Starting a business

Last activity 14 December 2009 by biggie

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dc_goonerMember02 December 2009 00:51:42

Has any expat started a business in South Africa? The SA Gov't Services website states the following:

http://www.services.gov.za/ServicesforF … uage=en-ZA

Steps to follow

A chartered accountant acting on behalf of the prospective permanent resident must submit certification that the prescribed financial contribution in the (intended) book value of the business has been invested. The prescribed financial contribution amounts to R2,5 million and may only be waived or reduced if deemed to be in the national interest or if so requested by the Department of Trade and Industry.

I've never started a business so forgive me if my questions are naive.

Is the required R2,5 million only for foreign nationals? Is it the same financial requirement for SA citizens as well? If I don't have that money, logically I would have to get a loan before applying, but what are the chances that a SA bank would loan me that kind of money? Or is that that I would get a loan in my home country first? Thanks for any help.

dc_goonerMember02 December 2009 00:56:16

Never mind. I think I found the answer.

It seems a SA citizen is not required to have R2,5 million in an account in order to register/start a business.

I would still welcome any response from an expat who has started a business in SA.

Thanks!

biggieMember14 December 2009 19:36:24

I'm currently starting the process to get a business permit, l'm going to get the businesses chartered accountant to write up the letter. My only issue is l can't get the R2.5m upfront but will have the cash transferred into South Africa in stages over an 18mth period. So will see if that will work. l do hope the certification by the accountant is enough to get me in without the initial lump sum.

Biggie.

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