthe
compliances relating to licenses,approvals,returns records/registers,statutorydues and other compliances.
Additionally also motivate to lay down strong internal controls and processes thatensure thatSTARTUPs meetnot
only the national standards butalso complyto the International standards ofquality and security, thus, opening
various new avenues of growth and expansion.
ADOPTION OF TECHNOLOGY
Compliance is a crucial function where STARTUPs should integrate technology.Visualize an automated compliance
managementsystem thatidentifies the applicable and relevantcompliances,assigns the due tasks,tracks and
monitors the progress ofthe pending tasks and reports the status ofall due compliance tasks.Compliance
Managementtools take the ease of compliance to another level by building comprehensive libraryof acts and laws
and complete repositoryof the required documents thatcompliance becomes simple and efficient.
Compliance Managementtools like LexComply.com with the mentoring ofexisting Practicing Professionals attached
with the enterprises can help in providing a platform to integrate the communityof Practicing Professionals and
STARTUPs by way of:
1. Creating a Compliance Hierarchy,
2. Standardization of Statue wise compliance check list;
3. Reminding the due/upcoming compliances;
4. Task Management;and
5. Training of in-house team.
3. These tools are costeffective as it does notrequire any Capex on the server or creating library. These tools can be
accessed 24X7 from anywhere.
So if startups use such tools and make an effective integration of external professional and in-house team,then it will
certainly help in improving compliance environmentwith minor changes in budgets.Ifan enterprise is adhering
productrelated regulations like Food Safety, BIS, Legal metrology etc then their products are more acceptable not
only in domestic butalso in international marketsegment.So is an enterprise diligenton labour laws will have
improved HR relations and reduces costofstrikes,lockouts or high staff turnover. STARTUPs also have the
opportunity to acts job workers to Big Brands or are deemed exporters provided they not only maintain high product
quality standards butalso are sensitive towards regulatorycompliances.A compliantenterprise ifin rightmarket
segmentwill have numerous alternative means ofincreasing the business and having access to funds.
Presentlycompliance is complexfor startups.But this disadvantage can be turned around and changed into an
opportunity by having the bird’s eye view of the whole tangle of regulations and adopting focused measures.The
tech-savvy STARTUPs can make compliance a key differentiator in improving their efficiencies,reducing costs,
gaining insights to strengthen their credentials,products and more importantlypositioning themselves strategicallyin
new geographic markets.