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Zawya
2 days ago
- Business
- Zawya
South Africa: $614mln assets linked to State Capture Commission recovered
As government continues to implement the President's response to the recommendations of the State Capture Commission report, the asset recovery linked to the commission has increased from R2.9bn in October 2022 to R11bn by March 2025. This was revealed by Minister in The Presidency, Khumbudzo Ntshavheni, on Thursday, during a media briefing in Cape Town, on the outcomes of a Cabinet meeting that was held on Wednesday. 'Cabinet was briefed about substantial progress made in the implementation of the recommendations of the State Capture Commission. Major reforms include the enactment of eight new laws addressing corruption, procurement, intelligence services, and corporate accountability,' the Minister said. The criminal investigations and prosecutions work has resulted in the conclusion of four state capture commission cases with guilty verdicts. Eleven other cases involving 51 natural persons and 27 companies have been enrolled in court. 'The erstwhile Department of Public Enterprises referred 71 former State-Owned Enterprise (SOE) directors to the Companies and Intellectual Property Commission (CIPC) for delinquency proceedings resulting in nine active court cases. 'The CIPC has completed reviews for 10 private sector entities implicated in the State Capture Report, with six investigations ongoing and eight new Special Investigating Unit (SIU) referrals under assessment,' Ntshavheni said. The National Treasury has imposed a 10 year (2022-2032) ban on Bain & Co on doing business with the state, which Bain is challenging in court. Various reforms to prevent future state capture are underway while some have been implemented. Amongst those are: - The establishment of the Investigating Directorate Against Corruption which commenced its operations on 19 August 2024. - The National Framework towards the Implementation of Professionalisation of the Public Sector was approved by Cabinet in October 2022 and the National Anti-corruption Advisory Council has concluded research into the institutional reform recommendations of the State Capture Commission. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
IOL News
6 days ago
- Business
- IOL News
How South African youth can avoid job scams and thrive in entrepreneurship
Momentum Group, a prominent player in South Africa's financial services sector, has alerted the public to an alarming increase in scams leveraging the power of 'deepfake' technology. Discover essential tips for South African youth to protect themselves from rising job scams and enhance their entrepreneurial journey. Learn how to identify fraudulent opportunities and safeguard your ambitions. Image: File photo. In a digital-first age, South African youth are both empowered and vulnerable, especially as they build livelihoods online. With ambition and connectivity so intertwined, the risk is more than personal; it's become systemic. Which means, it's time for our youth to sharpen up. Financial scams targeting the youth are on the rise. From fake job offers and bogus training schemes to fraudulent charity gigs that ask for 'registration fees,' the danger is real. What makes these scams particularly cruel is that they not only steal money, but also time, trust, and sometimes a person's self-belief. Despite the challenges, young people are hopeful and eager to better their lives, which makes them vulnerable to scams disguised as opportunities. We're seeing more and more cases where young people are being targeted through social media, WhatsApp job groups, and even fake recruitment portals. Common scams to watch out for: 1. Fake job offers with upfront fees You apply for a job online and receive a congratulatory message confirming that you have been selected. But first, before accepting the offer, you're asked to pay a 'registration,' 'training,' or 'uniform' fee. Once you pay, the job disappears. Tip: no legitimate employer will ask for money before you've started working. If they do, it's likely a scam. 2. 'Too good to be true' Work-from-home gigs You're offered big money for simple tasks like typing, data entry, or social media management. But before starting, you're required to buy a 'starter kit' or software. After paying, the 'employer' vanishes. Tip: Always research the company. Look for reviews, and check if it's registered with the Companies and Intellectual Property Commission (CIPC). Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 3. Fake entrepreneurship/ investment opportunities Scammers promise fast profits from 'business mentorship,' 'crypto investments', or 'import-export schemes' but... only if you pay to join their programme. Tip: Real business mentors don't demand fees upfront over WhatsApp or Instagram. Ask for proof of their credentials and verified success stories. 4. Personal loan scams Scammers promise guaranteed loan approval, often with no credit checks, to lure in individuals needing quick cash. But before releasing the loan, they ask for an upfront payment disguised as 'admin fees' or 'origination fees'. Once paid, the scammer vanishes, and the loan never appears. Tip: Always verify the loan provider with the National Credit Regulator (NCR), and they must be registered and have a valid National Credit Regulator Credit Provider number. Make sure the registration is active and not expired, and never pay any upfront fees before receiving the loan. Scammers use urgency to make you act before you think. If someone's pressuring you to pay today or miss out, that's a clear red flag. Practical Tips to Stay Safe Google is your friend: search the name of the company + 'scam' or 'complaints' Speak up: ask family, teachers, mentors, or even online forums before you commit Verify job ads: use reputable job boards and check company profiles on LinkedIn Protect your documents: don't send ID copies, bank info, or selfies to unverified people Report scams: don't let others fall into the same trap. Use platforms like the South African Fraud Prevention Service (SAFPS) or report it to your local SAPS Youth Month is about recognising the power of young people in South Africa. But it's also a reminder that youth are often targeted precisely because of their potential. By staying informed and cautious, you can protect yourself and your peers from exploitation. We want to empower youth with knowledge so they can spot the warning signs early. Don't let anyone take advantage of your ambition or be dejected at the vastness surrounding this type of criminal activity. Real opportunities do exist and uplift – they just don't demand monetary exchange prior to signing on the proverbial dotted line. * Nyati is a consumer financial education specialist at Momentum Group. PERSONAL FINANCE
Zawya
20-06-2025
- Business
- Zawya
SME compliance in South Africa: What every small business should know?
South African small and medium enterprises (SMEs) face a wide range of legal and tax compliance demands that, if neglected, can result in serious penalties. From tax registration to health and safety laws, business owners must understand the rules that govern them to stay in good standing with authorities. Motumi Tsoeute | image supplied Motumi Tsoeute, senior compliance specialist at Sage Africa and Middle East, outlines key areas SMEs must get right: Formally registering your company with the Companies and Intellectual Property Commission (CIPC) separates your personal and business finances and limits your legal liability. Once registered, SMEs must file annual returns and report any changes to company information such as ownership, directorship or registered address. All businesses must be registered with Sars for tax purposes. Registered companies are issued with an Income Tax number and must file annual returns and provisional tax. Accurate records, including a balance sheet and income statement, are required. If you generate taxable supplies exceeding R1m per year, VAT registration is mandatory. For supplies under this threshold but over R50,000 in the past 12 months, voluntary registration is possible. VAT submissions and payments are done according to a schedule set by Sars. Employers must also register for Pay-As-You-Earn (Paye) and submit monthly and bi-annual returns. Additional payroll-related taxes, including the Skills Development Levy (if annual payroll exceeds R500,000) and Unemployment Insurance Fund (UIF), must be considered. SARS eFiling is essential for managing submissions, and SMEs working with tax practitioners must ensure all information submitted is accurate. Labour legislation Employers are bound by the Basic Conditions of Employment Act (BCEA), which covers hours of work, overtime, leave and employee dismissal. SMEs must also comply with the National Minimum Wage and any bargaining council agreements that may apply. Consumer and data protection Laws like the Protection of Personal Information Act (POPIA), Consumer Protection Act and GDPR govern how SMEs interact with customers, advertise products, manage personal data and handle returns. Modernise with automation Accurate, real-time recordkeeping is critical for compliance. Cloud-based accounting and payroll tools help SMEs maintain financial records, track taxes, send invoices and issue payslips. These systems also update automatically with legal changes. Avoiding penalties The risks of non-compliance include legal action, fines, reputational damage and SARS scrutiny. SMEs are encouraged to: "Compliance isn't just about ticking boxes—it's the foundation of a sustainable business," says Tsoeute. "It helps SMEs build trust, protect their operations, and set themselves up for long-term success." EA), which covers hours of work, overtime, leave and employee dismissal. SMEs must also comply with the National Minimum Wage and any bargaining council agreements that may apply. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
News24
17-06-2025
- Business
- News24
Basics of copyright: How to protect your intellectual property
Your work is protected from the moment it is created. Work that is original qualifies for copyright protection. South African law only protects expressions of ideas and concepts, not the concepts or ideas alone. ___________________________________________________________________ Understanding copyright rules isn't just about avoiding legal pitfalls – it's about protecting your creative work and leveraging it for business. We break down the essential copyright knowledge every budding entrepreneur needs. In South Africa, copyright is governed by the Copyright Act 98 of 1978, which protects original creative works. Unlike patents and trademarks that require registration with the Companies and Intellectual Property Commission (CIPC), copyright protection is automatic in South Africa. 'Many entrepreneurs mistakenly believe they need to register their creative works to secure copyright protection in South Africa,' explains intellectual property attorney Janine Shultz. 'In reality, your work is protected from the moment it's created and fixed in a tangible form, provided it meets the originality requirement.' For a work to qualify for copyright protection in South Africa, it must be original (created through your own skill and effort, exist in material form (written, recorded, filmed, etc.) and be created by a South African citizen or resident or first published in South Africa. What can be protected under South African copyright law? South African copyright law specifically protects literary works (books, articles, website content, business plans); artistic works (paintings, photographs, logos, drawings); musical works (compositions, jingles); cinematograph films (videos, advertisements); sound recordings (podcasts, audio content); broadcasts and programme-carrying signals, and computer programs and software. 'Entrepreneurs often overlook the breadth of copyright protection,' notes digital rights specialist Mandla Zulu. 'Your business blog, customer testimonials, product descriptions, and even your unique course materials are all automatically protected by copyright.' What cannot be copyrighted? Similar to international standards, South African copyright law does not protect ideas and concepts (only their expression); information, facts, or data; methods or procedures; and names, titles or slogans (these may be eligible for trademark protection). Protecting your copyright 1. Practical protection steps Implement these strategies to safeguard your creative works: Mark all materials with a copyright notice: © 2024 [your company name]; all rights reserved; maintain documentation showing the development process and creation date; include copyright clauses in all contracts with employees and contractors; consider registering cinematograph films with the CIPC; implement digital protection measures for online content. 2. Monitoring for infringement Regularly check for unauthorised use of your materials in the South African market. Set up Google alerts for unique text content; conduct periodic online searches for your company name and products; monitor social media platforms popular in South Africa; and consider joining industry associations that track infringements. READ MORE | Activist Zulaikha Patel shares her journey of writing Brave Like Me 3. Enforcing your rights When you discover copyright infringement in South Africa, you have several options: Send a cease and desist letter: Often effective for stopping infringement. Consider alternative dispute resolution: Mediation can be less costly than litigation. Pursue civil action: Seek damages, an interdict (injunction) and delivery of infringing copies. Criminal proceedings: In cases of commercial infringement, criminal charges are possible. Using other's copyrighted work To legally use copyrighted material in South Africa: For entrepreneurs, understanding copyright is not merely a legal obligation but a business strategy. By protecting your creative assets through South Africa's copyright framework, you build a stronger foundation for your business while respecting the rights of others.
The South African
17-06-2025
- Business
- The South African
Have you heard about the local job seekers platform, Spaan?
Spaan is a South African job seekers platform tailored to the specific needs of people in the local job market. At the launch of this platform on 10 June in Rosebank, Johannesburg, founder Afika Nontso revealed how Spaan will operate. Spaan is an employment platform that connects verified job seekers with verified employers,' he said. The idea is that any crucial documentation you might need to acquire a job is vetted by Spaan. 'So, if you're a job seeker, then at the very least you can get your ID verified. If you are an organisation or a corporation, you have your CIPC verified.' All of this is facilitated through the Spaan platform. 'Employers are only able to see verified job seekers because that's our promise to employers. We are a platform that gives you verified job seekers and we will give you verified employers.' Much like most job seeker platforms, people in search of jobs are able to create profiles which are registered for free. 'They enter their experience, select opportunities, and enter their reference numbers. They're able to select their work locations once they've built up their profile. They're then able to upload documents, which they can then pay to use our verification services.' You can verify your ID, driver's licence, matric certificates, and the portal is also fitted to enable employers to run background checks. All this verification is compiled into what is referred to as the span report. 'It's a document that proves the verification data of an individual. So even if you were to speak to someone outside of the platform, you are able to then generate your span report and send it to any potential employer. 'This span report will be your voice; it will speak for you and prove to this employer that you are a verified individual. That employer would be able to see your verification statuses on the span report.' The same applies to employers who can register a profile of their business and offer genuine roles to job seekers who use Spaan. 'They can send job offers, connect with candidates, and generate reports of candidates in case they want to build up a list of people to hire,' he elaborated. Nontso described the platform as a turnkey solution, intending to build towards enabling psychometric tests as well. 'We've partnered with Managed Integrity Evaluation [MIE]. All of our verification services go through MIE as our trusted verification partner, and that's what we use to ensure the credibility of our verification.' In a country with unemployment sky rocketing, more platforms of this nature are necessary. Spaan does boast a lot of features you might find on LinkedIn, PNet or Gradesmatch for example. Beyond being a locally produced product, Nontso explained how Spaan goes above and beyond being simply just another platform for people to engage in the demands of the procedures of the job market. 'We're probably the only verification-led employment platform. The only employment platform that is accessible on USSD WhatsApp and via our web-based portal. 'We're the only inclusive employment platform which caters for both the informal and formal job market across any industry. Having both verified employers, real jobs and verified employees on the same page is what makes us different.' Find out more about Spaan on all social media sites, including their WhatsApp bot or dial *120*77226# to register. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
