Form of government:Presidential Republic
Area:100 210 км2
Currency:South Korean Wona (KRW)
Company registration in South Africa
Organizational and legal forms
Companies registered in the territory of RSA (Republic of South Africa), as a rule, are engaged in international trade operations, exempting profits from taxes. The international commercial transaction, which involves the purchase of goods in one country and its further realization in another, allows you to accumulate profits in offshore jurisdictions. This scheme is suitable for export deliveries, purchase of goods and services.
International companies in South Africa can have the following forms:
- International Holding Company (IHC), which in turn is divided into Private and Public. Close Corporation.
- All companies are characterized by the availability of non-residents of South Africa as shareholders, and the number of residents should not exceed 5% in the holding company. At the same time, the holding’s subsidiary may be located outside of South Africa and invest in its development.
The following documents are submitted to the Register of Companies service for registration of an offshore company in South Africa:
- Articles of Association.
- Confirmation of legal address.
- Document on the reservation of the name of the company.
- Decision on the appointment of an auditor.
The following data is recorded in the Memorandum:
- company name;
- legal address;
- regulations on the work of the enterprise.
Companies that receive benefits in South Africa are taxed at 29%. The income of foreign branches of the holding, officially registered in South Africa, is not subject to taxation. The same applies to dividends, as well as second level revenues.
Annual reporting and audit
The introduction of current accounting is mandatory for all South African enterprises. All transactions carried out by an offshore company during the fiscal year are also recorded.