Thank you for this simple but indepth discourse on the importance of compliance for even small businesses. I work in regulatory compliance and I confirm that the compliance regime grows as your business grows so it is best to have a culture of compliance, incorporating compliance into your operations and generally setting the tone for ethical business conducts across your business is quite crucial. It cost less to comply, at the long run.
Why does a business need compliance? How does it help me to save money, grow a successful business, control business operations? In addition to providing a general legal and administrative protection to a business, a proper compliance regime will make the business more efficient, will protect its reputation and will allow its streamlined and efficient growth in the future. With proper policies and procedures, organizational processes and established operating framework, any business owner will gain such benefits as: - Better control over company’s operations and staff - Saving time and resources of the management team and investing them into the business development - Preparing a strong foundation for the future growth and expansion of the business - Being protected from legal liabilities and being prepared for audits and inspections - Reputation of organized and reliable business - Better business position in working with government, banks, investors and large organizations We overview various types of compliance - legal, administrative and business compliance. Policies, procedures and forms - these are basic documents that assist you in structuring your business organization and protecting it in the future.
Thanks Sir for providing me with the basic knowledge to the field of compliance. But can one pursue studies in this domain with a background in Anthropology or does it require purely a legal background? Thanks!
Dear Nwiyubuin, business corporate compliance does not require one to be a lawyer. Actually most people working in this area are not lawyers at all. That being said, understanding laws and knowing how to read them properly is definitely an asset.
Any business accountant. Should cost approx. 1,000. Please keep in mind that $0 reports could be very different - some would be $0, others might create retained losses, which will be very useful in the future for the tax purposes.
Business in Canada - Do it Right! Thanks... Actuslly my business after incorporation in nov 2019, since then there have been no activity. It’s just been sitting idle. So nothing to declare.
@@skycouncil8523 well, I guess you can find someone to file for less than 1,000. Another question - of the business was incorporated in Nov 2019, why do you need this service now? What is your fiscal year end ?
Business in Canada - Do it Right! An accountant online told me, that I need to file it by sep 30, 2020. BUT I checked on the TCV online portal and it’s showing “non-compliance”. So I’m not sure what’s going on.
@@skycouncil8523 Gurdeep, With regards to the filing of your taxes - I have no idea, since you are the one who is supposed to define your fiscal year, depending on it you will know when to file your taxes. With regards to TCV - as I said before, I;ve never used the system and do not understand why would you.... But if you wish to use it - you will have to look for a guidance elsewhere. \
Thank you for this simple but indepth discourse on the importance of compliance for even small businesses. I work in regulatory compliance and I confirm that the compliance regime grows as your business grows so it is best to have a culture of compliance, incorporating compliance into your operations and generally setting the tone for ethical business conducts across your business is quite crucial. It cost less to comply, at the long run.
This is a great summary, thank you. And greetings from compliance officers in Malta!
amazing,,, not boring at all,,, delivered so brilliantly..
appreciated 👍thnx a lot
Thank u so much right video I was looking for !!
Great video, thank you
Thank you so much for this video
Good,Got the basic idea
Great
Why does a business need compliance? How does it help me to save money, grow a successful business, control business operations?
In addition to providing a general legal and administrative protection to a business, a proper compliance regime will make the business more efficient, will protect its reputation and will allow its streamlined and efficient growth in the future. With proper policies and procedures, organizational processes and established operating framework, any business owner will gain such benefits as:
- Better control over company’s operations and staff
- Saving time and resources of the management team and investing them into the business development
- Preparing a strong foundation for the future growth and expansion of the business
- Being protected from legal liabilities and being prepared for audits and inspections
- Reputation of organized and reliable business
- Better business position in working with government, banks, investors and large organizations
We overview various types of compliance - legal, administrative and business compliance.
Policies, procedures and forms - these are basic documents that assist you in structuring your business organization and protecting it in the future.
Could you please repeat the 5 basic compliance points here? I didn't hear a couple of them clearly. Thx
Thanks Sir for providing me with the basic knowledge to the field of compliance. But can one pursue studies in this domain with a background in Anthropology or does it require purely a legal background? Thanks!
Dear Nwiyubuin, business corporate compliance does not require one to be a lawyer. Actually most people working in this area are not lawyers at all. That being said, understanding laws and knowing how to read them properly is definitely an asset.
how can i have your contact, cause i need further advice.
info@cbes.ca :-)
Do you know who can help me file my nil tax?
Any business accountant. Should cost approx. 1,000.
Please keep in mind that $0 reports could be very different - some would be $0, others might create retained losses, which will be very useful in the future for the tax purposes.
Business in Canada - Do it Right! Thanks... Actuslly my business after incorporation in nov 2019, since then there have been no activity. It’s just been sitting idle. So nothing to declare.
@@skycouncil8523 well, I guess you can find someone to file for less than 1,000.
Another question - of the business was incorporated in Nov 2019, why do you need this service now? What is your fiscal year end ?
Business in Canada - Do it Right! An accountant online told me, that I need to file it by sep 30, 2020. BUT I checked on the TCV online portal and it’s showing “non-compliance”. So I’m not sure what’s going on.
@@skycouncil8523 Gurdeep,
With regards to the filing of your taxes - I have no idea, since you are the one who is supposed to define your fiscal year, depending on it you will know when to file your taxes.
With regards to TCV - as I said before, I;ve never used the system and do not understand why would you.... But if you wish to use it - you will have to look for a guidance elsewhere.
\