As the startup or business grows the mechanism of compliance is much needed to deal with the legal aspects of the business, if any, business or company fails to maintain these rules and regulations this leads to legal liabilities such as penalty and also it may bring closure to the business.<\/p>\n\n\n\n
Need A Legal Advice<\/strong><\/h3>\n\n\n\nThe internet is not a lawyer and neither are you. Talk to a real lawyer about your legal issue<\/p>\n\n\n\n
\nTalk to a Lawyer<\/a><\/div>\n<\/div>\n<\/div>![\"\"](\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\")
<\/a><\/figure><\/div>\n\n\n\n<\/div>\n\n\n\nImportance of Compliance<\/h3>\n\n\n\n
To make business or startup to run smoothly the most crucial step to comply with rules and regulations, complying with rules and regulation helps the business to be legally protected, it creates a backup for the growth of business, the compliance service help to build a reputed brand image and if any non compliance issue developed it hampers the reputation of the business and that amounts to loss of trust among the people and depreciation of profit.<\/p>\n\n\n\n
As per Government Eligibility Criteria for Startup Approval:<\/h3>\n\n\n\n
\u00a0Startups are either incorporated as a limited liability company or registered as a partnership<\/a> or have an LLP turnover of less than INR 100 crore in any of the last financial years. Up to 10 years from creation as a startup. Start-ups must aim to innovate\/improve existing products, services and processes and have the potential to create jobs\/wealth. It must be certified by an Inter-Ministerial Council set up for this purpose. A company formed by splitting or reorganising an existing company is not considered a “startup”.<\/p>\n\n\n\nSome important Compliance in India for Startup<\/h3>\n\n\n\n\n- Compliance under Income tax 1961<\/li>\n\n\n\n
- Compliance under GST<\/li>\n\n\n\n
- Compliance under labour law<\/li>\n\n\n\n
- Compliance Under Companies act 2013<\/li>\n\n\n\n
- Compliance under Companies Act 2014<\/li>\n<\/ol>\n\n\n\n
Companies established in India must ensure compliance with the companies act 2013 under this compliance there is regulation of remuneration, appointment of auditors, having PAN, TAN and bank account after the establishment, these compliance are necessary to avoid any penalty that may occur in case of non compliance.<\/p>\n\n\n\n
Compliance under GST<\/h3>\n\n\n\n
Under this compliance any business or startup having a turnover which exceeds Rs 40 lakh goods and Rs 20 lakh in services in the last financial year the business needs to get registered, if fail to fulfil GST compliance it would be considered as an offence and would be liable to a penalty<\/p>\n\n\n\n
Compliance under Income tax Act, 1961<\/h3>\n\n\n\n
Under this act every business has to pay income tax return and other liabilities<\/p>\n\n\n\n
Compliance under labour law<\/h3>\n\n\n\n
These compliances are mainly focused to safeguard the rights of employees, companies and trade unions.<\/p>\n\n\n\n
Few acts that are included in compliance with labour law are<\/strong><\/p>\n\n\n\n\n- Trade Union Act<\/li>\n\n\n\n
- Factories Act<\/li>\n\n\n\n
- Minimum wages Act<\/li>\n\n\n\n
- Equal Remuneration Act<\/li>\n<\/ol>\n\n\n\n
Compliance for Private Ltd. company<\/h3>\n\n\n\n
The private registered companies have to comply with different compliances<\/a> on a yearly basis, if the company is non compliant <\/a>with the rules, this leads to penalties,<\/p>\n\n\n\nSome mandatory and important compliance are:<\/strong><\/p>\n\n\n\n\n- Board meetings <\/li>\n\n\n\n
- Annual meetings <\/li>\n\n\n\n
- Auditor\u2019s appointment <\/li>\n\n\n\n
- Director\u2019s report<\/li>\n\n\n\n
- E-form filling<\/li>\n<\/ol>\n\n\n\n
How can Lead India help?<\/h3>\n\n\n\n
Lead India<\/a> has an expert team of corporate lawyers <\/a>who will help your company to better understand the compliances and assist you in completing all the legal requirements<\/a> for such compliances<\/p>\n","protected":false},"excerpt":{"rendered":"The startup merely start with little resource and low investment, but the new entrepreneurs expand their business to such extent or point where it becomes difficult to manage certain different tasks, during the progress of the business journey the business person or the entrepreneurs has to move further with the legal side of the business …<\/p>\n
![\"\"](\"https:\/\/www.leadindia.law\/blog\/en\/wp-content\/uploads\/2022\/09\/talk-to-lawyer-black-logo.png\"){kind=logo}
<\/a><\/figure><\/div>\n\n\n\nImportance of Compliance<\/h3>\n\n\n\n
To make business or startup to run smoothly the most crucial step to comply with rules and regulations, complying with rules and regulation helps the business to be legally protected, it creates a backup for the growth of business, the compliance service help to build a reputed brand image and if any non compliance issue developed it hampers the reputation of the business and that amounts to loss of trust among the people and depreciation of profit.<\/p>\n\n\n\n
As per Government Eligibility Criteria for Startup Approval:<\/h3>\n\n\n\n
\u00a0Startups are either incorporated as a limited liability company or registered as a partnership<\/a> or have an LLP turnover of less than INR 100 crore in any of the last financial years. Up to 10 years from creation as a startup. Start-ups must aim to innovate\/improve existing products, services and processes and have the potential to create jobs\/wealth. It must be certified by an Inter-Ministerial Council set up for this purpose. A company formed by splitting or reorganising an existing company is not considered a “startup”.<\/p>\n\n\n\n Companies established in India must ensure compliance with the companies act 2013 under this compliance there is regulation of remuneration, appointment of auditors, having PAN, TAN and bank account after the establishment, these compliance are necessary to avoid any penalty that may occur in case of non compliance.<\/p>\n\n\n\n Under this compliance any business or startup having a turnover which exceeds Rs 40 lakh goods and Rs 20 lakh in services in the last financial year the business needs to get registered, if fail to fulfil GST compliance it would be considered as an offence and would be liable to a penalty<\/p>\n\n\n\n Under this act every business has to pay income tax return and other liabilities<\/p>\n\n\n\n These compliances are mainly focused to safeguard the rights of employees, companies and trade unions.<\/p>\n\n\n\n Few acts that are included in compliance with labour law are<\/strong><\/p>\n\n\n\n The private registered companies have to comply with different compliances<\/a> on a yearly basis, if the company is non compliant <\/a>with the rules, this leads to penalties,<\/p>\n\n\n\n Some mandatory and important compliance are:<\/strong><\/p>\n\n\n\n Lead India<\/a> has an expert team of corporate lawyers <\/a>who will help your company to better understand the compliances and assist you in completing all the legal requirements<\/a> for such compliances<\/p>\n","protected":false},"excerpt":{"rendered":" The startup merely start with little resource and low investment, but the new entrepreneurs expand their business to such extent or point where it becomes difficult to manage certain different tasks, during the progress of the business journey the business person or the entrepreneurs has to move further with the legal side of the business …<\/p>\nSome important Compliance in India for Startup<\/h3>\n\n\n\n
\n
Compliance under GST<\/h3>\n\n\n\n
Compliance under Income tax Act, 1961<\/h3>\n\n\n\n
Compliance under labour law<\/h3>\n\n\n\n
\n
Compliance for Private Ltd. company<\/h3>\n\n\n\n
\n
How can Lead India help?<\/h3>\n\n\n\n