South Africa is one of the fastest-growing economies in the African continent. Also, it is on the list of top-25 largest and most populous states in the world.
If you are planning to set up a company in South Africa and open a South African bank account, then pay attention to the following:
- The state is a member of the IBRD, AU, COMESA, IMF, WTO and others;
- Capitals are: Pretoria, Cape Town, Bloemfontein;
- 11 state languages, including English, Afrikaans, Swazi;
- 5 neighboring countries, including Mozambique, Zimbabwe and 1 enclave (Lesotho);
- A currency is ZAR. 1 USD = 14,63 ZAR.
South Africa is a country with stable economy and transparent taxation. Also, the key benefits of registering a business in South Africa are:
- A non-public register of beneficiaries and shareholders;
- 100% foreign ownership;
- Grants for investments in R&D projects;
- A large number of DTA agreements.
If you are interested in this jurisdiction, you can receive qualified advice on company registration process in South Africa from YB Case experts.
THE BEST BUSINESS DIRECTION FOR A SOUTH AFRICAN COMPANY
Those, who are intended to conduct business in this country, can consider the following options:
- Setting up a crypto-trading company in South Africa (there is no need for obtaining a license);
- Registering an export company in South Africa (cars, equipment, production machinery);
- Opening a South African mining company (diamonds, platinum, coal, copper, iron ore). The country is the largest gold exporter in the world;
- Registering a South African tourism company;
- Setting up a financial services company in South Africa.
Legal forms and taxes
If you want to establish a company in South Africa and open an African bank corporate account, then you can choose the following business entity types:
- LLC;
- Free Zone company;
- PLC;
- Joint Venture;
- Branch;
- Trust;
- Foundation.
|
Legal form |
Corporate tax |
VAT |
Share capital |
|
LLC |
28% |
15% |
1 USD |
|
FZC |
15% |
15% |
1 USD |
|
PLC |
28% |
15% |
3 800 USD |
|
Joint Venture |
28% |
15% |
- |
|
Branch |
28% |
15% |
- |
|
Trust |
18%-45% |
- |
- |
|
Foundation |
28% |
- |
- |
YB Case specialists recommend you registering a PLC in South Africa, as it is the most common legal form with simplified registration procedure.
Registration requirements
In order to register a business in South Africa, you need to know the following:
- Founders: two directors and shareholders (of any nationality);
- There are no requirements for a local secretary and a registered physical office;
- You will need a signatory in order to open an account for a company in South Africa.
How to set up a South African company
If you would like to learn more about this country, YB Case team can provide you with competent personal advice on a business organization process in South Africa, on opening an account with a South African bank.
