South Africa

South Africa
South Africa

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.

Read also:

THE BEST BUSINESS DIRECTION FOR A SOUTH AFRICAN COMPANY

Those, who are intended to conduct business in this country, can consider the following options:
  1. Setting up a crypto-trading company in South Africa (there is no need for obtaining a license);
  2. Registering an export company in South Africa (cars, equipment, production machinery);
  3. Opening a South African mining company (diamonds, platinum, coal, copper, iron ore). The country is the largest gold exporter in the world;
  4. Registering a South African tourism company;
  5. 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:
    1. Founders: two directors and shareholders (of any nationality);
    2. There are no requirements for a local secretary and a registered physical office;
    3. 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.
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