Our clients are guaranteed quality, pragmatic, dynamic and cost-effective Immigration Solutions.
Expats who are contemplating investing in the South African economy by establishing a business or by investing in an existing business in the country must apply for a business visa. Applicant, are required to invest a prescribed financial capital contribution currently pegged at R5 000 000.00.
WHO QUALIFIES FOR A BUSINESS VISA?
Any foreigner who wants to invest in a new or existing business in South Africa who is prepared to:
1. invest money into the South African Economy;
2. Bring inward skills and expertise into South Africa and;
3. Create Jobs.
APPLICATION PROCESS
The application process for the business visa envisages two stages.
Under this stage the DTI will assess the Business Plan of the applicant to establish the nature of the business, its feasibility and how its support the national interest. In many instances this will require the DTI stuff to physically attend on the premises of the applicant to establish the genuineness of the Application etc. When the DTI complete its assessment, they will then forward their recommendation to the Department of Home Affairs.
In considering the recommendation of the business, the DTIC looks at the following factors:
i. Feasibility of the business
ii. Contribution to the national interest/economy – beneficiation
iii. Desirability of the business
iv. Business falls within the key sectors
As soon as the DTI has submitted their recommendation to the Department of Home Affairs, the prospective applicant will then be instructed to submit his/ her business visa application at the relevant South African Foreign Mission office abroad or to the Department of Home Affairs if one happens to be legally in South Africa.
1. R5 Million Capitalisation in cash or assets.
The prospective applicant needs to show a minimum of R5 million capital investment (cash or assets equivalent) which must originate from outside South Africa.
2. Employment of South African Citizens or Permanent Residence.
The prospective Applicant must give an undertaking that at least 60% of the total staff compliment to be employed, on permanent basis, in the operations of the business will be South African citizens or Permanent Residents.
3. Statutory Compliance.
The prospective applicant must give an undertaking to register the business with: The South African Revenue Service (SARS), Unemployment Insurance Fund (UIF), Compensation Fund for Occupational Injuries (COIDA), Companies and Intellectual Properties Commission (CIPC) and where legally required the
Relevant professional body, board or council recognized by SAQA.
4. The Department of Trade and Industries Recommendation.
The DTI has to recommend the business in terms of its feasibility and contribution to the national interest.
The Republic of South Africa issues business visa to achieve the following key strategic interests:
a) To attract Foreign DirectInvestment (FDI) – The Republic of South Africa is eager to attract more FDI into the country.
b) Economic diversity and growth – The Republic of South Africa is eager to attract foreign companies from specific sectors in order to diversify and grow the economy.
c) Market acquisition – to acquire new trade markets overseas
d) Create Jobs – by opening new businesses South Africans will benefit from new jobs arising from new businesses being opened.
In instances where the prospective applicant does not have the minimum capitalisation of R5 million, one may apply for a waiver of the capital requirement. This is done through both the DTIC and Home Affairs Department. The waiver may be granted for those businesses that fall under the key investment sectors (such as Agribusiness,Automotive and Components, Clothing, textiles, leather and Footwear, Digital Economy and ICT, Forestry, Mining and Mineral processing, Transport and industrial and lastly Metals) and provided one can show the feasibility of the business and its contribution to the national interest.
● Get professional assistance with your Business Visa
● We are experienced Immigration professionals and we offer tailored and dedicated immigration services to our clients.
● We appreciate the prospect to consult with you as for your eligibility and application for the Business Visa and give answers to any queries you may have free of charge.