General Information

Well integrated into the global economy as part of the BRICS, WTO, G20, SADC..., South Africa is a country open to international trade and foreign investment.

South Africa is striving to continue its process of economic diversification in order to reduce its dependence on mining resource exploitation, specially by developing the agri-food sector, health, tertiary sector, industry and finance (the Johannesburg Stock Exchange being the largest in the continent.)

Since 2019, South Africa has been suffering a significant economic crisis, which has been greatly exacerbated by the Covid-19 crisis; however, the country still offers many opportunities which make it an unmissable and popular destination.

Setting up or carrying out a project in South Africa must take into account the Black Economic Empowerment (BEE) programme which allows for more significant involvement of a community through skills, property, management, socioeconomic development and preferential procurement.

Means of Payment & Banking Specificities

US dollars are the most common currency for transactions, although euros are widely accepted.

Offers made under commercial contracts are very often quoted in rands (ZAR). Include an indexation clause.

The recommended means of payment for commercial transactions is the confirmed documentary credit

Down payments are common.

All standard guarantees are issued by South African banks.