Thank you, that answered a lot of questions for me. My wife and I have just recently registered a company, and even though we are starting small, I now feel much better about going the extra mile to formalize right from the very beginning.
That is very insightful thank you. I almost incorporated a company as a new small business beginner and had no idea as to the costs to keep a company open. Much appreciated
I have been running as a Sole Prop for many years and recently had to upgrade to Pty so I could get reseller rights. I very much appreciate the information from this video. It has opened my eyes and I feel alot more comfortable. I will be in contact for an accountant though.
This was incredibly helpful. I started my first business this year that just got registered last month. I was so worried that I was going to pay exorbitant taxes as a Pty, and that it was going to kill my profits and eat into my take-home pay.... but now that I understand the risks of sole proprietors, I feel a lot more confident that I will be personally/legally protected.
I learned more here than i did during highschool....could i ask for a video that couls explain how forex trader would go about his taxes,business structure, booke keeping etc. Would be undertaken...there doesnt seem to be much disclosure on that information...thank you once again
Yes, that is a very specialized area, so I think you will find it difficult the get free advice on RU-vid so best to contact an auditor who specializes in these types of businesses.
I'm busy watching the videos on the channel and it is super informative it is literally answering questions I'm having trouble finding answers for on Google. I want to register (preferably LTD PTY) as a business but as a single director and also be the only employee because with my current way of earning income, I usually reinvest more then 50% of what I make a month, to keep growing and I have noticed that it'll make more sense to reinvest money into advertising and similar ways as a business or company appose to an individual. I just started surpassing the taxable income amounts but as I said, more than 50% goes back to help grow what I do. My question. What will be an acceptable form of proof for the "reinvested amounts" will slips be sufficient or will I need more or additional documentation from the advertiser I'm using? I also just want to mention that I run a digital business where I generate income from digital sales, to put it in such terms.
Thank you so, so much for this. I am so irritated with the major banks who market business accounts agressively but offer no guidance at all. There used to be small business administration training courses via Damelin and other providers, courses I can no longer find. Do you perhaps know of a vendor who trains small business administration based on South African conditions?
Hallo! I was so happy to find your channel! It is so informative! Thank you!! I am looking to start a business from home selling gift boxes online where I am goung to be the only one working there. I still have a full time job, so it's really more of a side hustle with the hope that it would grow into a full time job for me. So if I am the only only working for my business, would it still be better to register it as a company (based on the video I think so) and would I have to apply for UIF and WCA since of get UIF etc at my current job? Thank you!
25:09 thank you for the top notch info first of all. Much appreciated. My question is regarding the cost of administration. You memtion it will be+- 3000 to 5000 a year for a company. What factors make up administration costs?
If iam employed by another company, and I start my own company B whille still working for company A. What is the SARS implications on my personal tax returns?
This is so very helpful, thank you for this clear and understandable information. I would like to start a web-design business where I develop and design websites. I already have all the resources and software needed to begin (low startup expenses). I will work small scale, only contracting projects that I can manage on my own. In considering the different structures, it seems like it most aligns with sole proprietorship. Do I need to register my company with the Sole Proprietor National Database? And when you say to open two banks accounts, do you mean with two separate banks? I want to make I am not doing anything dodgy while sorting out the details. Again, thank you thank you so much for all your content, it is so beneficial for my novice business self.
Thank you very much I found this very helpful! Finally someone explains it easily and in the detail I need. I wasn't able to locate the video on Small Business Corporations though, is it inside of a video by another name?
Question: With many people working from home, if i am trading as a small business, for example in IT i can offer alot of services from the comfort of my home how do i know what qualifies as an expense e.g. is my electricity bill still my personal expense or the business one?
Thank you, this really helps a lot. The only question I have is that is it possible to get an LLC in South Africa and if so how do you go about getting one ? Thank you in advance
Thank you for this video, do you have one that can compare different company structures ( Personal Liability Company inc and Private Company (Pty) Ltd) and tax implications?
Thank you for this helpful video...definitely going to register a company rather 💯 Do you have a website? We are researching our options re getting an accountant, preferably someone that knows about running a RU-vid Channel as a business 😬 And do you have any recommendations regarding which South African bank is best to have a business account with...we are considering FNB
Hi there, yes, please have a chat with me first before opening bank accounts and registering companies etc, you can send me a whatsapp on 0825596454, but I also have a website www.saaccountingnetwork.co.za but there are a few accountants listed there. I do some work for RU-vidrs so know how the machine works.
I would also suggest you watch the second and third videos in that series so you can understand the basics of tax and what might be relevant to you - ru-vid.com/group/PLt_qVdbCcEmLfjhMBB159BRiGJBoOQ0Y6
Thank you, great info and answered a alot of my questions. I do in fact have a few questions. I am looking at starting a business to do CRYPTO mining, but a the current moment it is not profitable & the company will run at a loss for a few months, i will need to carry the company out of my own pocket. Is it worth doing a small business if its not profitable at the moment? Thanks for all the videos.
Baie dankie vir 'n baie goeie video Heinrich! Ek wil weet indien ek 'n paar companies registreer, elke company doen iets anders, word die belansting gesplit tussen die companies of word dit bymekaar getel en op die hele bedrag gebelas?
Please can you advise me, if I am doing online business, teaching English to Chinese students and in return getting paid by a Chinese Company in China, how should I register my online Teaching English Business?
Hi there. Great thanks for such an informative video! I would like to ask and know. Im a south african national based in Vietnam. I would like to export "Telecoms" such as laptops and Desktops to government tenders advertised. Im starting out this venture for the first time. What would be the best option for me OR advice you would give me? Sole proprietor or company? I needed advice and more insight on that. Your reply would be greatly appreciated. Thank you.
Hi thank you so much for all the information it really puts one at ease...one question If I started a company and it becomes profitable and then I start another company and I use the profit (after tax) from a the first company to fund the next one is they anything wrong with that ( or would I have to fund it out of my personal capacity )
Yes you can! Best is to classify that amount as a loan, and once the new company starts making money it must repay the loan again. So you appoint yourself as the shareholder and maybe contribute R100 as share capital. There are other ways but then it becomes more complicated - the key is to keep it simple.
Hi. I have registered a company, but not sure if that was the right rhing to do. I have a contract with am overseas company and get only 1 salary in USD every month. Should I rather change over to a Sole Proprietor?
Hi. Plz advice, Am a sole proprietor and I want to apply for car finance what documents do I need to apply as I don't have a payslip I invoice my client monthly n they pay after 30 days
