What is a South African business permit?
A business permit is intended for entrepreneurs who want to set up and run a business in South Africa. It could be a completely new firm or an established business that is being relocated to South Africa.
Who needs a business permit in South Africa?
To get a business visa, one must either spend the prescribed sum of R5 million in an existing business or show plans to form a new business along with evidence of an R5 million capital investment.
If the firm is of national interest or if the Department of Trade and Industry requests it, the Department of Home Affairs may lower or waive the capital contribution amount.
In South Africa, the bearer of a business permit is granted permanent residency immediately (also known as a business visa).
What proof should I provide?
You must supply a chartered accountant’s certificate verifying that the R5 million cash or capital contribution is available to be invested in the business’s book value. A complete business plan is also essential when starting a new firm. Please keep in mind that the R5 million investment must come from outside of South Africa.
How long does it take to get a business license?
Whether you apply from abroad or locally, the processing time can range between 30 and 40 days.
The Benefits of a South African Business Permit
The investment amount can be divided into two parts: an immediate R500,000 capital contribution and a 12-month transfer to the country and investment in the firm.
If a company is in the following industries, its capital requirements may be reduced. Agroprocessing, information technology, and business services outsourcing Transportation equipment, metals and electrical machinery and apparatus, electro-technical, textile, consumer goods, boat construction, pulp, paper, and furniture, automotive, and other products
The disadvantages of doing business in South Africa Permit requires that you employ at least 60% South African nationals or permanent residents.
A minimum of R5 million must be invested in the firm.
