Kalpak Solutions
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Do you know that 37% of the compliances if not complied can result in imprisonment up to 10 years.
Imagine starting your dream business, only to have it shut down by the government a year later.
This harsh reality can happen if you dont navigate the complexities of compliance regulations.
In 2021, the Ministry of Corporate Affairs (MCA) struck off over 2 lakh companies for non-compliance. This highlights the governments seriousness in enforcing regulations. The government implements hefty penalties for not fulfilling the compliances. Serious violations can lead to legal proceedings, including business closures and director imprisonment. Perhaps the most damaging consequence is reputational damage which tarnishes your brand image, deterring investors and customers.
The number and complexity of regulations can make it difficult to pinpoint exactly which compliances apply to your business. In fact, close to 91% of MSMEs (Micro, Small and Medium Enterprises) lack awareness about the specific acts and compliances applicable to their business. Recognizing the importance of compliance, 62% of Indian organizations now have a designated CCO (Chief Compliance Officer), highlighting the growing focus on building a strong compliance culture.
The cost of non-compliance is not just about potential fines. It encompasses the time and resources wasted dealing with penalties, legal issues, and reputational damage. Since 2011, there has been a significant 45% increase in the cost of non-compliance. Additionally, a study revealed that 50% of organizations spend a hefty 6-10% of their revenue on compliance costs.
Fortunately, there’s a solution! Compliance management software – ComplyBiz. This software is a game-changer, simplifying compliance management for businesses of all sizes. By automating tasks, improving visibility, and better risk management, ComplyBiz empowers businesses to make informed decisions, optimize performance, avoid heavy penalties and frustration.
Compliance may seem like a burden, but its the bedrock of a secure and successful business. The government establishes these regulations with the intention of creating a healthy and secure business environment for everyone. By staying informed, seeking expert guidance, and leveraging technology solutions like ComplyBiz, you can navigate the regulatory landscape with confidence and focus on growth.
For more details reach out to us on mobile at 9766874157 / 9373028030 or email us at founders@beontrack.in, also visit our website at https://beontrack.in
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