FINANCIAL INSTITUTIONS COMPLIANCE CHECKLIST

 FINANCIAL INSTITUTIONS COMPLIANCE CHECKLIST


This checklist is very important in making an assessment to see your eligibility in terms of access to finance or Booster Funding. This has been generated from what the financial institutions usually ask.

CHECKLIST.

1. Banking Consistence from 3 to 8 months
2. Finance from regular clients to be on the same day each month or week
3. All deposits must be marked with a reference that is the same every month.
4. Give your clients a deposit reference same reference on each deposit and invoice
5. Your clients must prepare payment certificates or you can prepare them yourself and let them sign once they pay you.
6. Each project you do must have a contract agreement and terms of payment. You can draft these yourself and let the client sign them.
7. When doing a withdrawal or sending cash to someone state the reason for the payment e.g. weekly commission, salary, or project payment. Client payment.
8. When you are taking cash for your personal use pay yourself and state on the reference.
9. When someone is giving you, cash, ask them to include a reference that will prove the reasons for getting the cash.
10. A certified Accountant must prepare financial statements after every three months or 6 months and 12 months.
11. The name of your account must correspond with the name of your company/ business.
12. You can do a joint application for the two of you, especially if you are married or partners in the same company.
13. Cash coming to you must be clear, definitely shows where it comes from.
14. One, two, or their sources of funds with clearly defined reference on deposit are an advantage to your finance history.
15. Pay yourself to avoid regular swiping on your account if it's for business or the one you want to use for a credit application.
16. Ask friends to deposit cash in your account even if you withdraw it later and give it back. As long they do exactly what is stated above.
17. If it's the same day every week or the same day every month it's perfect.
18. If you have walked on clients to buy your services or products use a Yoko machine for wiping or better still get one from the bank you are using. (Yoko's advantage is that you can get access to credit faster if you use their machine.
19. Insist on bank transfers for your clients and give them references for them to use.
20. Make sure your credit score is good.
21. Have a clothing account, or a cell phone account that you are paying on time do not skip a day to pay.

BOOSTER FUNDING OPPORTUNITIES FOR YOUR BUSINESS.

PREPARE YOUR COMPANY TODAY

Every Business is eligible for Business Funding.

A) You can get Business funding as long as your Business is registered regardless of your nationality.

B) Your Project or Business in Zimbabwe can get funding in South Africa

A fund that you require to boost your business

1) Increase your Stock.
2) Increase your Products.
3) Purchase order funding.
4) Marketing and advertising.

1) You must be in Business for at least 2 years
2) 6 to 8 months of Bank statements
3) Your Business Bank account must have consistent banking.
4) Most funders fund a business that has a minimum of 80- 100 000 annual turnover.
5) Having a South African Shareholder is an added advantage.
6) Your Business must show signs of making a profit or you must have written contracts if you are running projects.
7) Your business paperwork must be traceable.
8) Your Zim Registered must be a subsidiary under a South African registered Company.
9) Your banking must be Consistent.

At Maltech we will take you through the process.

@maltechafrica: We Inform, Advise, and Provide Unbiased Insights and Solutions.

Maltech-Africa is a Registered Professional Trusts and Companies Services Provider (TCSP) assisting Foreign Companies, Foreign Nationals, and Locals with Business Interests in South Africa, Investors, and  SMEs doing Business in and out of South Africa. 
We Set, Maintain Compliance and Promote best practice standards for Businesses and Facilitates  Business Development and Accreditation Processes.

#businessideas #BusinessGrowth #startupbusiness #businesssuccess #faithandbusiness #zimsabusinessintegrator #noncitizencompanyregistration #zimsabusinessfocus #africabusinessintegrator #foreingerbusinesssetup #maltechafricabusinessintegrator #externalbusinesssetup #maltechafricatv #maltechafrica #BusinessPermit #businessplan #zimbabwean #ZimInSA #zimsabusinessintegrator #noncitizencompanyregistration #zimsabusinessfocus #africabusinessintegrator #foreingerbusinesssetup #maltechafricabusinessintegrator #externalbusinesssetup #maltechafricatv #maltechafrica #BusinessPermit #maltechafricastrategicsolutions #businessstrategicplanning #zimsabusinessintegrator #businessfacillitator #businessaftercare #businesscustodianship #custodianship #maltechafrica #maltechafricastrategicsolutions #maltechafricabusinessintegrator #maltechafrica #zimsabusinessfocus
#businessfunding #possiblefunding #maltechadvice #maltech2023 #zimsabusiness #funding #maltechafrica

Comments

Post a Comment

Popular posts from this blog

WORK OR BUSINESS PERMIT APPLICATIONS, WAIVER OR WAIVER EXEMPTIONS

  WHAT IS A WAIVER OR A WAIVER EXEMPTIONS Where certain requirements cannot be fulfilled, a special waiver request may be considered by the Department of Home Affairs (DHA) when submitted in terms of section 31(2)(c) of the Immigration Act, 2002, as amended. A waiver application is thus (a formal written request to the DHA to set aside certain prescribed requirements for a visa in any given category). This means that companies and/or individuals may, for good cause, be exempted from certain prescribed requirements. WHAT NECESSITATES THE NEED FOR A WAIVER? A waiver letter can be submitted with the General Work Visa application in lieu of the Department of Labour Certificate. The employer/applicant may have received a negative recommendation from the Department of Labour. The applicant may not be able to produce an evaluation from the South African Qualifications Authority (SAQA) of their foreign qualifications. The applicant may not be able to travel abroad to their country ...
Read more

A PARENT/HOLDING COMPANY IN SOUTH AFRICA

  A PARENT/HOLDING COMPANY IN SOUTH AFRICA   The structural advantages of Holding Structures (most commonly known as Holding Companies) can help you manage multiple services, products, and even businesses under one Holding Company. Here’s the breakdown on Holding Companies. A Holding Company is the mother ship. It holds various businesses within one corporate entity. That means it’s the perfect way to structure various services or products within one corporate group without having to keep them all within one company. Thousands of South Africans use a holding structure to set up their business. This structure can limit financial risk and assist you with branching out to new industries. Click here to read more. WHY CHOOSE A HOLDING COMPANY? A Holding Company is perfect for entrepreneurs looking to branch out to new business prospects; prospects that don’t quite fit into their existing companies. It’s also great for business owners who want to compartmentalize diffe...
Read more

FOREIGN SUBSIDIARY BUSINESS SET UP SOUTH AFRICA

  SET UP A FOREIGN BRANCH IN SOUTH AFRICA A foreign company may conduct business in South Africa in its own name by establishing a branch office registered as an “external company” or may instead elect to incorporate a wholly-owned subsidiary of the foreign company. Our multidisciplinary team of consultants and chartered accountants (SA) and attorneys are well-placed to provide your company with a roadmap to operate in South Africa. This includes an initial consultation to determine whether Branch or Subsidiary is more suited for your operations, filing annual returns, and offering complete accounting services. FOREIGN BRANCH The Companies Act, of 2008, defines a company that is incorporated outside of South Africa as a “foreign company”. A forei...
Read more