The Benefits of Registering Your Business: Taxation, Legal Protection, and More
Registering your business is a great way to establish credibility and trust among customers and potential partners. It’s important to show that your business is committed to following the law and adhering to industry regulations. When your business is registered, it also allows you to take advantage of certain benefits, such as tax deductions and access to government programs.
In addition, registering your business can help protect your business name, intellectual property, and other assets. This can be especially important if you are in a competitive market. By registering, you are showing that you are serious about your business and that you are taking the necessary steps to protect it.
Finally, registering your business can help you access capital and financing. Banks and other lenders are more likely to lend to businesses that are officially registered. This can help you secure the funds you need to expand your business and take it to the next level.
Overall, registering your business is an important step for any business owner. It helps you build credibility with customers and potential partners, protect your business, and access financing. Taking the time to register your business can pay off in the long run.
Compliance is fundamental for every organization, regardless of size. That is why it is important for small-to-medium businesses to be aware of the risks and consequences of non-compliance.
It’s essential to know what you have to do, what you need to be doing, and when. Here are a few things to keep in mind, but first let’s look at the basics of what it means for your business to be compliant and up-to-date.
A business has hundreds of legal obligations (called “laws” or “regulations”) that govern its day-to-day operations. Keeping your business in compliance with these laws can protect your business from legal action.
Register your business with the following government agency to get started: CIPC & SARS then you research specific compliance requirements for your business.
Note: Different businesses require different licenses to operate, thus it is crucial that you get those before beginning any compliance work.
Social media is an important tool for small businesses to reach customers and grow their brands. Today, most customers interact with businesses on social media platforms such as Facebook, Twitter, and Instagram. Building a social media presence is an opportunity for small businesses to connect with customers and build their brands. However, social media is not easy.
By adding a second step to the login process, two-factor authentication offers an extra layer of protection. It combines something you already know (like your password) with a second factor, usually something you own (such as your phone). Because both are required to log in, the risk of a password leak is reduced.
Time-Based Tokens are one of the most standard and straightforward kinds of Two-Factor Authentication. In order to use Time Based Tokens, you must input a 6-digit number that changes every 30 seconds in addition to your standard login and password. Your secret key will be known only by your token device (usually a mobile smartphone app) and it will be able to produce a valid one-time passcode for your to log in.
Get Your Company Tax Complaint Status in 2022 Fast.
SARS requires all Registered Companies (trading or not) to submit their Tax Return. Note: Remember it is mandatory for every company to file for tax returns Annual and Failing to do so can result in:
The administrative non-compliance penalty for the failure to submit a return comprises fixed amount penalties based on a taxpayer’s taxable income and can range from R250 up to R16 000 a month for each month that the non-compliance continues.
Put your company in a non-compliant tax status with current and new clients – which means you will not be able to apply for new Tenders and Contracts.
Get your Company Tax Compliant with our everyday special.Choose Your Tax Return Option Below: Option #1: Tax Return (Inactive Company) – R150 (Save R100)
No Income was received for Services rendered or Goods Supplied in the past financial year.
Income Received for Services Rendered or Goods Supplied in the past financial year.
Please note that Companies are first required to register with the (CIPC) offices before registering with SARS for an Income Tax reference For your business needs don’t hesitate to contact us at 060 841 9053 / 013 013 0342or check our business-related services by clicking here
A good brand identity translates into a reputable brand image
A good brand identity translates into a reputable brand image, making your business more coveted and loved. Your logo forms the basis of your brand’s identity, which is very important for a commercial entity to become more discernable and grow.
According to Reboot, incorporating one signature color in your logo can increase your brand recognition by an impressive 80%. The masses will associate a particular color with your business, increasing brand recognition. This means that more people will relate your logo with a good customer experience and high-quality products, thereby improving your sales exponentially.
To design a Professional logo for your brand, all you have to do is give me some details about your business. Then choose the fonts you like and the colors that best represent your brand personality. Once you provide these details, I will go to work and design you a pixel-perfect logo that aligns perfectly with your brand vision.
Protection of Personal Information (POPI) isn’t new in South Africa. The Protection of Personal Information Bill was around in 2009, which meant that the discussion had been going on for years before that. We became used to talking about POPI, and the Information Regulator is now prefering to use the term POPIA, or POPI Act.
Is there a difference?
What is POPI?
POPI stands for Protection of Personal Information. Regardless of whether there is a law or not, organisations should be considering what Personal Information they capture, manage and store, and how best to secure this. It make common, logical sense that this information is sensitive, and shouldn’t be exposed.
One of the principles that we all should consider is “privacy by design”. This means that we should consider privacy implications in all our processes and systems, and build security and privacy concepts into the day-to-day operation of our organisations. POPI is all about Privacy, and this means security.
In order to secure information, organisations need to clearly understand what information is gathered and kept. This is going to require a detailed investigation and shouldn’t be seen as a trivial exercise. Once understood, steps need to be taken to protect the information.
What is POPIA?
POPIA stands for the Protection of Personal Information Act, Act No. 4 of 2013 or POPI Act. This is the new law and is something that most (if not all organisations) will need to follow. Is there a difference between POPI and POPIA? Yes and no.
POPI is the act of protecting Personal Information. This implies that all the policies, procedures, processes and practices in the organisation relating to personal information, are in fact doing POPI. You cannot “do” POPIA, as this is merely the name of the law. In summary, in order to comply with POPIA, you need to implement a POPI programme.
In order to implement, there are a number of steps which need to be followed and a number of documents and instruments which need to be developed. We’ll be documenting these as things progress. Join our mailing list to keep up to date with latest POPIA developments.
Purpose of the Act
The increasing cases of theft and misuse of people’s personal information has led to the need to promulgate regulations to protect personal information and one’s right to privacy.
The POPI Act sets out the minimum standards regarding accessing and ‘processing’ of any personal information belonging to another. The Act defines ‘processing’ as collecting, receiving, recording, organizing, retrieving, or the use, distribution or sharing of any such information.
The POPI Act (POPIA) was signed into law in November 2013 and the remaining provisions of the Act were due to come into effect on 1 April 2020, however given the current Covid-19 pandemic and emergency need to redeploy efforts, these were delayed.
On 22 June 2020
The President issued a Proclamation on 22 June 2020, commencing some sections of the POPI Act which came into effect on 1 July 2020, namely sections 2 to 38, 55 to 109, 111 and 114(1), (2) and (3). These sections largely deal with the application and exclusion provisions, the lawful processing of personal information and respective exemptions, the Information Officer, prior authorization, codes of conduct and provisions regulating direct marketing. Sections 110 and 114(4) are due to come into effect on 30 June 2021.
Defining personal information
Personal information is any information that may identify a person such as a name, surname, identity number, contact number, email address, religion, medical history, education, financial or any other information that is unique to an individual.
This checklist provides a step-by-step guide for businesses to comply with POPIA. The checklist is not exhaustive, and businesses should consult with a legal advisor to ensure that they are fully compliant with the Act.
Step 1: Appoint a Data Protection Officer (DPO) If your business processes personal information on a large scale or in a sensitive manner, you are required to appoint a DPO. The DPO is responsible for overseeing your business’s compliance with POPIA.
Step 2: Implement security measures You must implement appropriate security measures to protect personal information from unauthorized access, use, disclosure, or destruction. These measures should be proportionate to the sensitivity of the personal information that you process.
Step 3: Obtain consent You must obtain consent from individuals before you collect, process, or use their personal information. Consent can be express or implied. Express consent is given when an individual explicitly agrees to the processing of their personal information. Implied consent is given when an individual’s actions indicate that they consent to the processing of their personal information.
Step 4: Provide information to data subjects You must provide individuals with certain information about the processing of their personal information. This information includes the purpose for processing the information, the categories of personal information that will be processed, and the recipients of the information.
Step 5: Allow data subjects to access their personal information Data subjects have the right to request access to their personal information. You must provide data subjects with a copy of their personal information within 30 days of receiving their request.
Step 6: Allow data subjects to correct or delete their personal information Data subjects have the right to correct or delete their personal information if it is inaccurate or incomplete. You must correct or delete the information within 30 days of receiving their request.
Step 7: Report data breaches If you experience a data breach, you must report it to the Information Regulator within 72 hours of becoming aware of the breach. You must also notify the affected data subjects.
Step 8: Conduct regular audits You must conduct regular audits to ensure that your business is compliant with POPIA. These audits should be conducted by a qualified professional.
Conclusion By following the steps in this checklist, you can help to ensure that your business is compliant with POPIA. POPIA is a complex law, and businesses should consult with a legal advisor to ensure that they are fully compliant with the Act.
Firstly, SARS returns got nothing to do with CIPC Returns both ways applies Which mean you need to file SARS returns and as well as CIPC Returns when is due. “A CIPC annual return is a summary of the most up to date information of a company and is filed with CIPC. A SARS tax return focuses on the taxable income of a company in order to determine its tax liability and is filed with SARS. It’s two different processes, with different requirements, handled by two different government departments.” – Written by Bo Bissict
SARS Returns
Every registered Taxpayer is required by law to file or submit returns to SARS via e-filling or SARS Branch so that the South African Revenue Service (SARS) can be able to calculate their tax liability based on the income you as the taxpayer declare and the tax-deductible expensed they incurred for each year of assessment.
CIPC Annual Returns
“All companies and close corporations are required by law to file their annual returns with CIPC within a certain period of time each year. CIPC uses this information to ensure that it is in possession of the latest information of the company or close corporation and to determine whether the company or close corporation is conducting business activities.” – annualreturns.cipc.co.za
CIPC Annual returns has nothing to do with SARS returns, Since you are required to file in each and every assessment year if you don’t file your tax returns your registered company will be non-compliant which mean you are not allowed to do business by law for that moment until you file your returns, On the other hands when it comes to CIPC returns, You are required to file every financial year-end when you don’t file your company become non-compliant as well and if you don’t file for the period of three years that’s when your company will be deregistered but that won’t happen immediately but, it can happen anytime so it is wise to make sure always your company is compliant with any regulation that is required for the type of your business.
Is CIPC and SARS linked?
“The interface between SARS & CIPC uses the Connect Direct technology to ensure security, resilience and manage the completeness and accuracy of any data transmission. There is no automated process to deregister clients at SARS who have been deregistered at the CIPC.”
In the twenty-first century, most people are educated, but they cannot find work. As a result, everyone wants to establish a business, but only a few succeed because they lack an online presence (a Website) that provides a sense of professionalism.
When it comes to businesses, you need clients in order for them to function, which is why you need a website for your company. This generation requires more than just word of mouth; they require concrete evidence in order to believe. If a company is legitimate, it should have a website.
Remember you can create a website to promote your product and services for your company/business, print pamphlets out for advertisement, Then have people giving it out to people they know. You don’t know how business can be booming by just doing so.
Again this generation loves technology, a whole lot of people spends so much time using their phone, as a business person you then need to think smart and use that as an opportunity to create a website for your business then advertise it using the internet, create links for people to share to their friends and families.
Even successful people become keen to know what your business is about using when you already have a website it just shows a very smart move and makes everyone interested .with that kind of exposure there’s no way creating a website for your business could go wrong
Here’s why you need a website for your business.
You need a website to promote your business Without wasting time we all know that a website its part of advertising and every business should be advertised for you to get customers or leads so you can make a profit at the end of the day.
A website plays a big part when it comes to promoting a brand as well as the product or services the company offers.
It makes it easier for customers to reach out.
Running a business it’s a lot of work since it’s something you should do every day, especially if you starting, everything about your business it is all on you, so a website plays a big part in assisting you when it comes to marketing your business/brand or your product and services
We all aware that no matter how good we are with marketing but we cant reach out to all our potential clients
Some clients would want to reach out to a certain company so if you have a website it is easier for them to get all the information they want concerning your brand or your product and services
To Educate Customers About Your Brand
A website is a good platform to educate your clients about your brand, you can write more about your company, its mission, vision, etc, and that will make your clients trust your brand since they would know more about your company and they will be a place for them to go if they need to know something about your company
Another part a website play is when they have questions about your brand your website will be able to provide those answers even when you are not around to answer them you website can take that place and assist your clients or potential buyers.
Social Proof
Social proof can be an effective marketing tactic for several reasons. The most basic motivating force behind social proof is the bandwagon effect, a social psychology concept which states that people are more likely to engage in action if other people are doing it.
so a website contribute into that, so as soon as people see your website it is easier for them to engage with you cause social proof build trust between a brand and consumer, it Improves Credibility and Legitimacy of Your Brand
Generate Online Sales.
A website can assist in generating online sales, in other words, which means a website will make your business product and services be accessible 24/7 even if you are not there, a website can assist in generating sales and make your company profit any time of the day with or without you managing it.
To be ahead of your Competitor
The only way to be better in this business world is to do better than your competitors.
By doing better I mean having what they don’t offer, and offer it to your clients to eliminate the competition, be on You’re A-game be ahead, change with time provide your client’s what’s working at the moment.
When it comes to customer support you make sure you are the best, and that’s where a website comes in if you have a website for your company its easier to have all advantages to compete best compared to you competitors especially to those who don’t have a website
Remember even if your competitors have the best website ever then make sure yours it is designed to perfection and it’s easier to navigate, cause a good design website it’s not an expensive one its the one that it’s easier to navigate and it’s mobile-optimized
12 To be found online when they search for your products and services
The majority of consumers use websites to find and engage with businesses
It’s easier to trust a company with a website because it shows that they take their business seriously, and consumers want to trade with people who take what they do serious not just people who want to make easy money
Having your website shows that you take your business seriously so it simple for new clients to take you seriously.
There are so many reasons why you need a website for your business we might not cover them all, but you do need a website for a lot of reasons the biggest of them all its marketing.
Marketing plays a big part in growing a business and to all the new start-up business you don’t need a website only to be on top of the game in the business world
We advise you to use all the marketing media to stand out from the competition
Name the few
Classified adverts. Classified adverts or classified ads are useful for generating leads. …
Social media. …
Surveys. …
Google Analytics. …
Direct mail. …
Media monitoring tools. …
Customer loyalty programs. …
Automation
There’s more out there so a good market will identify which best work for their business and work with it but don’t ever forget a website for your business, it’s more like a virtual assistant.
