FAQ
Realise Greatness
Frequently Asked Questions
How Can We Help?
If your question isn’t on this list, it’s probably a good one. Let’s talk about it.
The Big Picture Stuff
1. Why choose TFS Holdings? There are tons of firms out there.
Because we’re small enough to care and smart enough to make a real difference. We’re not a lumbering corporate giant. We’re an agile, dynamic team focused on one thing: getting you results. We build long-term relationships, not long-term invoices.
2. Who is the ideal TFS client?
Ambitious entrepreneurs and business leaders who are tired of the old way of doing things. Our clients value clarity over complexity and progress over posturing. They’re looking for a strategic partner, not just another service provider.
3. What does "Uncomplicate the Important" actually mean?
It means we do the hard work of mastering the complex rules of business so you don’t have to. We translate jargon, cut through bureaucracy, and give you the direct advice you need to make the right call, fast.
TFS TecFin (Accounting, Tax & Compliance)
1. What do you actually need from me every month?
The basics: bank statements, invoices (both what you owe and what you’re owed), and ledgers. The more financial records you give us, the clearer the picture we can build for you. Think of it as giving us the ingredients to cook up your financial strategy.
2. What are Annual Financial Statements, and why do I need them?
They’re the official scorecard for your business for the last financial year. You need them because the Companies Act says so. More importantly, they’re a critical tool for making smart decisions and are essential for securing loans or investments.
3. What’s the difference between a Tax Clearance (TCC) and a Letter of Good Standing?
Simple. The TCC is from SARS and proves you’re good with your taxes. The Letter of Good Standing is from the Compensation Fund and proves you’re covered for workplace injuries (COIDA). You often need both for tenders.
4. What is COIDA, exactly?
It stands for the Compensation for Occupational Injuries and Diseases Act. It’s the law that makes sure your employees are compensated if they get hurt or sick on the job. We help you stay compliant with the annual returns.
5. Why do I have to pay CIPC every year to keep my company registered?
In a word? Fraud prevention. It’s the government’s way of making sure your company is still active and legitimate.
6. PTY LTD vs. CC – what's the deal?
You can’t register a new CC (Closed Corporation) anymore, so if you’re starting out, a (Pty) Ltd is your only real option. It offers better legal protection than trading in your own name.
7. How many directors can a company have?
A private company (Pty) needs at least one, with no upper limit. A public or non-profit company needs at least three.
8. What are my annual return obligations as a business owner?
The essentials are: your EMP501 for payroll, your CIPC annual return to keep your company registered, your company Tax Returns to SARS, and your Compensation Fund return of earnings. We handle all of them.
TFS BEE Consulting
What is a BEE Certificate?
It’s the final report card of your B-BBEE verification. It shows your score, your level and is valid for one year. It’s your ticket to participating in the broader South African economy.
Why should I bother with B-BBEE compliance?
Because if you want to do business with the government or any large South African company, you have to. Non-compliance means you’re invisible to a massive part of the market. A good scorecard is a powerful competitive advantage.
What happens if I just ignore B-BBEE?
While there aren’t direct penalties for ignoring it, your clients will eventually be forced to use compliant suppliers. You’ll slowly be squeezed out of opportunities. It’s a quiet but very real business risk.
Is implementing B-BBEE expensive?
It’s only expensive if it’s an afterthought. With a smart, proactive strategy, you can use things like tax concessions and SETA funding to implement it cost-effectively. We show you how.
TFS Trustees
Who really needs a trust? Isn't it just for the super-rich?
That’s a common and costly myth. If you own property or have other significant assets, a trust is one of the smartest estate planning tools available. It’s about protecting your assets for your family, regardless of your net worth.
What's the main point of a trust?
To control the transfer of your assets and, crucially, to avoid probate. Assets in a trust don’t get stuck in the slow, public, and expensive process of winding up an estate. Your beneficiaries get what you intended for them, faster and with complete privacy.
What’s the difference between an Executor and a Trustee?
An Executor carries out the instructions in your will. A Trustee actively manages the assets within your trust for the benefit of your beneficiaries, often over a long period. Both have a fiduciary duty, meaning they are legally obligated to act in your beneficiaries’ best interest.
Why is an Independent Trustee so important?
An independent trustee (like us) ensures the trust is administered properly and legally, as per the trust deed. It prevents conflicts of interest and protects the trust from mismanagement, ensuring your wishes are followed and the beneficiaries are protected.
TFS Legal
What's an MOI?
It stands for Memorandum of Incorporation. It’s the rulebook for your company, setting out the rights and duties of shareholders and directors. It’s one of the most important documents you have, and most off-the-shelf versions aren’t good enough.
Why do I need a formal employment contract?
Because a verbal agreement is a recipe for disaster. A written contract protects you, the employer, by clearly defining the terms of employment. It prevents misunderstandings and gives you a solid foundation if things go south. In the world of the CCMA, you can’t afford not to have one.
Who can legally sign a contract?
Generally, anyone over 18 who is mentally sound and not insolvent. There are nuances, but that’s the gist. If you’re unsure about the other party’s capacity, you should ask us first.
Do I really need to worry about the POPI Act?
Yes. If your business is in South Africa and you handle anyone’s personal information (customers, employees, etc.), you must comply. The fines for getting it wrong are no joke.
What are the different marriage types in South Africa?
here are three: 1) In community of property (the default; everything is shared, including debt), 2) Out of community of property without accrual (what’s yours is yours, what’s theirs is theirs, forever), and 3) Out of community of property with accrual (you keep what you came in with, but share the growth during the marriage). You decide this with an Antenuptial Contract before you get married.
TFS Holdings. Realise Greatness.
Still Wondering?
If your question isn’t on this list, it’s probably a good one. Let’s talk about it.