South Africa is often stated as a country of robust economy. It always welcomes foreign investment and thus a number of foreign investors plan to invest and set-up a business in South Africa. There is a separate section in South Africa that deals with overseas nationals aiming to invest and start a business in South Africa. If a foreign national wants to establish a business or take over the current business , then he or she should apply for a South Africa business visa.
In June 2014, the new rules were revealed by the Department of Home Affairs, which has made sweeping reforms to the business visa. The rules were come into force to generate more opportunities, while encouraging business individuals who add value to the country’s economy and community.
South Africa business visa
This visa is one of the temporary resident visas that allow an overseas national to migrate to South Africa for a certain period of time. Business visa also paves way to Permanent Residency.
Who can apply?
Foreign national who are seeking temporary or permanent residency in South Africa can apply for South Africa business visa, which entitles them to set up and run business in the country. A business can be a start-up or purchased business or partnership.
If you want to apply for business visa, a certificate from registered chartered accountant with the South African Institute of Chartered Accountants should be submitted and you have you must
· Have at least R2,5M in cash
· Have at least R2,5m capital for contribution
· Be ready to invest at least ZAR 5 million (can be decreased with a waiver application for some business)
· Have a business plan summarizing the possibility of the business, both in short-term or long term
· Be financially capable to create job for at least five employees
· Have police clearance certificate
· Hold a repatriation deposit equal to the cost of a return ticket to the country of origin, which is refundable after the final departure or after attaining permanent residence permit
· Have a medical and radiology reports
· Produce registration proof with the relevant trade body, board or council