Running a Business without Proper Legal and Compliance?

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Running a Business without Proper Legal and Compliance?

Complying to local regulations and protecting your company’s rights is essential for all businesses, particularly at the start-up stage. We noticed that many business owners will forego having proper legal and compliance procedures in place for reasons such as:

  1. Company is new and relatively small; or
  2. Legal and compliance services are costly
  • Company is new and relatively small

Regardless of the age and size of any business organisation, it is imperative to have compliance procedures in place, and even better, legal documents to suit your business needs. Businesses need to know what are the regulations they need to comply with, the legal and compliance risks they are exposed to, consequences, compliance procedures necessary and how to mitigate those risks. On the issue of business contracts, when dealing with another company and having to accept their terms and conditions (which may be onerous and biased) due to the absence of legal documents on your end may be detrimental to your business. In such a situation, a well-drafted Service Agreement which clearly sets out the terms and conditions your company is willing to honor or accept, not only protect your firm’s interest, but is also a clear indication of good business management and professionalism to any potential partners or investors. This applies to the businesses whether as clients themselves or as service providers.

  • Legal and compliance services are costly

While legal and compliance costs are rising with increasing regulations, some documents can still be obtained at a reasonable price or agreed before any work is undertaken by the compliance professionals or legal counsels. While there may be others who still shy away from this and risk running the business without any proper compliance procedures and legal documents, business owners must always remember that it is important to comply than explain or to be sorry.

 

We hope that this has been a useful guide, if you have any feedback or comments, please feel free to write to us.

VALON can be your resource and business partner in Asia. Should you wish to receive more detailed information on VALON, please do not hesitate to contact us at enquiry@valoncorp.com.

Disclaimer: This publication does not provide financial, legal or tax or advice of any kind, and VALON cannot guarantee that the information is accurate, complete or up-to-date. While we intend to make every attempt to keep the information in this publication current, VALON make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained herein. Nothing on this publication should be used as a substitute for the advice of a third party. VALON assumes no responsibility to any person who relies on information contained herein and disclaim all liability in respect to such information. You should not act upon information in this publication without seeking professional advice.

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