Business Permit requirements - South Africa
If you are planning on opening a business in South Africa, there are some requirements that you will need to meet in order to qualify and be considered for a business permit. Here are the basics of applying for this type of permit. It is advisable that you consult with an immigration expert who can assist you with the process.
South Africa happens to be a country that is looking for foreign investment and NWI is there to assist you with all the details of the application process.
You will need to acquire a business visa if you are not a South African citizen if you wish to start off a new enterprise, invest in a local business or take over an existing business.
This is what you will need in order to apply for a business permit
- At least R2.5 million that you are able to invest in the country.
- You will be required to submit a business plan to prove that your plan is feasible. The department of home affairs requires that you do this and someone who is clued up with the process will of great value to you when applying.
- You will need to prove that you can employ at least five people who are South African citizens.
- You will also need to register with the South African Inland Revenue Service (tax purposes).
Business permits are normally valid for a period of 24 months, depending on the nature of your intended business. It is for this reason that you need to make sure that you provide clear and concise information regarding the plans that you have for your venture. With new immigration laws coming into play on the 1st of April, the validity period will be more than likely 5 years.
It is possible to have a business permit extended for a period of two-five years, provided that you can prove that you are still working within the guidelines as outlined by the SA Immigration Law.
Once you have been issued with a business permit, you are then eligible to apply for a Permanent Residence Permit. If you wish to apply, you will need to meet another set of requirements in order to qualify.
If you are looking to get Permanent Residence over and above the business visa, you will need to be sure that you maintain the capital investment in your business. If you withdraw funds, it could lead to rejection of your application.
by Robbie Ragless