Accounting information helps you strategically manage your company (or your personal finances). And the ability to think strategically about where your money is going will help you more productively use your resources. With accounting services provided by a good CPA, you’ll be able to make better decisions, take corrective actions.
Value-added tax (VAT) registration threshold was raised from R300 000 to R1m. You can voluntarily register your business if you make a lesser turnover per year. The VAT Registration application can only be done after the Company has been registered and you have opened a bank account.
Technically, there are no additional tax compliance requirements for foreign owned businesses in South Africa. However, additional tax filings may be required for taxes that are unique to foreign entities such as profit remittance tax for profits remitted by a South Africa Branch of that Business to its Head Office.
Appointing an in-house dedicated CPA to perform accounting, tax compliance, and payroll tasks may cost more than the professional fee of a company that can perform the same tasks. An accounting company would also have the contractual obligation to ensure continuity of services regardless of any changes in its manpower.