FAQs – Regulatory Compliance Services
1. What is regulatory compliance in business?
Regulatory compliance refers to a business's adherence to laws, regulations, and guidelines set by government authorities and industry regulators. It ensures that your company operates legally, ethically, and in accordance with national and international standards.
2. Why is compliance important for my business in Ghana?
Failure to comply with local laws can result in fines, license revocation, reputational damage, or business closure. Regulatory compliance helps:
- Build trust with customers and stakeholders
- Avoid legal penalties
- Improve operational efficiency
- Attract investors and partners
3. What compliance areas do you cover?
We help businesses comply with:
- Labour Act, 2003 (Act 651)
- Companies Act, 2019 (Act 992)
- Data Protection Act, 2012 (Act 843)
- Income Tax and VAT regulations
- Health and Safety laws (Factories, Offices and Shops Act, 1970 - Act 328)
- Industry-specific regulations (e.g., health, finance, technology, transport)
4. What services do you provide under compliance support?
We offer:
- Compliance audits and risk assessments
- Regulatory reporting assistance
- Development of compliance manuals and policies
- Staff training on legal and regulatory matters
- Liaison with government institutions like GRA, SSNIT, RGD, and EPA
- Monitoring and updates on new or amended regulations
5. How can I know if my business is compliant?
We perform a Regulatory Compliance Audit that evaluates your operations, HR practices, financial reporting, environmental impact, and contractual obligations. Based on this, we provide a full compliance report with actionable recommendations.
6. Do you help with regulatory filings and renewals?
Yes. We assist with:
- Annual returns to the Registrar General's Department (RGD)
- Tax filings with the Ghana Revenue Authority (GRA)
- Business permit renewals with local assemblies
- Social security contributions and related documentation
7. What happens if I am found to be non-compliant?
We will help you:
- Identify the non-compliance issues
- Draft a remedial action plan
- Rectify violations and liaise with regulators
- Implement internal controls to prevent future breaches
8. Is regulatory compliance a one-time task?
No. Compliance is an ongoing process. Regulations change, and your business must adapt to stay compliant. That's why we offer annual or quarterly compliance reviews and legal updates.
9. How do I get started with your compliance services?
Call/WhatsApp us at +233 257 433 875
Email: admin@onespheresolutions.com