If you are hoping to start your own company, the first step you should take is to make yourself familiar with all the laws and regulations that will apply to you and all the transactions you hope to make. There are a large number of laws that any entrepreneur should be familiar with to avoid trouble with the legal system. Below are a few of the main considerations.
Regulations concerning employees
In certain countries labour laws offer severe protection to the employees, so no employer can terminate anyone’s job without very good reason. In other countries labour laws permit the employer to terminate the work of any of his staff members if he deems it fit for the business.
Usually no one is allowed, by law, to terminate or harass members of the based on colour, race, gender or such areas which have no effect on the work potential of an employee. All courts will rule in favour of the plaintiff if the wronged party seeks commercial litigation for such a case with the help of reliable lawyer.
An employee must also receive a minimum wage for his salary. This salary should be substantial to support his basic needs. Conversely, every employee must work a minimum number of hours to earn his due salary.
All employees must be allowed to work in an environment that will not have any adverse effect on their mental and physical health. This means that they must be given adequate space to work in, sufficient facilities for personal hygiene activities, space for relaxation and the like. They must not be exposed to any hazardous materials during their course of work. If the job requires its employees to work with hazardous materials, then adequate safety measures must be taken to provide protection for their employees. For an instance those working in an X-ray theatre or radiation laboratory need proper gear to protect them from harmful radiation.
Except in tax havens, all other countries require their workforce to pay taxes. Not paying your taxes on time will make you lose your credibility, not to mention that evading tax is considered a criminal offence.
Laws pertaining to sales and marketing
There are certain ethics you must stick to when marketing yourself to the public. They have to be in agreement with the culture and other regulations that are applicable to marketing.
Sales can be conducted via the internet or locally or internationally in a shop. In both cases you have to be properly licenced.
Mismanaged funds can lead to bankruptcy or other unfavourable circumstances. A in Singapore that handles financial issues would provide advice on how these situations can be avoided as well as what should be done if problems occur in this area.
These points simply cover the tip of an iceberg when it comes to the laws you need to be familiar with. Legalities are things that you must have a good knowledge of if you want have a smooth operation of your business.