South Africa Promotes New Business Investments From Foreign Ventures

04 Dec 2012

South African government is rolling up a few initiatives to accelerate the ease of doing business and invest in South Africa. Ease of doing business will bring multinationals to the country and subsequently help develop the economy and employment.

South Africa has been ranked No. 39^th by World Bank as per the ease of doing business. This is two positions up than last year’s 41. Government is doing everything possible to take South Africa into the top countries list of doing investment.

South Africa Department of Trade and Industry has started the initiatives with work on two projects.

The first project is to harmonise national norms and standards for licensing of businesses by municipalities.

The second project is to create a single registry for the submission of data. This data is generally required by different state bodies like South African Revenue Service, Companies and Intellectual Property Commission & Statistics South Africa.

Finalising company registrations and the fraudulent manipulation done to database to change the ownership and directorships are two major concerns. Speedy company registration is the most important factor that decides a country’s ranks in terms of ease of doing business.

Presently online company registration in SA takes maximum 3-5 days where as for manual registrations it can take between 12-19 days.

Online registration is mostly demanded by overseas companies to set up their business in South Africa. Government aims for fully electronic lodging of intellectual property applications by 2013.

South Africa government expects the applications for new company registrations may exceed 200,000 this year.

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