Statutory Requirements for Business Owners in South Africa - Management Assignment Help

Assignment Task

ASSIGNMENT

QUESTION

Below are 18 questions relating to the statutory requirements facing business owners in South Africa. Please answer any two of these 18 (main) questions (which each contain several sub-questions). These sub-questions are just to guide you and you can provide other useful information relating to your topic to ensure that you earn the allocated marks. Please indicate the main question numbers (1 to 18) that you have selected and write this above your answer to that question. Please reference your sources where applicable.

Sub-questions

1 What are the steps for incorporating a company? What documents must be submitted and what are the costs involved? Other information?

2 What is a shelf-company? Can one buy one? What does it cost? Advantages? Other information?

3 The Companies and intellectual property commission requires that an annual return be submitted by companies and CC’s? What is the return for? How does one submit it? How must does it cost? Other information?

4 With regards to a private company, what options are available to small business owners? Do the legal requirements differ between the private company options available for different sized businesses? Other information?

5 Who needs to register for income tax? Who needs to submit an income tax return? Other information?

6 What is a small business corporation (for tax purposes)? What are the criteria for qualifying as a small business corporation (for tax purposes)? Other information?

7 What is turnover tax? What are the criteria for qualifying for turnover tax? Other information?

8 Who must register for VAT? How much is VAT? What does zero-rated mean? What are the requirements for invoices with regards to VAT? Other information?

9 What is employee’s tax? What is PAYE? What are the monthly, bi-annual and annual responsibilities of the employer? Other information?

10 What is skills development levy (SDL)? Who must register for SDL? How does what claim back SDL? Other information?

11 Why does one pay UIF? Who pays and how much? What is U-filing and how does it work? Other information?

12 Why does one pay workman’s compensation? What does one do if an employee get injured at work and you are registered with workman’s compensation? What determines the workman’s compensation amount that must be paid by a business?

13 What are bargaining councils? What is their purpose? Who needs to register with them? Other information?

14 What is the difference between a license and a permit? Does one need a license to operate a business in Port Elizabeth? Where does one get such a license? Other information?

15 Who must register with the SA Music Rights Organisation? How much must you pay? What determines the amount paid? May you play the radio at you place of business? For example, may a hairdresser play the radio in her salon? May she play CD’s? Other information?

16 What is BBBEE? What is the BBBEE scorecard? What are the various categories of businesses according to BBBEE? Other information?

17 What does a one need to do if you want to importing products into South Africa? What legal requirements exist? Other information?

18 What are the do’s and don’ts with regard to naming a business in South Africa? What is a defensive name and how does one register such a name? Other information?

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