Registration Requirements

6. Registration Requirements

There are a number of institutions with which a Franchisee is required to be registered. These requirements need to be in place within 90 (ninety) calendar days of the franchise agreement being signed. The Franchisor will assist wherever necessary to facilitate the process, provided that the franchisee has attempted to follow the procedures...

7. EAAB (Estate Agency Affairs Board)

The EAAB gives a prospective franchisee/agent 90 days in which to complete their registration with them. It is essential to follow their procedures exactly and to have all relevant documentation in place BEFORE attempting to do the registration. The following documentation is required to register the Company, known as the Firm by the EAAB: Certified copies of all directors’/Principals’ ID....

10. FIC (Financial Inteligence Centre)

An Estate Agency is considered to be an accountable and reporting entity. It is required by law to register with FIC (Financial Intelligence Centre). Once registered, you will be given an “AI” number. This number will be required by your auditor before they can complete the EAAB Audit reports. Failure to register with FIC or to update changes is an offence and may result in imprisonment for a period...

11. PAIA and POPIA Compliance

PAIA (Promotion to Access of Information Act) and POPI (Protection of Personal Information Act) All estate agencies are required to register their PAIA manuals with PAIA, and failure to do so incurs penalties. In order to register, the following is required: Compile a section 51 manual which is a roadmap of the enterprise (see example attached below) Submit the manual to the South African Human...

12. BEE Compliance

Whilst most business owners are scared off by BEE terminology, BEE is a rather simple government policy, which is mostly referred to as Black Economic Empowerment. With the implementation of the newly Amended BEE Codes, companies will have to be proactive in their approach to transformation in order to maintain a good BEE score. It is important to know that BEE is not forced upon any entity by law....

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