The South African Business Visa allows a person to establish or invest in a business in South Africa in which they may be employed.
Immediate family members can be accommodated for the duration of the South African business permit.
In order to qualify for the Business Visa the following are some of the requirements that have to be met:
a) a minimum investment of 5 million, originating from abroad, is required to be invested into the book value of the business, financial or capital, and must be certified by a chartered accountant or professional accountant registered with the South African Institute of Professional Accountants.
b) the applicant has undertaken to –
i. comply with any relevant registration requirement set out in any law administered by the South African Revenue Service; and
ii. employ 60% of the total staff of South African citizens or permanent residents within a period of 12 months from the date of issue of the visa.
A person residing in South Africa on a South African Business Permit cannot conduct work other than the work that is related to the business for which the Business Permit was issued.
If a person cannot meet the required R 5 Million investment and intends to invest a lesser amount into the book value of the business, a recommendation from the South African Department of Trade and Industry (DTI) is required in order to have the investment amount waivered by the South African Department of Home Affairs.
The Department of Trade and Industry have listed specific sectors of industry which are deemed to be of national importance. The recommendation for a waiver is generally only issued by the Department of Trade and Industry if the business falls under one of the sectors.
The person holding a South African business permit is required to submit evidence to the Department of Home Affairs after 24 months showing that all the requirements have been met.
Permanent residence can be applied for directly upon the applicant showing that they have the necessary R 5 Million to be invested into the book value of their intended business.
Any person submitting less than the prescribed R 5 million will need to first receive a successful outcome of the waiver application after receiving a recommendation from the Department of Trade and Industry.
Once permanent residence has been issued the holder is required, within 2 years of being issued permanent residence and 3 years thereafter, to submit confirmation that the investment, staff and other requirements have been maintained. The right to permanent residence shall lapse upon failure to confirm these requirements.
DO YOU QUALIFY?