A business visa may be issued to a foreigner intending to establish or invest into a business in South Africa where he or she will be involved in the day-to-day operations of the company.
Upon first application for a business visa, the prospective business owner needs to submit an undertaking (unless is an existing business) ensuring that the business will be registered with the following stakeholder departments -
Companies and Intellectual Property Commission (CIPC)
South African Revenue Services (SARS)
Unemployment Insurance Fund (UIF)
An undertaking to ensure that at least 60% of the total staff compliment will be South African citizens or permanent residence holders must be submitted as part of the application. The company has one (1) year to fulfill this undertaking.
It is absolutely imperative to obtain a positive letter of recommendation from the Department of Trade, Industry and Competition (DTIC) in support of the business visa application.
When it comes to investment, a registered Chartered Accountant (CA) or a registered professional accountant must confirm, in writing, that at least R5 million in cash is available to be invested or at least an amount in cash and capital contributions are available to be invested into the book value of the business. The Director-General may reduce or waive the financial or capital contribution for businesses which fall within the national interest as outlined in the Government Gazette ie. the business must be classified as a desirable business.
A business visa may be issued for a maximum period of three (3) years at a time.
To know more about the business visa process, reach out to us via our Contact Form on www.movingsouthimmigration.com. Alternatively, you may contact us on +2773 5357 534 or sue@movingsouthimmigration.com
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