Need Support for Your Business? SME Launch is Your Answer
SME Launch is the latest initiative of the Chartered Institute for Business Accountants (CIBA), aiming to help small and medium-sized businesses (SMEs) in South Africa. If you are starting your business or are already an SME owner needing help, this one is for you. CIBA has joined forces with Inhlanyelo Hub and the South African Chambers of Commerce and Industry (SACCI) in a partnership bringing resources together to provide essential free support for SMEs at every stage—from startups to established businesses looking to grow. SMEs will benefit from various opportunities and gain the necessary tools to ensure compliance and growth.
What New Businesses Need to Know
When starting a new business in South Africa, you must manage relationships with several key partners to ensure your SMEs' success. Important partners and the roles they play in your business include:
Banks, to open a business account, receive financial services, and consider future financing options like loans or credit facilities.
Accountant (CIBA) to manage financial statements, ensure tax compliance, and receive business guidance, especially for VAT, PAYE, and corporate income tax.
SARS (South African Revenue Service) to register for VAT and PAYE and ensure timely tax submissions to avoid penalties. Maintain compliance for potential audits and tax refunds.
CIPC (Companies and Intellectual Property Commission) to register your business, file annual returns and keep your business legally operational.
The Labour Department is observing compliance with South Africa’s labour laws, including minimum wage, health and safety regulations, and employee rights.
B-BBEE Verification Agencies, when applicable, can improve your chances of working with government or large corporations.
Industry-specific professional Associations provide opportunities for networking, advocacy, and access to valuable resources like market reports and professional development opportunities.
Once you set up your business, the hard work only begins. Ensuring compliance and growth simultaneously is often challenging.
What Does SME Lauch Offer?
Starting a business involves many steps, including registering with the CIPC, drafting a business plan, and setting up systems and processes to record financial transactions. SME Launch offers practical tools, training, and advocacy free to help businesses navigate these challenges successfully. Here's what you can expect:
Programs and workshops for SMEs to learn the essentials of business accounting, from basic compliance steps to advanced financial management. Access expert advice on compiling financial statements, taxes, and other skills.
Providing resource-sharing opportunities and networking to gain access to professional networks and market opportunities to accelerate your business growth.
Gain access to funders looking for SMEs.
Benefit from advocacy efforts that promote a business-friendly environment, making it easier for SMEs to succeed.
The SME Launch Event: 1 November 2024
Kicking off the initiative, CIBA will host the SME Launch event on 1 November 2024, providing free support to all newly registered companies with CIPC. This effort has the potential to dramatically improve the survival rate of startups—just a 10% boost could make a significant difference to South Africa's GDP!
SMEs out there are urged to join this initiative as a chance to receive valuable guidance. Together, we can help build a stronger, more prosperous future for South African SMEs!