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.