Author’s contact details
Foreword
Contents
Value proposition
Fast facts and quick stats about South Africa
General information about South Africa
South Africa: An economic overview
Foreign trade
Regulatory requirements in South Africa
South African taxation
Incentives and industrial financing
Contacts in South Africa
Acronyms and abbreviations
Addendums: Indicative costs and other practical aspects of doing business and living in South Africa
Beyond auditing
Contents Value proposition......................................................................................................................................................1 Why invest in South Africa?......................................................................................................................................... 1 Fast facts and quick stats about South Africa............................................................................................................2 Political........................................................................................................................................................................ 2 Economic.................................................................................................................................................................... 3 Tourism....................................................................................................................................................................... 5 Sport........................................................................................................................................................................... 6 Education.................................................................................................................................................................... 7 Environmental............................................................................................................................................................. 8 Social and infrastructure.............................................................................................................................................. 9 Miscellaneous............................................................................................................................................................ 11 General information about South Africa..................................................................................................................13 Introduction.............................................................................................................................................................. 13 Infrastructure............................................................................................................................................................. 17 Art, culture and sport ................................................................................................................................................ 22 Food and drink.......................................................................................................................................................... 24 Education.................................................................................................................................................................. 25 Law........................................................................................................................................................................... 26 Industrial relations..................................................................................................................................................... 26 Immigration - Visas and permits................................................................................................................................. 27 Immigration - Other practical aspects......................................................................................................................... 31 Choice of business entity........................................................................................................................................... 38 Stock exchange......................................................................................................................................................... 39 Key economic data.................................................................................................................................................... 41 South Africa: An economic overview.......................................................................................................................43 Key drivers of the South African economy.................................................................................................................. 43 Economic overview and outlook for 2012/13............................................................................................................. 51 Foreign trade...........................................................................................................................................................59 South Africa’s trade agreements................................................................................................................................ 59 Exchange controls..................................................................................................................................................... 72 Repatriation of funds................................................................................................................................................. 74
Disclaimer Unless otherwise stated, the information in this Handbook is based on conditions that existed in August 2012. The authors accept no responsibility for any errors this guide may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on the information herein. While all attempts have been made to provide up-to-date statistics and other details, this Handbook is not exhaustive and readers are advised to consult with their advisors and/or the relevant government agency.
Importing and exporting............................................................................................................................................ 74 Overview of the the dti.............................................................................................................................................. 86 Regulatory requirements in South Africa ................................................................................................................89 Corporate regulations................................................................................................................................................ 89 Retention of records................................................................................................................................................ 103 Labour regulations................................................................................................................................................... 106 Broad-Based Black Economic Empowerment (B-BBEE).............................................................................................. 115 Intellectual property................................................................................................................................................. 123 Competition law...................................................................................................................................................... 131 Environmental law................................................................................................................................................... 133 South Africa’s response to climate change............................................................................................................... 140 Information, communication and technology law.................................................................................................... 143 Land regulations...................................................................................................................................................... 146 Banking................................................................................................................................................................... 152
National Anthem