{"id":2004,"date":"2016-02-20T04:37:00","date_gmt":"2016-02-20T04:37:00","guid":{"rendered":"http:\/\/melyakub.com\/?p=2004"},"modified":"2018-06-21T01:48:05","modified_gmt":"2018-06-21T00:48:05","slug":"regulatory-compliance","status":"publish","type":"post","link":"https:\/\/melyakub.com\/?p=2004","title":{"rendered":"Regulatory Compliance"},"content":{"rendered":"

\"maximum_compliance\"Most small and medium-scale business owners do not take compliance with regulatory requirements seriously. This is wrong and can be a big and costly mistake.<\/span><\/span><\/p>\n

What is Regulatory Compliance?<\/strong> As with human beings, businesses do not operate in isolation. They need to operate in a ‘society’ if they are to survive and thrive. Societies protect us and make it possible for us to do the most we can do and be the best we can be. This can only be possible if the society is ’empowered’ to regulate and control what happens within it. Governments at local, state and federal levels therefore enact legislations that are meant to protect both producers and consumers fairly and equitably.<\/span><\/p>\n

Benefits of Regulatory Compliance:\u00a0<\/strong>There are several benefits of compliance with business regulations, such as:<\/span><\/p>\n

    \n
  1. It can be a criminal offence (by both the business and individuals involved) not to comply with a regulations. Complying with regulations eliminates this risk,<\/span><\/li>\n
  2. Certain opportunities are only available to companies that can prove compliance with general or specific regulations. Compliance therefore makes it possible for you to obtain clearance, if required, and bid for such businesses,<\/span><\/li>\n
  3. Compliance can also increase your productivity as employees are protected, safer and highly motivated,<\/span><\/li>\n
  4. Empirical observations suggest that compliant companies have a much better public reputation, with consequential business benefits, and are actually more resilient to distress.<\/span><\/li>\n<\/ol>\n

     <\/p>\n

    Depending on the society within which your business operates, different regulations might apply. It is your responsibility to establish exactly what is expected of you and your business. It is strongly recommended that you work with your lawyer and accountant to do this. For convenience and our purposes here, I have classified regulations principally into three groups as follows:<\/span><\/p>\n

      \n
    1. Structural and Financial Regulations<\/span><\/li>\n
    2. Employee Regulations<\/span><\/li>\n
    3. Environmental Regulations<\/span><\/li>\n<\/ol>\n

      Structural and Financial Regulations:<\/strong> In most countries, you are required to legally register your business. There are different forms of registrations, from simple sole proprietorships to partnerships, cooperatives and limited corporations. The business form you adopt should normally depend on several factors including but not limited to your preferences as well as the business demands and expectations. Other than meeting legal requirements, business registration has its several benefits. It is important you therefore register your business appropriately. Regular updates may also be required by your local authority. Be aware of what these requirements are and ensure full and timely compliance.<\/span><\/span><\/p>\n

      Other than legal registration, your business will need to meet various other regulations generally classified under the following:<\/span><\/p>\n