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Jurisdictions


Synopsis

South Africa is a former British colony which changed to self-rule in 1948. Subsequently on 30 April 1994 the newly elected Democratic Government came into power representing all races of the country. Map

South Africa lies at the southern most tip of the continent of Africa and boasts being the "Hong Kong" of sub-Saharan Africa. There is an excellent infrastructure with the most up-to-date telecommunications, air, road and rail. There are approximately 43 million people living within its borders, and due to the recent changes in Government there are exceptional opportunities both politically and financially.

South African common law applies which is Roman Dutch law, in origin, and in cases where no guidance can be found in common law, the courts draw from experience from English Law under point and issue and look to English precedents, if justified. There is an excellent range of professional services available, as South Africa serves as the major business centre for the whole of the Sub-Saharan continent. The local currency is South African Rand (ZAR) which is interchangeable with other major currencies of the world.

There are Exchange Controls which govern the flow of funds in and out of South Africa. There is a total prohibition on dealing in foreign exchange except with the permission of and on the conditions set by the Reserve Bank. However, since 1997 there has been a gradual relaxation of Exchange Controls to the extent that each taxpayer may apply to the Reserve Bank to take up to 750,000 ZAR out of the country as a one-off amount.