Foreign investors wishing to set up a business or to invest in an existing business in South Africa have the option of applying for a temporary residence business visa based on own business.
One of the most important conditions for obtaining a business visa is proof of the availability of funds to be invested.
The Department of Home Affairs currently requires a minimum investment of ZAR 5 million, but this requirement can be reduced in case the business falls into one of the prescribed categories.
The business idea must be approved by the Department of Trade and Industry which will issue a positive or negative recommendation letter.
When setting up a business in South Africa, a foreigner is further required to undertake to employ a work base comprised of at least 60% South African citizens or permanent residents on a permanent basis.
Proof of compliance of this undertaking is to be submitted within 12 months after issuing of the visa.
IBN Business & Immigration Solutions offers a full range of immigration services including the facilitation of entry visas, all types of temporary and permanent residence permits, permits for the accompanying family as well as document procurement and translation.