BUSINESS

Permanent Residence Permit

What is it?

Foreigners who have successfully established their own business, or invested into an existing business in South Africa, can apply for permanent residence status.
  • The business must have been funded with foreign capital equal to an amount of R 5 million. For certain business sectors which have been identified to be of particular national interest, a lower amount may be approved by way of a preliminary waiver application. (maybe put a link to the list of business sectors qualifying for a waiver)
  • The business must draw 60% of its workforce from the South African labour force.
  • The financial statements for the preceding financial year must verify the commercial success of the business
  • The business must be incorporated and registered with the Companies and Intellectual Property Commission (CIPC) in line with the provisions of the Companies Act (Act 71 of 2008).
  • The business be compliant with tax and workers obligations and registered with all relevant authorities.
  • The business must have received a positive recommendation from the Department of Trade and Industry (DTI).
  • This type of permanent residence is usually finalised within 8 months.
  • The permanent residence permit shall lapse if the holder fails to prove within two years of the permanent residence permit being issued, and again three years thereafter, that the prescribed financial contribution is still invested in the business.

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