Starting and running a business is complex. There are so many issues to be considered and attended to.
- Where is the market for your product or service?
- Are you providing excellent customer service?
- Are you keeping up a positive cash flow?
- AND are you compliant with all legislation pertaining to your business?
That last point is one area that many business owners have a tendency to let slide – and one which can affect their business just as dramatically as letting any of the first three points slide.
All enterprises should ensure that they are fully compliant with the following legislation:
- The Companies Act, 2008 (Act No. 71 of 2008) which was most recently amended in February 2013, which purpose includes, but is not limited to:
- “To provide for the incorporation, registration, organisation and management of companies, . . .
- . . . to provide for efficient rescue of financially distressed companies;
- to provide appropriate legal redress for investors and third parties with respect to companies . . .
as necessary to provide for a consistent and harmonious regime of business incorporation and regulation; and to provide for matters connected therewith.”
2. The Basic Conditions of Employment Act, 1997 (Act No. 75 of 1997), which was most recently amended in June 2012
“To give effect to the right to fair labour practices . . . by establishing and making provision for the regulation of basic conditions of employment . . .”
3. The Black Economic Empowerment Act, 2003 (Act No. 53 of 2003), which was most recently amended in October 2013
“To establish a legislative framework for the promotion of black economic empowerment . . .”
4. The Consumer Protection Act, 2008 (Act No. 68 of 2008), which was most recently amended in April 2011
“To promote a fair, accessible and sustainable marketplace for consumer products and services . . .”
5. The Employment Equity Act, 1998, most recently updated in 2009
“To provide for employment equity; and to provide for matters incidental thereto.”
6. And the soon to be signed – Protection of Personal Information Act
“To promote the protection of personal information processed by public and private bodies; to introduce information protection principles so as to establish minimum requirements for the processing of personal information; to provide for the establishment of an Information Protection Regulator; to provide for the issuing of codes of conduct; to provide for the rights of persons regarding unsolicited electronic communications and automated decision making; to regulate the flow of personal information across the borders of the Republic; and to provide for matters connected therewith.”
As a business owner, you must be sure to familiarise yourself with the above legislation and incorporate compliance into your business planning, as non-compliance carries heavy penalties and active compliance assures your customers that you are a responsible company to deal with.