South Africa Non-Resident Banking Account

South Africa Non-Resident Banking Account

Set up a South African Company

South Africa is ideally suited to serve as a base for investment into Africa and GIA is able to assist with the incorporation of your business in South Africa.

When considering the commencement of business or investment in South Africa, one needs to consider which vehicle will be best suited to the circumstances. Factors to be taken into account include the number of participants in the business, how the business will operate from a management and control point of view, achieving limited liability for participants, the requirement of perpetual succession and, importantly, income tax considerations.

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Description

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Business Environment

The Republic of South Africa is a state in Southern Africa. It is a parliamentary republic comprising nine provinces. South Africa has a two-chamber parliament and an indirectly elected executive president. The National Assembly is elected by proportional representation; the National Council of Provinces consists of indirectly elected representatives of the provinces.

South Africa has a wealth of natural resources (including coal, platinum, gold, iron ore, manganese, nickel, uranium and chromium) and it has been enjoying increased attention from international exploration companies, particularly in the oil and gas sector. Nevertheless, the country has moved from an economy historically dominated by mining and agriculture to one where manufacturing dominates. Services are the most important contributor to GDP.

The country’s financial structure is sophisticated, with a large and active stock exchange. South Africa has a relatively open economy. Most exports to industrialized countries consist of primary and intermediate commodities. A large proportion of exports consist of unprocessed raw materials; the mining industry contributes the most to the country’s total exports. However, South Africa is increasingly adding value before exporting.

The country is a major exporter of coal, gold, diamonds, platinum, wool, sugar, manganese and chrome ores, as well as base minerals, such as iron ore. It also is an exporter of fruit and animal hides and skins. Exports of chemicals, metal products, machinery, transport equipment and manufactured goods have increased, particularly into the rest of Africa, in recent years.South Africa has sophisticated financial, legal and telecommunications sectors, and a number of global business process outsourcing (BPO) operations are located in the country. South Africa has a host of investment incentives and industrial financing mechanisms that are aimed at encouraging commercial activity, and its trade rules favor a further expansion in South Africa’s levels of international trade.

The special headquarter company (HQC) regime makes South Africa an attractive location for multinational companies wanting to invest into Africa. South Africa is a member of the Cairns Group, an informal association of 19 agriculture exporting members of the World Trade Organization (WTO) that supports free and fair trade in agricultural markets and the lowering of agricultural tariffs by developed countries. South Africa (along with Lesotho, Namibia and Swaziland) is part of the Common Monetary Area (CMA). It also is part of the Southern African Customs Union (SACU) that seeks to maintain the free interchange of goods between member countries and provides for a common external tariff for the common customs area; other members are Botswana, Lesotho, Namibia and Swaziland. South Africa also forms part of the BRICS group of countries with Brazil, Russia, India and China.

South Africa has concluded a number of trade agreements with other nations and regions. Although the country is not a member of the OECD, it is an enhanced engagement country that collaborates with the OECD on a variety of policy issues. (South Africa also has adopted the OECD transfer pricing guidelines).

OECD member countries

OECD member countries
Australia Hungary Norway
Austria Iceland Poland
Belgium Ireland Portugal
Canada Israel Slovakia
Chile Italy Slovenia
Czech Republic Japan Spain
Denmark Korea (ROK) Sweden
Estonia Luxembourg Switzerland
Finland Mexico Turkey
France Netherlands United Kingdom
Germany New Zealand United States
Greece
Enhanced engagement countries
Brazil India South Africa
China Indonesia
OECD accession candidate countries
Colombia Latvia Lithuania
Costa Rica

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