Permanent residence based on Section 27 (C) allows the holder of a business visa to apply for Permanent residence in South Africa. If you wish to establish a business and reside within South Africa permanently this is the ideal option for you.
A business visa allows the holder to own and operate a business in South Africa.
When issued with the permanent residence based on Section 27 (C) this allows the holder to stay and operate a business in South Africa permanently.
One of the most important conditions for obtaining a permanent residence based on business visa is proof of the availability of funds to be invested.
Currently, the Department of Home Affairs requires a minimum ZAR five (5) million investment. This amount can be reduced in certain situations.
For the business visa, the holder requires a business plan. The business plan and idea must be submitted to the Department of Trade & Industry (DTI). The DTI will issue the outcome in the form of a positive or negative recommendation letter.
A crucial requirement of a business visa is that the applicant needs to undertake to employ a work force of at least 60% South African citizens or Permanent Residents.
The proof that the undertaking was fulfilled must be submitted within twelve (12) months after the issuance of the business visa to the Department of Home Affairs.