The Immigration Act enables a foreigner to apply for a business visa for a maximum duration of three years (extendable) on the basis of a foreign direct investment into a prospective business enterprise, or in an existing one, on the basis of a R5 million investment. Such a visa is issued subject to the following:
- At least 60% of the total staff complement employed in the operations of the business is South Africans employed permanently in various positions.
- The business must be registered with the South African Revenue Service, Unemployment Insurance Fund, Compensation Fund for Occupational Injuries and Diseases and The Companies and Intellectual Property Commission (where applicable).
- The Department of Trade and Industry and Competition must issue a letter regarding both the feasibility of the business and its contribution to the National Interest of South Africa.
Note: You may also want to read about permanent residence on the basis of a business.
Investing in a South African business may make you eligible to apply for a business visa, this is not automatically granted on the basis of any type of investment, but requires the business to comply with certain criteria. An application to the Department of Trade and Industry and Competition must also be made to obtain a certification. Contact Eisenberg & Associates specialist immigration attorneys.