Get to grips with understanding GDPR and follow our GDPR compliance checklist to ensure your business is taking steps to being GDPR compliant. Limited company – There are specific legal requirements when setting up and running a limited company. Employers’ Liability – When your business employs staff, you must hold valid Employers’ Liability (EL) insurance. This can be environmental – such as keeping staff safe from hazardous materials or continual loud noise – or staff-related such as bullying and discrimination. A GDPR breach can result in a fine of up to 4% of total worldwide turnover of your business or €20m – whichever is higher. The Information Commissioner’s Office has a guide to GDPR regulations. There are two key legal factors affecting business that affect selling goods and services to the public: Sale of Goods Act – This governs how you describe and sell goods and services, ensuring they’re of satisfactory quality and fit for purpose. It may also be worth talking to a solicitor who specialises in commercial law to ensure you’re fully up to speed on legal factors affecting business in your industry. The list of legal factors that should be considered includes current and impending legislation that may affect the industry in areas such as employment, competition, and health and safety. Malaysia taxation policies are imposed by federal legislation passed by Parliament. The business legal environment plays a very important role in determining the success of any businesses around the globe. GDPR requirements apply to all businesses, although there are some exceptions for SMEs. It covers legal costs and compensation if your business is sued by an employee who is injured or becomes ill as a result of working for your business. 6th Aug 2019 Commercial Law Reference this Tags: Malaysian law. A complete legal structure chart for the group can be found at Employment contract – All employees must have a written employment contract, including details such as working hours, place of work, salary, contractual benefits such as pension and paid holidays. Catering businesses across the United Kingdom will need to comply with The Food Safety and Hygiene (England) Regulations 2013; The Food Hygiene (Scotland) Regulations 2006 (as amended); The Food Hygiene (Wales) Regulations 2006; The Food Hygiene Regulations (Northern Ireland) 2006. Legal and Regulatory Factors Affecting Business. Personal loans for business use only. Which? Failing to meet legal requirements can land a business with hefty fines and a criminal prosecution. Jimmy works with clients throughout the world in industries that include financial services, real estate, manufacturing and hospitality. You must submit annual business accounts to Companies House. Key regulations include the Food Standards Act 1999 governing food businesses in the UK. As used in this post, the term “government” may refer to a national, state, municipal, provincial, or any other authority that has the ability to make laws, rules, and regulations. Anticipated changes in legislation in the main trading partner countries should also be investigated. And, speaking of help, do not hesitate to contact us if you think we might be able to help with your PESTEL Analysis or other business planning services. However, it is imperative that you are aware of the laws that relate to your business and how they affect it today and tomorrow. The General Data Protection Regulation (GDPR), which came into force in 2018, places new legal requirements on how businesses acquire, use and store the personal information of customers, contractors and suppliers, and employees – both past and present. Register with HMRC – You must register your business as an employer with HMRC before paying any staff. Any employee aged between 22 and the state pension age, and who earns at least £10,000 a year must be enrolled automatically. If you have staff or draw a salary as director, you must register for Pay As You Earn (PAYE) and submit a payroll report to HMRC each month detailing salaries, as well as income tax and NI owed by both the employee and the business.