Foreign investors wishing to set up a business or to invest in an existing business in South Africa have the option of applying for a South African business visa – temporary residence visa based on own business. This type of visa is issued for up to 3 years at a time and allows the holder to establish and operate their business in the South Africa.
If you are looking to obtain a South African Business Visa, you are probably interested in either investing in an existing business in South Africa or planning to start a new business in the country. South Africa designed this visa to inspire entrepreneurs to enter and stay in the country and explore all the business opportunities for future growth.
Of course, there are certain criteria to consider when you want to apply for a South African Business Visa. Individuals seeking temporary or permanent residency in South Africa in order to start or run their own business can apply for such this visa. Note that if you are looking to expand your business in South Africa, a Business Visa might not be the right route to follow.
One of the most important conditions for obtaining a South African business visa is proof of the availability of funds to be invested. The Department of Home Affairs currently requires a minimum investment of R5 million, however this requirement can be reduced in specific circumstances.
The business idea must be approved by the Department of Trade and Industry, which will issue a positive or negative recommendation letter.
When setting up a business in South Africa, a foreigner is further required to undertake to employ a work force comprised of at least 60% South African citizens or permanent residents on a permanent basis. Proof of compliance of this undertaking is to be submitted within 12 months after issuing of the visa.
If you’re looking to get a South African business visa, or need help with any immigration needs, make sure you get in touch with one of our consultants today.