Statutory Compliance Services

Through a statutory audit, your business spends a significant amount of time, energy, and money making sure that payroll is compliant. Every firm faces a worrisome number of potential legal challenges connected to compliance, from ensuring that workers are treated fairly to safeguarding the business against exorbitant salary or benefit demands from trade unions or combative employees. Even while it might never be in a company’s best interest to breach the law, without the proper safeguards, it could nonetheless happen.

The statutory compliance services offered by INFINITY CORPORATE SERVICES are just what companies require to run more efficiently. A business owner or management team can completely concentrate on managing the firm and making it successful by delegating to INFINITY CORPORATE SERVICES the responsibility of taking care of every item on the checklist of statutory items. A business or organisation is vulnerable to compliance risk if it does not exercise caution.

Why should you consider outsourcing your needs for statutory compliance services?

The world of business is governed by a number of laws and norms. The central and state governments have both established laws and regulations, which is the cherry on top. Due to decisions made by the government, these are also likely to alter occasionally.

Any organisation or company has two key components. The first is internal management or governance. INFINITY CORPORATE SERVICES can help you with its governance, risk, and compliance by guiding, assisting, and supporting you.

The second category includes outside compliances including legal and HR requirements. INFINITY CORPORATE SERVICES has a lot to offer in this situation as well.

For your company or organisation, INFINITY CORPORATE SERVICES can handle all of the compliance solutions activities.

Need for Statutory Compliance in HR in India?

It has become more complicated to do business in India. Companies in India also face the challenge to go hand in hand with the operational aspect of its core business. All the companies operating in India have to ensure the following categories of statutory regulations and mandates:

Employment laws
Tax laws
Labour laws
Competition and antitrust laws
Environmental regulations
Financial and Corporate laws
Industry-specific laws
Advertising laws
Data privacy
Intellectual property rights
Foreign Exchange laws

According to the Companies Act of 2013, directors must attest in their annual director’s report that they have created appropriate and efficient processes for ensuring the compliance with relevant regulations. The report ought to state whether the systems operated successfully or not.

Therefore, in order to comply with the constantly shifting regulatory environment, all Indian organisations need people who can implement statutory compliance in HR.

It is necessary to follow all the legal and statutory norms for businesses to operate successfully. It involves a significant investment of resources, time, and continuous monitoring to know all the changes that are happening, to be compliant, and avoid penalties. To ensure efficient statutory compliance, some things need to be in place:

Avoiding unethical practices
Unrestricted access to local expertise
All audits and inspections need to have expert supervision
Update documents and data in a place that is easily accessible

It could be a pretty tedious task for the HR department to manage all its roles and duties, along with the above-mentioned points.

So, to make it less complex companies usually hire a third party, that not only handles recruitment but also make sure that non-compliance does not happen.

What we do ?

Monthly Maintenance of Records & Registers
Preparation & Submission of Monthly Challans, Returns
Obtaining New Registrations & Licenses
Attending Inspections / Assessments by Authorities
Attending Audits for compliance at client’s locations
General Correspondence with the authorities and submission of Half Yearly and annual returns under Labour Act
Preparation of customized compliance Tracker for Client with MIS Report
Monthly / Quarterly meetings to track compliance status
Timely Updates on Amendments in various acts
Conducting awareness program with management with client and at their sites with regards to statutory compliances.
Preparing documents and application for PSARA License
Preparing Application for Exemption Notification under MPSG Act, from Labour Ministry at Mantralay Maharashtra