Running a successful business involves much more than just building a product or offering a service to others. And at the back end, a lot of legal tasks like keeping up with the country’s regulatory framework occur. However, as most Indian businesses are set up by entrepreneurs with no to bare minimum legal knowledge, they fail to manage business compliances. Consequently, they often end up paying hefty fines. This is where compliance consulting plays a pivotal role and provides a roadmap to ensure that businesses operate within legal bounds.
What is Compliance Consulting?
Compliance consulting is like having a knowledgeable companion on a complex journey through the legal landscape of running a business. These consultants extend their expertise to businesses, helping them understand and meet the necessary legal and regulatory requirements. Their only agenda is to help businesses operate within the legal framework and ensure smooth operations by adhering to the required guidelines.
Why is Compliance Consulting Important in India?
In India, operating a business within the laws and regulations requires a deep understanding of legal and regulatory frameworks. Compliance consultants take care of the legal business side and help translate the often complex legal requirements into actionable steps for businesses.
In simple terms, compliance consultants act as a bridge between regulatory authorities and business entities. Their offerings enable businesses to focus on their core operations.
Benefits of Working with a Compliance Consultant
Engaging a compliance consultant can bring numerous benefits to a business. Some of these advantages include:
- Expertise: Compliance consultants possess a deep understanding of the regulatory environment and are abreast of the latest legal changes that could impact your business.
- Risk Mitigation: By identifying and addressing compliance issues proactively, these consultants help mitigate risks that could potentially lead to legal repercussions.
- Cost-Effectiveness: While there’s an upfront cost involved in hiring a compliance consultant, the long-term savings from avoiding legal troubles and fines can be substantial.
- Time-Saving: Compliance consultants take the burden of legal adherence off your shoulders, allowing you to focus on what you do best – running your business.
- Customized Solutions: They offer tailored compliance solutions that align with your business goals and operational model, promoting a culture of compliance within the organization.
1. The StartupLab:
Topping the list of best compliance consultants in India is The Startup Lab. Founded by Shruti Aggarwal, a qualified Company Secretary with more than half a decade of experience working with startups, The StartupLab not only provides startups with compliance services but it takes care of other legal services a startup requires in its journey, like company registration services, GST Registration and Filings, licenses (like FSSAI, Shops & Establishment, Import Export Code and more), virtual CFO, business development, financial modeling, funding assistance, and more.
A renowned name in the startup consultancy space, The SartupLab, backed by a seasoned team of legal professionals, has served 1000+ startups in the last 3 years and assisted 17 startups in getting funded since its inception. These startups include Galaxy Card, Entitled, SahiCoin, Vitra.ai, Fabrik, Zenpay, Hoppup, Growfitter, Rare Planet, Eunimart, Heliware, Edgistify, Vidyakul, etc. Assisting startups in compliance services, the legal tech firm aims to serve new-age founders who are in the nascent stage of their business journey. Additionally, the firm aims to get around 25+ startups funded by 2024.
2. Clear Tax
ClearTax offers tech-led compliance solutions for startups. It offers software for invoices, taxes, payments, and credit with a promise of saving money and time for millions of businesses, their supply chains, accountants, and employees. The Y Combinator incubated firm services its clients through the convenience of the cloud, who can access its products via web and desktop applications, mobile phones, and APIs.
3. IndiaFilings
Owned and operated by EQL Financial Technologies. IndiaFilings is on a mission to make entrepreneurship affordable and offers a suite of compliance solutions for startups. It provides a simple and intuitive platform for setting up a business and managing compliance. Started its journey in 2014 and bootstrapped till 2022, IndiaFilings is backed by ICICI Bank, BeeNext, UDTARA Ventures, and more.
4. Zolvit
Zolvit, formerly known as Vakil Search, is one of India’s largest legal services platforms. The platform serves businesses and individuals in legal, Compliance, and tax services. A trusted partner in making legal simple, the platform has grown to become the preferred choice of thousands of businesses for their legal, compliance, and professional needs.
5. RegisterKaro
Helping entrepreneurs and other individuals with various registrations, tax filings, and other legal matters, RegisterKaro is an online business compliance platform. A reputed name in the compliance consultant segment, the firm is transforming the dreams of entrepreneurs into reality by providing legal status to their ideas. Through its services, RegisterKaro
ensures businesses are compliant with all the rules and regulations. Further, it provides data-driven insightful reports that help business leaders make appropriate decisions promptly.
6. Ebizfiling
An ISO 9001-2015 certified company, with operations spread across India, the USA, the UK, and Australia, EbizFiling.com helps small, medium, and large businesses in all compliance requirements of Indian Laws. It is a platform managed and operated, by Chartered Accountants, Company secretaries, IT professionals, Lawyers, and Influencers, who have vast experiences in the respective fields.
7. Infinzi
Founded in 2017 to let entrepreneurs focus on their core business & let it take care of the entire backend function, Infinzi provides multiple legal services across the globe with specialization in Accounting & Compliances, HR Management, Business Consulting, and Digital Marketing.
With offices & associates in Mumbai & Hyderabad. infinzi’s suite of services includes business consulting, startup registration service, HR management, company secretary services, payroll management, website development, and more.
8. Aparajitha
Making Corporate India Comply, Aparajitha claims to be the market leader for delivering Labour, Industrial, and Financial compliance solutions and the trusted compliance partner for 1750+ organizations.
The firm has been renowned for setting the Standards for Compliance and Risk Management across Industries, Pan India.
Providing value-added compliance solutions through its tech-driven innovative platform, Aparajitha is working with a vision to be the strategic regulatory compliance partner across Governance, Risk, Audit, and compliance.
9. Legal Dev.in
Part of LegalDev Tax India Private Limited, Legal Dev offers all types of CA & accounting services in India for businesses, including company registration, tax assistance, and govt company documentation related to all types of Services. With decades of experience in the segment, the firm understands the challenges and the impact of non-compliance for organizations, and to address them, it has launched Compfie–a Compliance Enterprise System.
10. Especia
Founded by CAs, Especia offers finance outsourcing services, including Regular Tax & Compliance Services, Valuation Services, Secretarial Services & Transaction Advisory Services, and Virtual CFO Services. Tax & Corporate laws. Run by qualified professionals, the firm provides highly customized and efficient financial advice to various organizations on Income Tax Returns, Internal Audit, Book keeping, tax, and financial planning.
Final Thoughts:
Now that you are aware of these compliance consultants, choose among these the ones whose experience and services match your requirements. Also, think before finalizing whether they are client-friendly or whether they keep the entire process transparent or not. In our opinion, choose the one that has served traditional businesses as well as new-age startups. If that’s your requirement, The StartupLab would be the most suitable option as they offer a suite of compliance services, as well as everything a startup would require, like funding assistance, Pitch Deck services, and more.
