Legal Issues and Insurance
You need to choose a legal entity
for your business such as a close
corporation or sole proprietorship
from which to operate. You need
to understand the laws that govern
what that legal entity can and cannot
do. Secondly you need to register
with the South African Revenue Services
for Value Added Tax (VAT), Company
Tax and employee tax obligations.
Next is the regional services council
levy payable to the local metro
or regional council.
Employees need to be registered
for unemployment insurance (UIF),
workers compensation (WC), and in
certain industries to the relevant
Industrial Council, a provident
fund and a medical aid scheme.
Other than the above, certain businesses
such as trading in liquor require
permits or licenses. Finally, activities
involving cross border trade, ie.
importing and exporting, require
permits as well. Acquaint yourself
with common law, occupational safety
and the labour relations act.
Ensure against events external
to your business that could put
you out of business. Balance the
cost of the insurance with the probability
of the event occurring. Related
Information
|
