If you are planning on doing business in South Africa, knowledge of the investment environment and information on the legal, accounting and taxation framework are essential to keep you on the right track.
Establishing a presence in South Africa is Grant Thornton’s practical guide outlining the most important aspects for business investment in the country. In addition to being Africa’s largest economy and the only African member of the G20, South Africa offers investors access to top ranked audit and accounting standards, a sound banking system, a well-regulated stock exchange, strong infrastructure, political stability and a climate that fosters growth. South Africa’s exchange control landscape is virtually non-existent so the ease of funds introduced and remitted is extremely comforting for foreign investors.
Grant Thornton International’s Emerging Markets Opportunity Index 2012 ranked South Africa in the Top 15 emerging economies worldwide. The index brings together a number of key indicators such as economic size, population, wealth, involvement in world trade, growth prospects and levels of development in order to rank the 27 largest emerging economies in terms of their potential for business investment.
While South African businesses face fewer constraints to business expansion than their BRIC (Brazil, Russia, India and China) counterparts, the perennial shortage of skilled workers remains a challenge. Efforts to boost skills are high on the public policy agenda.
President Jacob Zuma confirmed during his State of the Nation address in February 2013 that the youth wage subsidy would be signed and that this would be just one of several interventions to alleviate youth unemployment. This was further clarified and confirmed in the 2013 Budget Speech, when Finance Minister, Pravin Gordhan indicated that a revised youth employment incentive will be tabled in the House.
As South Africa continues its transformative journey from a developing country to a hub of global growth, government and business leaders have placed a renewed commitment to accelerating economic diversification, boosting strategic infrastructure and unlocking talent as critical success factors on the country’s growth path.
Download the Guide to establishing a presence in South Africa 2013 in PDF format or read it online below