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My Company is now registered - what is the next step?
So, we completed steps 1 – 3, through Register My Business, what is next?
We have finished choosing and registering your company name; a bank account has been opened and your company has been registered for Income Tax. Now it is time to set up an employee payment system, if you have employees in your service.
We will need to set up Pay As You Earn (PAYE), Unemployment Insurance Fund (UIF), Skills Development Levy (SDL), and Workers Compensation Assistance (WCA).
What is PAYE?
PAYE or Employee’s Tax is a monthly tax deduction from the salaries of your employees to ensure that their yearly tax is paid. PAYE allows your employees to be relieved of their tax paying duties and, instead of a lump sum, PAYE allows you to pay SARS your employee’s tax for them on a monthly basis.
What are UIF and SDL?
You contribute to your employees’ UIF monthly to ensure that your employee have short-term financial relief should they become unemployed or cannot work due to maternity or adoption leave, or falling ill. In cases where an employee dies, UIF provides short-term financial relief for your employee’s dependents.
The Skills Development Levy is a monthly payment reserved for promoting learning and skill development in your employees. By registering for SDL you are liable to pay 1% of the total salaries paid to your employees as an SDL payment monthly. Unless your monthly salaries sum up to R500 000 over 12 months, you are not automatically liable to pay SDL. However, if you expect your salary payment to your employees to be R500 000 over the next 12 months you are liable to pay SDL.
Registering for UIF and SDL
The following documents are required to register for UIF and SDL
What is WCA?
Workers Compensation Assistance is aimed at recovering losses that occur when processing injury or duty claims. WCA benefits for employees and employers to make sure that claims are settles fairly and justly.
Registering for WCA
The following documents are required to register for WCA
Step 5: Marketing your Business and establishing your brand
It is important to establish your Business brand as this helps to identify a product or service and distinguish it from other products and services of those of your competitors. Marketing and branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company.
What are the five major benefits you can expect to see when you have a strong brand?
The easiest way to establish a brand is by creating a website
Having a website and online presence strategy allows you to market your business online. A website is also important because it helps you establish credibility as a business. Most people just assume that you have a website since the vast majority of businesses do.
This is how we can help you
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