Republic of South Africa

General Information

Area – 1,219,912 sq. km

Population – 52.98 million people

Capital – Pretoria

Official language – English, Afrikaans, Vendian, Zulu, Xhosa, Southern Ndebele, Siswati, Northern Soto, Sesotho, Tswana, Tsonga

Official currency – South African Rand (ZAR)  

Key Aspects

The Republic of South Africa signed nearly 80 treaties for the avoidance of double taxation.

It is allowed to issue only registered shares that cannot be transferred to third parties without the consent of all company’s shareholders. Information about beneficiaries is not disclosed. The words ‘Bank’, ‘Insurance Company’, ‘Trust’, ‘Royal’ are not allowed to be used in the company name.

Company Type

The most convenient form of company for international business is a private company (PC or PTY Limited).

Corporate Legislation

Companies Act 61 of 1973 and 1994, Close Corporations Act June 1984.

Main Requirements for Company Directors and Shareholders

There should be at least one director.

Directors may be residents of any country. Directors may be both natural persons and legal entities.

There should be at least one shareholder in a company.

Shareholders may be residents of any country.

Shareholders may be both natural persons and legal entities.

Nominee shareholders and directors are allowed to be used.

Authorised Capital

It is not required to pay any authorised capital.

Accounting

A dormant account is filed if no activity in South Africa is carried out.

Taxation

Corporate tax – 29%

Questions that need to be answered to prepare incorporation documents

∙ Passport details of the beneficiary and agent

∙ Photocopy of the ID pages of the passports of the beneficiary and agent

∙ Utility bill of the beneficiary and agent

∙ Several proposed firm names