Sanlam and UWC launch innovative entrepreneurship incubator for township businesses
In a significant move to bridge the market access gap gripping township businesses, Sanlam, in collaboration with the University of the Western Cape (UWC), has unveiled its inaugural Entrepreneurship Trading Incubator.
The incubator will reside in a creatively repurposed post office building in Bellville, providing essential support to small, medium, and micro enterprises (SMMEs) by offering avenues for mentorship, business resources, and access to new markets.
Paul Hanratty, CEO of Sanlam said: “SMMEs are vital to driving sustainable job creation in South Africa. Through the incubator, we are not only providing township businesses with access to markets but also contributing to the future growth of our economy. Sanlam’s mission is to empower communities to share in the prosperity of our nation, and this partnership with UWC is a crucial step toward that goal.”
By situating support in Bellville’s central business district, the project is set to alleviate significant barriers to business growth, particularly around market access and mentorship. In its inaugural cohort, nine township-based enterprises, including notable businesses such as Silulo Ulutho Technologies and Brown Girl Creations, have been selected as beneficiaries of the initiative. They will gain access to affordable trading spaces, expert coaching, and networking events designed to bolster their success.
Executors abroad face challenges in South African estate administration
The administration of deceased estates in South Africa is facing significant hurdles, particularly when the appointed executor is either a foreign national or a South African citizen residing overseas.
The issues stem primarily from delays experienced with the South African Revenue Service (Sars), particularly when executors fail to update their details promptly.
Once a death is reported to Sars, the agency links the deceased's eFiling profile with that of the appointed executor. However, challenges arise concerning access to these digital profiles, particularly if the executor is based abroad and has not updated their particulars with Sars.
Deceased estate administration firm, STBB says this situation not only complicates the tax obligations of the estate but can also lead to protracted delays in processing administrative tasks that are crucial to settling the estate.
"Sars has advised that executors make in-person appointments to amend their details. Yet, this requirement proves impractical for those living outside South Africa, who face not just geographical barriers but also the challenges of distances, time zones, and expenses associated with travelling back home.
"The resulting administrative bloat can leave families in limbo, often leading to backlogs that can stall the estate distribution process entirely. In some unfortunate cases, delays may extend beyond what is reasonable, effectively blocking the progress of estate affairs. Given the emotional toll it can take on grieving families, timely estate resolution is paramount," it says.
FSCA warns of Telegram scams impersonating South African financial service providers
The Financial Sector Conduct Authority (FSCA) has warned the public to be cautious when conducting financial services business with a person(s) on Telegram purporting to be from the three authorised financial services providers (FSPs). The three FSPs, Discovery Insure Limited (Discovery) (FSP:43064); Sanlam iTrade, an online division of Sanlam Private Wealth (Pty) Ltd (Sanlam) (FSP:37473); as well as iFX Brokers Holdings
(Pty) Ltd (iFX Brokers) (FSP 48021) and its Chief Executive Officer, Ms Hannelé De Necker (Ms De Necker)
The regulator said it was brought to the attention of the FSCA that certain individuals are using Telegram groups to solicit funds from members of the public by claiming to be associated with Discovery, Sanlam iTrade, and iFX. Members of the Telegram groups are promised unrealistic returns on their investments.
"All three FSPS and Ms De Necker have confirmed that they are not associated with the Telegram groups or the administrators of these groups. They also confirmed that they do not engage in the activities offered on these Telegram groups.
"The FSCA urges the public to exercise caution when encountering such schemes on messaging platforms and social media, as these types of scams are becoming increasingly common," it said.
The FSCA said the public is advised to be on the lookout for tell-tale danger signs when dealing with persons offering attractive investment opportunities. These red flags include unrealistic returns that are offered, claims that the entity or person does not require an FSCA licence, vague information about the investment product, or the company that provides the financial product claims that the investor must act urgently, and requirements to pay more money over to have their investment returned to them.
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