In India’s fast-changing business environment, legal compliance is not optional — it’s a necessity for survival and growth. Whether you’re a startup, SME, or a large corporation, failing to meet statutory requirements can lead to penalties, legal disputes, and reputational damage.

At Magnus we’ve spent over 25 years helping businesses stay compliant while focusing on their core operations. Here’s a clear and actionable compliance checklist to help your business stay on the right side of the law.

1. Business Registration and Licenses

Before you start operations, ensure your business is properly registered under the right structure:

• Private Limited Company / LLP / OPC / Partnership / Sole Proprietorship – Choose based on your business model.
• Trade License – Issued by local municipal authorities.
• Industry-specific Licenses – e.g., FSSAI for food businesses, Import-Export Code for exporters/importers.

2. Tax Registrations and Filings

Tax compliance is critical for avoiding penalties and maintaining credibility.

• GST Registration & Filing – Monthly/quarterly returns, input tax credit reconciliation.
• Income Tax Filing – Annual returns and advance tax payments.
• TDS Compliance – Timely deduction, deposit, and return filing.

3. Corporate Governance

For registered companies, proper governance builds trust and ensures MCA compliance.

• Conduct regular board and shareholder meetings.
• Maintain minutes of meetings and statutory registers.
• File annual returns (AOC-4, MGT-7) with the Ministry of Corporate Affairs.

4. Employment & Labor Law Compliance

Protect employees and comply with statutory labor requirements.

• PF & ESI Registration and Payments.
• Compliance with the Shops & Establishments Act.
• POSH Act – Set up an Internal Complaints Committee and display policy.

5. Intellectual Property Protection

Your brand and innovations are valuable assets. Protect them through:

• Trademark Registration – For brand names, logos, and slogans.
• Copyright & Patent Filings – For creative works and inventions.

6. FEMA & Cross-Border Compliance

For companies with foreign investment or transactions:

• File reports with the Reserve Bank of India.
• Adhere to Foreign Exchange Management Act (FEMA) regulations.

7. Industry-Specific Regulatory Compliance

Sectors like finance, healthcare, education, and manufacturing have additional regulatory bodies like RBI, SEBI, IRDAI, etc. Ensure you meet these guidelines.