South Africa actively promotes investment in its economy, giving benefits to business people ready to invest. These benefits include the unique combination of developed-world infrastructure and logistics networks, a diversified and growing emerging market economy offering low sectoral centration risks and a sophisticated banking sector with a major footprint in Africa.
According to World Bank Group – South Africa are ranked as 84th out of 190 economies in the World Bank. South Africa’s investment potential lies in its diversity of sectors and industries and wealth of resources such as coal, gold, iron ore, uranium, manganese and chromium. Another benefit of starting a business in South Africa is that you become perfectly positioned to expand your operations into the African market, with South Africa aptly known as being the “gateway into Africa”.
How to qualify for a Business Visa
The Business visa is issued for businesses that will enhance national interests. The feasibility of the prospective business venture, and the benefit it would have for the South African economy, must be assessed by the Department of Trade and Industry (DTI) before a Business visa may be issued.
Major Business visa eligibility conditions include:
As an applicant, you will be required to invest a prescribed financial capital contribution of at least an amount of ZAR 5 million in cash. The capital requirements above may be reduced or waived in respect of the following types of certain industries including information and communication technology, clothing and textile manufacturing, chemicals and bio-technology, agro-processing, metals and minerals refinement, automotive manufacturing, tourism and crafts; and an undertaking by the applicant that at least 60% of the total staff complement to be employed in the operation of the business shall be South Africa citizens or permanent residents.
Why is a Business Visa so important?
The aim of a Business visa is to attract foreign investment which is beneficial for economic stimulation, development of human capital and creation jobs.
Deciding what kind of business to establish, where to locate it, and which is the best visa to achieve the desired results can be difficult and a holistic approach taking into consideration the format of the business i.e. branch vs subsidiary, tax implications, resources, visas, banking and forex are all equally important to ensure optimal efficiency and compliance.
If you’re looking for assistance with your visa, we’re here to help! By using an immigration consultant, you also get the peace of mind of knowing that your application is in the hands of someone up to date on all immigration legislation. Our immigration consultants in South Africa know relocation procedures back to front.
If you’re looking to use an Immigration Consultant for all your immigration needs, make sure you get in touch with us today!
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