Legal Compliance
What are legal compliances for a business entity?
In India, businesses must adhere to various legal and regulatory compliance requirements, including registering under an appropriate legal structure (Sole Proprietorship, Partnership, LLP, or Company) with the Ministry of Corporate Affairs (MCA). They are also required to obtain a Permanent Account Number (PAN) and Tax Deduction Account Number (TAN), register for Goods and Services Tax (GST) if turnover exceeds specified thresholds, and comply with labor laws such as the Employees’ Provident Fund (EPF) and Employee State Insurance (ESI).
Additionally, companies and LLPs must maintain statutory records, file annual returns and financial statements with the ROC, and conduct board meetings. Compliance with industry-specific licenses, import-export regulations, and statutory audits is essential. Overall, these requirements ensure legal operation and help businesses avoid penalties.
With over 12 years of expertise, Excella can provide assistance in navigating these compliance requirements, ensuring that all obligations are met effectively based on the size, location, and nature of your business.