Regulations & Compliances

Regulations & Compliances

What's In It For You

The tightening compliance requirements and improving enforcement structure being enforced by regulators has put a focus on the need to have a structured process for compliance management. Fox&Angel helps companies to identify and address regulatory and legal compliance requirements. We design, develop and implement a compliance management process , which is easy and fool proof. Our services include compliance with Companies Act and Clause 49, Compliance with Risk Based Supervision expectations, regulatory based assessment service for transaction banking products and assistance with automated data flow. We also have an expertise in designing the Basel II program including governance, policies, processes, models, technology, training and change management. We also assist in implementation of risk and compliance platforms. Periodic auditing and reporting are few more service offered by Fox&Angel. Fox&Angel can provide expert assistance to an international brand entering India to ensure compliance with regulations and compliances.
A consultancy can help with the following:
Navigating FDI policies: We provide guidance on foreign direct investment policies and help the company understand the regulations and procedures to comply with them.
Company incorporation: We can assist with the process of company incorporation and ensure that the company is legally compliant with Indian laws and regulations.
Tax compliance: We provide tax planning and compliance services to ensure that the company is fully compliant with Indian tax laws and regulations.
Labor law compliance: Fox&Angel provides guidance on Indian labor laws and helps the company understand and comply with its obligations in terms of employment practices and employee benefits.
Environmental regulations: We, as a business strategy consultancy, can provide guidance on environmental regulations and help the company understand its obligations in terms of sustainable practices and waste management.
Intellectual property rights: We provide guidance on intellectual property rights and help the company understand and comply with its obligations in terms of protecting its trademarks and copyrights.
Data protection: Guidance on data protection laws are provided by us. We also help the company understand and comply with its obligations in terms of data security and privacy.
By working with Fox&Angel, an international brand entering India can ensure that it is fully compliant with all relevant regulations and compliances, reducing the risk of legal and financial issues and increasing the chances of success in the Indian market.

The ease of doing business is a crucial factor for the economic growth and development of any country. In this regard, India has made considerable progress in the recent past, aimed at improving its business environment and attracting foreign investment. The World Bank's Ease of Doing Business Report 2021 ranks India at 63rd position among 190 economies, a significant improvement from its ranking of 142nd in 2014. Reforms and Initiatives
The Indian government has taken several initiatives and implemented reforms to improve the setting up of a business in India. Some of the key reforms include the simplification of the process of setting up a business, obtaining construction permits, paying taxes, obtaining credit, and enforcing contracts. One of the most significant reforms in this regard is the launch of the 'Make in India' initiative, aimed at promoting the country as a global manufacturing hub. The initiative focuses on making it easier for businesses to operate in India by reducing bureaucracy and streamlining processes.
Additionally, the Indian government has also launched the Goods and Services Tax (GST) regime, which has significantly simplified the tax regime in the country and made it easier for businesses to operate across state borders.
The government has also established several special economic zones (SEZs) across the country to provide businesses with a conducive environment for manufacturing and trading activities. These SEZs offer tax benefits, a single-window clearance system, and other facilities to promote ease of doing business. Infrastructure Development
The Indian government has also undertaken significant efforts to develop its infrastructure, including the construction of highways, ports, and airports, and the expansion of the railway network. The development of infrastructure has not only improved connectivity but also made it easier for businesses to transport goods and materials.
Additionally, the government has launched several schemes and initiatives aimed at promoting digital infrastructure and the growth of the digital economy. This includes the 'Digital India' initiative, which aims to transform the country into a digitally empowered society and knowledge economy.
Challenges Despite the progress made by India in improving the ease of doing business, several challenges still remain. Some of the key challenges include the complexity of regulations, the slow pace of decision-making, and the inadequate protection of intellectual property rights. Another major challenge faced by businesses in India is the lack of access to credit and financing. This is particularly true for small and medium-sized enterprises (SMEs), which often struggle to secure loans from banks and other financial institutions.
Conclusion
In conclusion, India has made considerable progress in improving the ease of doing business in recent years. The government's efforts to simplify procedures and reduce bureaucracy, coupled with the development of infrastructure and the promotion of the digital economy, have helped to create a more conducive environment for businesses to operate. However, several challenges still remain, including the complexity of regulations and the lack of access to credit and financing. To further improve the ease of doing business in India, it is essential for the government to continue implementing reforms and addressing these challenges.

The Ease of Doing Business (EoDB) index is a robust ranking system established by the World Bank Group. This index is based on different parameters, which define the ease of doing business in a country. There are currently 190 economies assessed and the aggregate information from 10 areas of business regulation. These include:
1. Starting a Business of all
2. Dealing with Construction Permits
3. Getting Electricity
4. Registering Property
5. Getting Credit
6. Protecting Minority Investors
7. Paying Taxes
8. Trading across Borders
9. Enforcing Contracts
10. Resolving Insolvency
India ranked 63rd in this index in the year 2020. To boost India’s ranking ,in 2014, the Government of India launched an ambitious program of regulatory reforms. It aimed at making it easier to operate a business in India. This program entailed all efforts to create a more business-friendly environment.

By virtue of consistent effort , India has emerged as one of the top 10 improvers, for the 3rd time in a row. India has jumped 67 ranks in 3 years. It has emerged as one of the most attractive destinations not only for investments but also for doing business.
Aimed at improving the ease of living and the ease of doing business in India, the Indian Government reduced more than 25,000 compliances. Positive changes such as this has led to this impressive improvement in India’s ranking in the EoDB index. India’s major achievements, that have enabled this improved ranking are:

1.Construction Permits: From 184 in 2014 to 27 in 2019, improvement in India’s ranking on this parameter has been phenomenal. A decrease in the number of procedures and time taken for obtaining construction permits in India has led to this improvement.

2.Getting Electricity: From 137 in 2014 to 22 in 2019, India’s ranking on this parameter has seen a major improvement. The credit goes to the reduced time of just 53 days and the need of just 4 procedures for a business to get an electricity connection in India.

Other than the above improvements, among the 190 economies, India ranks 13th in Protecting Minority Investors and 25th in Getting Credit.

A single form (SPICe) for company incorporation, fast track approval system for issuing building permits with features such as Common Application Form (CAF), provision of using digital signature and online scrutiny of building plans, ‘Indian Customs Single Window Project’ to facilitate cross border trade and Reduction of corporate tax from 30% to 25% for mid-sized companies are few of the many measures the GOI has taken to improve the Ease of doing business in India.

When an international company enters India, it must adhere to a number of regulations and compliances. Some of the key ones are:

Foreign Direct Investment (FDI) policies: The Indian government regulates foreign investment in India through the Foreign Direct Investment (FDI) policy. Companies must comply with these policies to ensure their investment is legally compliant.

Company incorporation: International companies must incorporate a separate legal entity in India, such as a subsidiary or a branch office, to conduct business operations. The company must comply with the Companies Act, 2013 and other relevant regulations.

Tax compliance: International companies must comply with Indian tax laws and regulations, including the Goods and Services Tax (GST) and the Income Tax Act.

Labour laws: Companies must comply with Indian labour laws, including the Minimum Wages Act, the Industrial Disputes Act, and the Employees Provident Fund and Miscellaneous Provisions Act.

Environmental regulations: Companies must comply with environmental regulations, such as the Water (Prevention and Control of Pollution) Act, 1974 and the Air (Prevention and Control of Pollution) Act, 1981.

Intellectual property rights: International companies must respect and comply with Indian intellectual property laws, such as the Trade Marks Act, 1999 and the Copyright Act, 1957.

Data protection: Companies must comply with data protection laws, such as the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011. It is important for international companies to be aware of these regulations and compliances and to take the necessary steps to comply with them in order to operate successfully in India Regulatory compliances are set of rules, laws, or policies which an organization must follow in accordance with the industry standards. With the increasing need for operational transparency and to limit any problems arising from missing any regulation, companies must take measures to comply with them diligently. It is not easy to know about all policies and regulations especially of a new country, and that poses risk to vital approvals and may lead to compliance issues. Fox&Angel takes care of all regulatory compliances for your company. We deploy a team to either do it all independently or in coordination/alongside your team. Our widespread network of teams and talents take care of all economic, social and environmental norms and measures. Fox&Angel also provides an approach of common framework to meet cross industry regulations and guidelines for the assessment of risk management.

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