What are the conditions for successfully obtaining a South African Business Permit? 2014 - 2015
Are you a foreign national wishing to invest in the South African economy by expanding or establishing your business on South African soil? Then read this helpful article specifying the requirements.
Once you have set up a meeting with a consultant at New World Immigration the process can begin with the completion of the required documentation.
According to South African legislation and in terms of the South African Department of Home Affairs applicants for this visa / permit are required to make a financial contribution to the country’s economy of at least R2.5 million.
You would be expected to submit certification by a registered charted accountant confirming your access to the R2.5 million capital investment of which R 500 000 should be a clear investment from an investor outside the borders of the Republic.
Submitting your business plan outlining the feasibility of the business, both in the long and the short-term would be required along with proof or an undertaking that at least five citizens or permanent residents shall be permanently employed.
All business in South Africa must be registered with the South African Revenue Services and your undertaking to do should form part of your submission.
It is also a good idea to obtain police clearance of your criminal record from the country in which you currently reside along with medical documents attesting to your physical health. This is particularly the case if you have been vaccinated before travelling through a yellow fever area.
Along with your medical reports you will also be required to submit relevant radiology reports.
Where applicable you would also be required to furnish proof of your registration with a relevant industry related body, board or council.
If you require permanent residency the repatriation fee you’d be expected to pay will be refunded to you. This is also the case should you leave the country without permanent residency being granted or applied for. This fee is equal to the air fare back to your country of origin and must be paid into the account of the South Africa Department of Home Affairs.
This sounds like a lot of paperwork and it is, but using the professional services of New World Immigration will save you all the headache and being sent from pillar to post. Our dedicated staff have helped many foreigner business owners to obtain their visa with the least inconvenience to you while you attend to your business matters.
In addition to the requirements for a business visa, we discussed above, foreign owners of new businesses must also submit a temporary residence application and financial statements of your previous financial year along with a partnership agreement.
The Department of Home Affairs is yet to announce the new set required investment into the business (R 2, 5 million old regulations) and the list of desirable and undesirable business list. All business visa holders need to adhere to the following requirements;
• Submit proof of 60% South African employed within their business
• Recommendation letter from the Department of Trade and industry confirming feasibility of business
• Financial statements of previous year if you are investing in a existing business
• Undertakings for UIF, SARS, CIPC and COIDA.
Contact New World Immigration for a FREE ASSESSEMENT or email us at email@example.com for more information.