Working with an accountant in South Africa is a suitable option for companies of all sizes as it ensures compliance with the ongoing taxation and reporting requirements.
Our law firm in South Africa works closely with professionals able to assist our clients in the most important matters concerning tax reporting.
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Services offered by an accountant in South Africa
The main types of services offered by accounting companies are listed below:
- Bookkeeping: keeping complete records of the company’s transactions; preparing the books;
- Financial reporting: preparing the financial statements and making the necessary annual submissions with the authorities; tax compliance is ensured and penalties are avoided when choosing to work with an accountant in South Africa;
- Payroll: complete solutions for the management of the payments made to the company’s employees as well as making the needed social security contributions;
- Audit: financial report audit, as needed for public companies in South Africa;
- Taxation matters: determining the company’s tax liabilities, preparing the returns and/or statements;
- Other services: tax planning, management consultancy, tax advisory services tailored to the clients’ needs.
As part of our accounting packages, our specialists can also provide services related to forensic accounting (useful in legal proceedings), as well as other services such as valuation reports.
Our team also assists those interested in immigration to South Africa. We can answer questions about the business visa, which is often the one used by foreign nationals who come to the country and also wish to receive accounting solutions for their company. A particularity of this residence permit is that the applicant’s family members can join the business owner and they can all apply together for the residence permit. Our immigration specialists can give you more details.
| Quick Facts | |
|---|---|
| Bookkeeping services |
Monthly corporate transactions recording and management, bank reconciliation, books cross-referencing |
|
Payroll in |
Calculating and paying the employee deductions, payroll tax submission when required, social security contributions |
|
Invoicing |
Accounts receivable, credit control, accounts payable |
| Cash management |
Our accountant in South Africa can process and manage the cash inflow and outflow of the company |
| Reporting | Compiling, preparing and submitting the annual financial statements in accordance with the legal provisions |
| Tax matters |
Jersey is a low-tax jurisdiction. Nonetheless, our lawyers will provide complete information on the requirements for companies and the provisions of the double taxation agreements |
| Financial analysis | Business results investigation, income statement analysis, cash flow statement analysis, return and profitability rates analysis |
| Forensic accounting | Expert assistance in cases involving or suspecting money laundering, financial information falsification, insurance fraud, etc. |
| Tax compliance | Tax advice and counsel, information on tax consequences, tax planning, double taxation provisions, and others |
| VAT compliance and reporting |
VAT submission preparation and calculation, reporting, |
| Audit offered by our accountant in South Africa |
Annual financial statements audit for South African companies that are subject to this requirement |
| Property financial matters | Real estate tax calculation on the occupation of real property |
| Statutory compliance in South Africa |
Annual returns in accordance with the IFRS |
| Tax authority assistance | Representation in front of the tax authorities as needed |
| Support for voluntary dissolution | Accounting assistance for converting the assets and settling the obligations with the creditors |
| Services for foreign companies offered by our accountant in South Africa | Accounting for branches in South Africa, information about the double taxation agreements, tax implications for foreign entrepreneurs |
Our financial planning services are tailored to the needs of companies that require professional financial counseling and advice.
An accountant from our team can assist foreign nationals from the very beginning. As company incorporation in South Africa is one of the possible routes towards permanent residency, many foreign nationals who are able to comply with the minimum investment requirements can find it convenient to start a business. Our team offers services for these types of companies as well.
South Africa accounting authorities
The Financial Reporting Standards Council (FRSC) is the authority responsible for setting the standards for financial reporting.
The FRSC was formed in October 2011. Before this, the Accounting Standards Board was responsible for developing accounting standards in the country, including setting the Standards of Generally Recognized Accounting Practice (GRAP).
The South African Institute of Professional Accountants (SAIPA) is one of the accountancy institutes that has more than 10,000 members.
The South African Institute of Chartered Accountants (SAICA) is the main accountancy body in the country.
The key metrics from the SAPA Annual Integrated Report for 2021 show the following:
- in 2021 there were 10,907 professional accountants registered with the Institute, lower compared to 10,991 members in 2020;
- there were 188 accounting technicians registered with SAIPA;
- the number of SAIPA trainees in 2021 was 2,025.
When you choose to work with an accountant in South Africa from our team, you will be working with a licensed and experienced professional.
Our lawyers in South Africa can give you more details about these rules and regulations.
If you are a foreign national who resides in the country and will derive income from a South African source, our immigration lawyers in South Africa can answer questions about individual taxation.
You can also watch the following informative video:
Accounting and reporting principles in South Africa
Individuals who wish to open a business in South Africa should be aware of the general accounting and reporting requirements.
Below, our tax attorney lists the main rules applicable to companies. If needed, an accountant in South Africa from our team can offer more details:
- Tax year: the tax year is the same as the company’s accounting year; it is included in the company’s notice of incorporation;
- Financial statements: prepared in accordance with the International Financial Reporting Standards (IFRS);
- Accounting report: according to the IFRS; generally include the balance sheet, profit and loss account, the notes to the accounts; if you are a sole trader, our immigration lawyers in South Africa can answer details about specific requirements;
- Auditing: not all companies are required to submit an audited financial statements; this requirement is in place for public companies, as well as state-owned corporations.
Contact us if you want to work with an accountant in South Africa.
Our law firm in South Africa can also answer questions related to immigration to South Africa.
If you are planning on relocating to the country, you will need to obtain a visa that will allow you to remain in South Africa for a pre-determined temporary purpose. In time, you will be able to apply for South African permanent residence, however, for this to be possible, one needs to meet several criteria. Our team can help you with more information, depending on your situation.