Starting a company in a foreign country can seem like a tremendous challenge if you consider doing it without the help of a professional. And though it is quite possible to be successful in your endeavour, taking a chance with such a life-changing decision, can be risky.
Black Pen Immigration can help you find the right visa for your unique situation just like they've helped countless foreign entrepreneurs with their ambitions of starting a business and Immigrating to South Africa. What visas are available for Foreign Entrepreneurs considering immigration to South Africa?
1. Business visa
The white paper released earlier in 2017 is welcoming foreign business investors with open arms and in most cases, the Business Visa is recommended.
This visa is suitable for individuals looking to start a business or invest in an existing business. Whether the business owner wishes to function within the business or not, it can be operated solely on foreign ownership or with a local partner.
Business visa applicants typically need to invest R5 million into the business unless they're eligible for a waiver.
Another condition for the Business Visa is that the business has to permanently employ a minimum of 60% of South Africans.
As a business visa holder, you would need to obtain a temporary residence permit first before applying for permanent residency.
2. Independent Financial Visa
The independent financial visa not only grants the visa holder to start a business but offer added benefits such as the freedom and flexibility to invest in a business whether they'll be functioning within the company.
The visa holder also doesn't have to invest a specific amount however, they have to be able to prove they have a net worth of R12 million. These funds are not required to be transferred to South Africa.
Unlike the Business Visa, the holder of the Independent Financial Visa is under no obligation to employ a certain amount of South Africans.
Since you don't have to apply for temporary residency - you can skip right to permanent residency - when opting for the Independent Financial Visa, it might take longer to process the visa application.
If you are interested in starting a business in South Africa as a foreign national and don't know where to start, why not get in contact with Black Pen Immigration. With many years of experience in Immigration to South Africa and a team of experts handling every unique case, we can assist you with anything from investor business plans, tax, insurance and company structures.
Talk to the team at Black Pen Immigration today and let us help you find the right visa for you.