On 15 July 2014, the Minister announced the financial or capital contribution to be a minimum of R5m.
A foreign national who intends establishing or investing in such a business will be eligible to apply for a business visa or permanent residence permit, provided that the foreign national is able to demonstrate possession of at least R5m. In addition, a foreign national who is successful in obtaining a business visa will need to ensure that they employ or prove that at least 60% of the business' total staff compliment are South African citizens or permanent residents.
We also note that under the new regulations, no business visa will be issued or renewed to a foreigner who intends to establish or invest in a business that is listed as an 'undesirable' business undertaking. The minister is yet to publish a list of such business undertakings that are considered to be 'undesirable'.
Therefore, foreign nationals who intend establishing a business or investing in a business that is established within the Republic of South Africa will need to show possession of at least R5m and any foreign national who is successful in obtaining a business visa will need to prove that at least 60% of the business's staff are South African citizens or permanent residents.
