10 things you need to know about starting a business in SA – from registering your company to paying tax

High unemployment rates are driving new start-ups in South Africa.These are the questions you should be asking if you want to start your own business.

Marais shares some of the most common mistakes a start-up can make and the questions you should be asking if you intend to start your own business. Company registration guarantees several legal benefits, one of which is asset protection."If a company is legally registered, others can’t claim your business name as their own, which is not the case if unregistered".

It isn’t necessary to register for VAT right away. In fact, VAT registration is voluntary if income for a 12-month period exceeds R50,000. However, VAT registration is compulsory if income for a 12-month period exceeds R1 million. With contractors, however, no PAYE submissions to SARS are necessary and you are not liable for workman’s compensation; contractors are helpful in the short term; and contractors allow for savings during slower seasons. Going into business blindly can be daunting, invariably go-getters end up in a sticky red-tape scenario, says Chartered Accountant, Riki Marais.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SA-US RELATIONS: US ‘very disappointed’ with SA vote on VenezuelaWashington also expects SA to extradite former Mozambican finance minister to the US — even though Pretoria says it has already decided to extradite him to Maputo. PFabric We are not part of the American stabilization and regime change brigade. PFabric The US should stop all handouts to SA PresidencyZA - and add a couple of sanctions just to push our economy over the edge. Maybe then we'll wake up, after the civil war that is PFabric Not just the US. Ordinary Venezuelans that are left to starve to death by the evil regime that governs their country, too. But you see ANC no longer cares for human rights (the very reason it was established for) but for corruption so they naturally support it everywhere.
Source: dailymaverick - 🏆 3. / 84 Read more »