SA, Nigeria sign accounting agreement

Association of National Accountants of Nigeria

The South African Institute of Professional Accountants (SAIPA) has signed a memorandum of understanding with the Council for the Association of National Accountants of Nigeria to facilitate cooperation and allow members to work in both countries, the institute announced last week.

The memorandum allows members of the one organisation to become members of the other, which will enable South African accountants to work in Nigeria and Nigerian accountants to practice in South Africa.

via SA, Nigeria sign accounting agreement – SouthAfrica.info.

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Spaza's worth R7bn

Spaza Shop

JOHANNESBURG – In an industry that turns over more than R7bn annually, spaza shop township micro-entrepreneurs have a potential which cannot be ignored. Emerging as micro-convenience stores during apartheid there are now an estimated 10 000 spaza-shops spread across South Africa according to the South African Cities Studies conference paper published in 2011.

The Absa SME Index indicates that business ownership is on the rise but a majority of businesses in South Africa, two thirds, employ only one person. On average spaza shops employ between one and four people. The potential for sustainable job creation is evident. However, spaza shops exist in the informal economy meaning they exist outside of the institutional and regulatory frameworks.

Spaza shops range from survivalist endeavours to complete mini-supermarkets. Christo Botes, executive director at Business Partners says that the challenge with survivalist entrepreneurs is that they have no vision and often do not have the skills or training to move their business to the next level.

This is the current challenge being faced by local spaza shop owners in townships who are being forced to close down or are bought out by foreign spaza shop owners. The different approach to business adopted by foreign spaza shop owners has allowed them to compete against local spaza shops.

via R7bn worth of untapped township potential – MyBusiness | Moneyweb.

Access to credit still easy in South Africa

Woman in small shop Ghana

According to the World Bank‘s 2013 Doing Business Report, South Africa has been joint-ranked, along with Malaysia and the United Kingdom, as the easiest country in the world for small and medium-sized enterprises (SMEs) to access credit.

Gerrie van Biljon, executive director of Business Partners Limited, says that this will be the third year in a row that South Africa has achieved the ranking and that that it is a very encouraging sign for small business owners locally.

He says that there is however evidence that a lack of SME financing still exists, despite the reported easy credit access. “Access to finance remains the number one hindrance for SMEs, regardless of this high rating. This is most likely due to the fact that SMEs are unsure of how to apply for finance, or that they do not qualify for the type of financing that is available. It is therefore of utmost importance that SMEs understand the stringent credit conditions that need to be fulfilled to obtain financing.”

via Access to credit still easy in South Africa – World Bank report.

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Section 21 company

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Interested in forming a section 21 company?

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“Section 21 company” is the name of non-profit companies registered in South Africa under the old Companies Act 1973 as amended.

The new name for a Section 21 company under South Africa’s new Companies Act, 2008 is “Non-Profit Company” abbreviated to “NPC”.

Information on registering an NPC through us

South African women entrepreneurs

Entrepreneurs

The 2012 Sanlam / Business Partners Entrepreneur of the Year competition has seen a  5% increase in the number of female finalists  which is a critical sign that speaks to general health of the South African economy, say organizers of the competition.

The resonates well with  the GEM research report on South Africa which showed that the total early-stage Entrepreneurial Activity (TEA) for South African females improved by 161.3% from 2001 – 2010, growing from 3.1% to 8.1%.

In a statement the organizers said female entrepreneurial activity has been proven to be a major catalyst in triggering economic growth in developing countries.

via South African women venture into entrepreneurship | UJUH.

South Africa to operate in Oman Free Zone

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PRETORIA — An agreement was signed at the Sultanate’s Embassy here to lease a plot of land at Sohar Free Zone to set up a food processing unit to exchange food products between the Sultanate and South Africa.

The agreement was signed in the presence of Khalid bin Sulaiman Ba’omar, Sultanate’s Ambassador to South Africa, representatives from Sohar Port at the free zone, Al Noor Company from the Sultanate, GWK company and Riospin company from South Africa.

The Sohar unit will import fresh food from South Africa, including meat, fish, diary products, fruit and vegetables.

The ambassador affirmed that such projects will develop and boost trade relations between the Sultanate and South Africa.

It will also increase the level of trade exchange, as Johannesburg Fresh Produce Market, which is supervising the project, will receive exports from the Sultanate to re-export them in South African markets.

Last month, during an official session of Oman-South Africa talks the bilateral co-operation between the two countries in tourism and means of promoting the joint co-operation between the Omani tourism companies and their South African counterparts to attract the European tourists heading for South Africa to spend some days in the Sultanate were discussed.

The two sides also discussed enhancing the economic and trade co-operation particularly in the investment field, as well as activating the MoUs and agreements signed between the two countries.

— ONA

via Sultanate, S Africa set up food unit | Oman Observer