TeamLease Services launches a radical initiative to aid Ease of Doing Business
>>Launches compliance Cloud to track 58,000+ rules and 3100+ filings that are updated 15 times a day
India’s vision to becoming a $5 trillion economy needs a more fertile habitat for formal job creation. This Ease-of-Doing-Business goal coincides with concerns about the ability of employer’s in-house capabilities to keep up with the scale, complexity of India’s regulatory environment – 15 changes a day to 58,000+ compliance rules and 3000+ returns across 1000+ Act. In an effort to address this growing voice on ease of doing business, Teamlease Services today announced the launch of Teamlease Compliance cloud; website www.teamleasecompliance.com and App RulezBook.
The Website and App, offered by Teamlease Regtech subsidiary Avantis, looks ahead to the increasing use of an ESG (environment, social and governance) lens by investors to evaluate companies (as evidenced by the governance premium emerging in both private and public market valuations) and the increasing use of Regtech by governments (to streamline interface and improve data capture capabilities).
www.teamleasecompliance.com is a REAL-TIME (Updated 15 times a day), NATIONAL (Covers 28 states, 8 union territories, 463 Cities), COMPREHENSIVE (Tracks 58,000+ compliance rules and 3,000+ filings across 1000+ Acts) and PERSONALIZED (Filters for Industry, regulator, locations, keywords, frequency, etc) solution for employers but can also act as a guide for policy makers in their effort to reduce the regulatory cholesterol. The Rulezbook App (available for download from the Google and Apple stores) offer employers an Inventory of their rule applicability and compliance slate based on their geography of operations, sector and other details.
Commenting on the launch, Ms. Rituparna Chakraborty, Co-founder & Executive Vice President, Teamlease Services said “India’s $5 trillion dollar economy goal requires a radical rethink of our regulatory cholesterol. Ongoing ease-of-doing business interventions are useful but life for employers and entrepreneurs is still difficult and formalization will be accelerated by rationalizing, simplifying and digitizing our compliance regime. This site is our contribution to the infrastructure of formalization, transparency and scale for employers particularly benefiting MSME’s who do not have or cannot afford large in-house teams or external agencies.”
The current structure of Control and Compliance creates risks for employers because of insufficient, inaccurate and delayed information that lead to poor decisions, penalties and litigation. Current options are largely reactive, manual and paper based leading to poor compliance visibility and control. Companies need processed implications of changes rather than forward of circulars, gazettes and notifications.
A gist of the compliance eco-system
The website www.TeamLeasecompliance.com and Rulezbook App are the first phase of a rebooted comprehensive control and compliance environment that will offer paperless, presenceless and cashless compliance with straight-through-processing by linking directly to various central and state government agencies. Currently the SAAS platform offers tracking services but is working with various regulators and entities to offer a comprehensive workflow for processing and Straight-Through-Process filing an employer requires online.