When running a company in India, there are numerous regulations and processes and time limits. Be it a small startup or a developing company, every organization is bound to adhere to a set of legal and regulatory requirements to run with ease. This is where a company compliances consultant would be of utmost importance. It is their duty to make sure that the organization operates within all the required guidelines to make sure the organization is not penalized or sued.
Helping Companies Register and Start Properly
A company must be registered in the right way following all the due diligence before it can start functioning. A company compliance consultant assists the founders to accomplish the registration process by preparing the necessary documents, requesting approvals, and making sure that the company structure is designed in accordance with the legal standards. They also advise businesses on what kind of entity to select, i.e. whether it should be a private limited company, LLP, or partnership firm.
Managing Annual Compliance Requirements
After a business has been registered, it is required to submit some returns and documents annually. These are annual returns, financial statements and meeting records. A company compliances consultant ensures such filings are made on time and in the right format. They have a checklist of the company and remind the management if they miss anything and if there is a deadline.
Ensuring Proper Maintenance of Statutory Records
All firms are expected to keep registries and documents as evidence of the operations. These comprise information of directors, shareholders, transfer of shares and meeting minutes. A company compliance consultant assists with keeping such records at the right place. They also make sure that the documents of the company are updated and stored securely in time to be accessed in future.
Guiding Companies during Changes in Structure
The changes that can be experienced in the companies include the addition of new directors, alteration of the registered office, and the increase of share capital. Such transitions must be registered by submitting relevant forms to the relevant authorities within a particular period. These forms are prepared and submitted with the assistance of a company compliances consultant. They ensure that all changes are registered under law and that the company remains compliant with the same.
Advising on Corporate Governance
Good governance practices should be observed in every business to build trust and an efficient way of running the business. A firm compliance consultant advises the firm on such issues as holding a board meeting, issuing notification, maintaining transparency, and being accountable. Their recommendation assists the management to make informed decisions without breaking the law.
Helping Companies Avoid Penalties
Non-compliance with the requirements may lead to fines, legal complications, and even a temporary restriction on business. A company compliances consultant will be monitoring each compliance activity to ensure that it is on time. Their proactive attitude assists companies to save unwarranted fines and reputation intact.
Supporting During Inspections and Audits
The authorities can make inspections or request some documents to verify whether a company is acting in accordance with the regulations. One of the requirements is that a company compliances consultant assists the business in preparing against such inspections. They help to assemble paperwork, make records and answer questions. They do this by giving instructions so that the process is not stressful.
Providing Compliance Updates
The laws and regulations continue to evolve every now and then. A company compliances consultant keeps him/herself informed on all new rules and educates the company on what rules they must embrace. This will help to keep the business in line with the current regulations and going on without any legal roadblocks.
This content is meant for information only and should not be considered as advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
Also Read: Company Compliance Consultants: Ensuring effective business operations