The so-called "business permit" is issued to persons who wish to establish a new business in South Africa, or to invest in or take over an existing business. The main requirements are the following.
- Minimum Investment: Availability of R 2,5 million for investment into the book value of the business, OR, if investment is lower, a recommendation by the Department of Trade and Industry.
- Permanent employment of five South African citizens or permanent residents within a reasonable time frame.
- A comprehensive business plan showing the short and long-term viability of the business.
Two years after being granted a business permit the holder is to submit to the Department proof that the above-listed requirements have been met, and every 2 years thereafter proof that the requirements are still being met.
In this context IMCOSA offers the following additional services: Company Registrations, drafting of Business Plans and obtaining the required Chartered Accountant Certificates.
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Permanent Residence – Own Business
Persons who qualify for business permits may generally obtain permanent residence also. The respective requirements are more or less identical. The holder of a permanent residence permit based on business is required to maintain his/her business, investment and staff for at least 5 years after having obtained permanent residence.
