Regulatory Requirements for Establishing a Business - Start-Up Restaurant Business Report

REPORT ON REGULATORY REQUIREMENTS FOR ESTABLISHING A BUSINESS
Start-Up Restaurant Business Report
9/16/2019
Restaurant name:
Report prepared by:
Supervisor name:

Introduction
The following regulatory concepts affect an entrepreneur’s decision on business location;
1. Policies against discrimination.
a. Key objectives
To reduce the manifestation of discrimination
b. Key practices that are prohibited by the law
i. Discrimination on employment or discrimination on particular grounds such as sex.
c. Policy enforcers
Inspection based on the commonwealth and the Law council for reforms in Australia.
d. Main consequences of non-compliance
i. Legal action and fines
e. Licensing and required training
To prove that the restaurant is ready to be accountable to its actions
f. Need for accurate recording and data security mechanism
All procedures with staff members should be documented and issues clarified before filling.
g. Time and frequency of reporting to relevant authority
The firm manager reports all the financial and non-financial information to the government agency
h. Suggested insurance policy
Profit interruption policy
i. Need for adherence with ethical issues in the law
The efforts will enable the organization to uphold policies and programs that prevents the
organization and its employees from flaunting procurement and promotion legislation.
j. Strategy implementation requirements
The restaurant must have the basic rules governing business location in Australia
k. Rights and responsibilities of employees and employers
Employers train employees to be informed of their duty to eradicate discrimination in business.
l. Other specific actions that must be taken for legal compliance
Continuous training of staff on legal requirements to minimize discrimination and harassment1
1 Feng, R. and Huang, H., 2016. Statutory financial reporting for variable annuity guaranteed death
benefits: Market practice, mathematical modeling and computation. Insurance: Mathematics and
Economics, 67, pp.54-64.

2. Australian Consumer Law (ACL), with focus to contract breach
a. Key objectives
To provide the best and most consistent protection for consumers of restaurant services of
Australia and New Zealand origin
b. Activities frowned upon by the regulation
I. Providing false or misleading information about the commodities under sale
c. Supervisory authority
Auditing is done by Australian Competition and Consumer Commission.
d. Action taken on offenders
Fines and eventual closure of the restaurant
e. Documents required for official provision of restaurant services
This policy also helps in regulating the businesses that are allowed in a geographical area.
f. Mechanism for information storage and management
To trace transactions between the business and clients
g. Mandatory legal reporting
The management will provide statutory reports at the end of every fiscal year
h. Suggested insurance cover
I. Professional indemnity insurance
II. Public healthcare
i. Abiding by territorial ethical requirements
The restaurant must operate within the guidelines of Australian law
j. Essentials for policy development and implementation
The business must know the consequences of misrepresentation and offering false information2
k. Contribution of employees and employers
Employees must implement duties as recommended by the business policies
l. Other specific actions that must be taken for legal compliance
Punishing offenders through heavy fines
2 Henry, E., Massel, N. and Towery, E., 2016. Increased tax disclosures and corporate tax avoidance.
National Tax Journal, 69(4), p.809.

3. Contracts
A. Key objectives
To create value for the organization so that it can provide customers with the best products
B. Key practices that are prohibited by the law
Termination of employment without following the due process
C. Policy implementation authority
Australian Securities & Investments Commission offers surveillance for this legislation.
D. Penalties for flaunting the laws
Fines or closure of business
E. Training and statutory documents required at inception
These documents give the restaurant owner the right to produce and sell specified commodities
within the boundaries of a country.
F. Information storage and data management
Both parties must keep proper records concerning the contract signed
G. Mandatory reporting provisions
The management must provide stakeholders with financial and managerial reports periodically.3
H. Major business cover suggested
I. Directors and offers liability
II. Cyber insurance
I. Operating within the confines of legal provision
The policy ensures that the insured gets value for his committed funds
J. Demand for businesses to prepare by-laws and universal codes of conduct
The organization will always consult industry experts to tailor the policy to the needs of the
organization.
K. Role of employees and employers in enforcing the rules
Employees have a duty to evaluate the internal control system of the contract
L. Other specific actions that must be taken for legal compliance
Establishing and maintaining internal controls and monitoring ongoing processes pertaining to the
contract.
3 The Corporate Law Economic Reform Program (Audit Reform and corporate Disclosure) Act 2004
(CLERP 9).

4. Employer superannuation and contributions
a. Key objectives
To provide a stream of income to the elderly upon retirement
b. Activities prohibited by the law
Breaching of trustee covenant regarding superannuation
c. Auditing and inspection regime
Australian government, through the regulatory agency monitors and inspects compliance.
d. Penalties for non-compliance
Non-compliance with this policy results into creation of ad-hoc by-laws
e. Statutory documents for commencement and continuity
The restaurant must be continuously licensed to ensure accountability for its action
f. Documentation process
Proper records should be made to ensure that the funds are used solely for the benefit of the
members.
g. Mandatory reporting framework
The organization will keep a record of all contributions made on behalf of the employees.
h. Key operational cover recommended
1. Longevity risk
2. Investment risk
i. Need for strict compliance with the law
Improves employee productivity as he is not bothered about retirement date
j. Necessities for implementation of policies
It requires a simple and efficient system that can enhance the process of implementing the
policies.4
k. Contribution of employees and employers
It is the responsibility of the employers to submit the monthly contributions of the employees.
l. Other specific actions that must be taken for legal compliance
Forming a fully funded system that ensures compulsory deposits of contributions by the
employees
4 Li, S.X. and Pinto-Powell, R., 2017. Revisiting the merits of a mandatory large group classroom learning
format: an MD-MBA perspective. Medical education online, 22(1), p.1396174.

5. Fair Work Act 2009.
A. Main aim
To provide country-wide economic prosperity and equity for all Australian citizens
B. Key practices that are prohibited by the law
i. Denying an employee right to enjoy annual leaves
C. Administering body
Fair work commission and Fair Work Ombudsman administer, provide oversight and evaluate fair
work in the Country.
D. Penalty for defaulters
Court fine
E. Required statutory documents
The restaurant will be required to renew the license for perpetual compliance with the law.5
F. Documentation requirement
The organization will keep accurate and complete records for all employees in terms of work duration
and rate of remuneration.
G. Legal reporting mechanism
The management will prepare annual reports for various sectors of the organization.
H. Key business insurances required
i. Employer liability insurance
I. Legal compliance
Employers are not expected to take advantage of their employees or potential staff members.
J. Strategy for documentation
Restaurant records to be captured in plain and simple language
K. Roles of employers and employees
Employers should ensure that employees can access information affecting their welfare with ease
L. Other specific actions that must be taken for legal compliance
The organization should ensure continuous access to Fair Work compliance
5 Avila, M.H. and Santos-Preciado, J.I., 2016. Analysis of the evidence about the efficacy and safety of the
CYD-TDV dengue vaccine and its potential licensing and implementation within the mexican universal
vaccination program. Salud Publica de Mexico, 58(1), pp.71-83.