Statutory Description
Under Section 15 of the Immigration Act, No. 13 of 2002, foreign nationals applying for a Business Visa may also invest in an existing South African business. Verification of such investment requires compliance with the Companies Act, 2008 (Act No. 71 of 2008), lawful source of funds under FICA, 2001 (Sections 21 & 22), and tax clearance through SARS. The accountant’s role is defined under ISRS 4400 (Agreed‑Upon Procedures) — limited to factual findings without assurance, ensuring regulator‑ready evidence for the Department of Home Affairs.
Existing Business Investment Verification Scope (Bullet List)
- Verification of capital investment into an existing South African business.
- Certification of lawful source of funds in compliance with FICA.
- Confirmation of company registration and compliance with the Companies Act, 2008.
- Verification of tax clearance and statutory obligations with SARS.
- Review of employment creation commitments (citizens and permanent residents).
- Preparation of regulator‑ready audit evidence packs for submission to the Department of Home Affairs.
- Annual monitoring and reporting obligations under Immigration Act Section 15(2).
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