Business permits are issued to foreigners who are looking to invest in an established business or start a new company themselves. The Department of Home Affairs does have some regulations, however.
Requirements
The candidate must have at least 2.5 million Rand, or their currency equivalent. They must be looking at a capital contribution of the same amount, or to have the 2.5 million in foreign currency and make a capital contribution of 500,000 Rand.
The applicant must submit a business plan, outlining the feasibility of the business proposal or investment, and provide proof that at least five South Africans or permanent residents will gain permanent employment from this. They will also be required to register with SARS – the South African Revenue Service.
If you are investing less than 2.5 million Rand you can apply for a recommendation letter from the Department of Trade and Industry (DTI). This will go to the Department of Home Affairs to waive the capital requirement. The letter will be afforded if your proposal fits an area of interest, such as Tourism, Information and Communication Technologies, or the Clothing and Textile industry, to name just a few.
Additional Details
Permits are usually granted for 24 months, and it is then at the discretion of the issuing regional department to grant an additional permit. They can maintain the length or add to or reduce it.
You will also need to register with all the relevant boards in South Africa. This includes the South African Registrar of Companies, the South African Services for VAT and Income Tax and the Department of Labour.
Permanent Residency
A permanent residence permit allows you to stay in South Africa for an unlimited period of time. When being granted this residence permit the holder has the same rights and duties as a South African citizen, bar the right to vote.
A permanent residence permit can be renounced if the holder leaves South Africa for a longer period than three years.
Self-employed applicants who invest more than ZAR 2.5 mil into the book value of their business may apply directly for permanent residence.
EA Visas are staffed by expert legal and immigration professionals who work constantly with visa applications all over the world. Our staff can help with the application process, be it completing the business plan or working out which route you can afford to apply for. If you are interested in such assistance then please click our FREE online assessment tool for swift assistance.
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