FAQ · Economy & Work 19

The oil, gas, and energy industries play a significant role in the economy of the Western Cape. The region is important for producing, processing, and distributing petroleum products throughout the Southern African region. This is supported by facilities like the Astron Energy Refinery in Milnerton and the PetroSA facility in Mossel Bay. Additionally, the province's strategic location is vital for the transportation of oil from West Africa and the Middle East. The servicing and maintenance of oil rigs and shipping also represents a significant industry in its own right.

The Skills Development Levy is a tax intended to develop employee skills through training. This tax is levied at 1% of the total salary paid to an employee. The total salary includes any lump sum payments, bonuses, overtime payments, commissions, and payment in lieu of leave. Employers are responsible for paying this tax to SARS on a monthly basis. The employer deducts or withholds the amount of tax from its employees.

The Quota Act was passed by the South African government in 1930. This legislation was intended to curtail the immigration of Jews into South Africa. During this historical period, the vast majority of Jewish immigrants were coming from Lithuania. This act was part of a series of measures that impacted migration patterns. It preceded the 1937 Aliens Act which brought such migration to almost a complete halt.

Immigrants in South Africa tend to be more highly skilled than non-foreign populations. However, it is common for a highly-skilled worker to be limited to low-skilled work upon immigrating to the country. The most common sectors where immigrants find work include manufacturing, construction, restaurants, and casual work. While around 10 percent of this group is unemployed, this rate is significantly lower than the average unemployment rate of South Africans. Many immigrants arrive seeking business opportunities and greater economic stability.

South Africa is undergoing a significant energy transition focused on decarbonisation and reducing reliance on coal. Sasol intends to run its flagship plant at full capacity while sourcing more renewables to offset coal feedstock. A World Bank-linked climate fund has backed plans to unlock up to R47 billion in financing for this transition. Additionally, companies like JUWI Renewable Energies are building large-scale solar projects for major firms. There is also significant investment in green hydrogen production and the expansion of solar and battery systems through deals like the one between Wetility and Jaltech.

In the nineteenth century, the discovery of diamonds and gold had a profound effect on the region. These discoveries propelled South Africa onto the world stage. This period introduced a shift away from an exclusively agrarian-based economy. Instead, the country moved towards industrialisation and the development of urban infrastructure. The mining industry also became a major point of conflict between Boer settlers and the British Empire.

South Africa is focusing on several economic priorities to accelerate its industrialisation process. These priorities include the alignment of industries and the enhancement of cooperation in Special Economic Zones. There is also a focus on infrastructure development and marine cooperation. Additionally, the country is looking toward human resources cooperation and financial cooperation. These efforts aim to strengthen the nation's industrial landscape.

South Africa is one of the most technologically resourced countries on the African continent with a developed and advancing internet. Many companies use the internet to conduct business or work on an entirely remote basis. Fibre-to-the-premises is common throughout major metropolitan areas via several major network operators. For those in rural areas, satellite internet remains a viable option. Additionally, 5G mobile connectivity is present and continually expanding across the country.

Yes, there are coworking spaces located within the Cape Town CBD. As of 2023, the area was home to 19 coworking spaces. This district is considered South Africa's most economically successful and stable region. It continues to show significant growth and has undergone revitalization in recent years. The CBD also hosts a variety of other business sectors including tech and finance.

Withholding tax in South Africa applies to several different categories of income payments. For payments made to non-residents, there is a 15% tax on royalties unless double taxation agreements apply. Additionally, a tax ranging from 5% to 10% applies to payments for immovable property made to non-residents. For both residents and non-residents, a 20% withholding tax is applied to dividends. This dividend tax replaced the secondary tax on companies in April 2012.

Value Added Tax is a broad tax made by vendors on the supply of goods and services that is charged upon purchase. The current VAT rate in South Africa stands at 15% as of 1 April 2018. It is compulsory for a business to register for VAT remission when the value of taxable supplies exceeds or is expected to exceed R1 million in a 12-month period. If a given price on an item charged by a vendor does not mention VAT, that price is deemed to include VAT. This tax must be paid regardless of whether the item is a capital good or trading stock used in an enterprise.

Investec is a dual-listed international banking and wealth management group. It is listed on both the London Stock Exchange and the Johannesburg Stock Exchange. The company was first listed on the JSE Securities Exchange in South Africa in 1986. It later became listed on the London Stock Exchange in 2002. This group is also a constituent of the FTSE 100 index.

The FirstRand Group has various subsidiaries and investments across different regions. One specific insurance company mentioned is OUTsurance Namibia. This company is located in Namibia and is a 51% shareholding entity. It is held through First National Bank Namibia, which gives the group overall control of 30%. This shows how the group manages insurance interests in certain African markets.

South Africa has a developing, upper-middle income economy that is the largest and most industrialized on the continent. Economic activity is heavily concentrated in metropolitan areas such as Johannesburg, Cape Town, and Durban. These major metros account for 57% of the country's total economic activity. Johannesburg serves as the primary economic and financial center, contributing significantly to the national GDP. Cape Town also plays a major role as a tech hub and the startup capital of Africa.

Charge is a South African electric vehicle charging network operator based in Cape Town. The company was founded in 2021 and began offering public EV charging in November 2024. They operate off-grid DC fast charging stations that are capable of charging both passenger vehicles and electric trucks. Their network includes solar-powered infrastructure, such as the first off-grid solar charging station for electric trucks located on the N12 at Wolmaransstad. The company aims to expand its network size to 120 stations along multiple national highways.

If you are trying to convert Rands to another currency outside of major international airports, you must provide proof of how you obtained the money. This can include an ATM receipt or a receipt from the money changer where you originally obtained the Rands. When converting Rands at an international airport, you will also need to show proof of an airline ticket to depart South Africa. Please be aware that currency converters require identification for the transaction. For foreigners, a passport must be presented, and the converter will make a copy of the identification page.

Foreign passport holders may claim back VAT on material products bought in South Africa that are being taken out of the country. This applies only if the total value of the goods exceeds R250. You cannot claim VAT refunds for services such as accommodation, food costs, or car rentals. Full details regarding the procedure are available from the Department of Foreign Affairs and their new TAX Refund for tourists site. Advertised prices should be inclusive of VAT unless explicitly stated otherwise.

Insurance warranties are strict contractual undertakings made by the insured party. Affirmative warranties ensure certain representations are accurate, while promissory warranties involve the performance of specific duties. To establish a warranty, it must be intended as part of the contract rather than a mere representation. A term is often considered vital if its subject matter is material to the assessment of risk. Under certain legal views applied in South Africa, breaching a vital term can justify the cancellation of the contract.

One practical and fulfilling way to see the country is by driving through the well developed national road network. Travelers can enjoy the natural beauty of areas like the Garden Route, Golden Gate, and The Wild Coast. For those interested in history, many well documented Zulu-British and Boer-British war sites are easy to access. You can also experience vintage steam train trips departing from Pretoria or Johannesburg. Motor racing is another regular calendar event held at facilities like Kyalami and Swartkops raceway.