Since 1994 significant progress has been achieved in reducing exchange controls and the South African Government ultimately intends to remove all exchange controls.

Exchange controls are currently administered by the South African Reserve Bank (SARB)’s Exchange Control Department through commercial banks that are authorised to deal in foreign exchange. All international commercial transactions must be accounted for through these authorised dealers.

There are no restrictions on foreign companies intending to invest in share capital. Administration in terms of portfolio investment is undertaken through the South African Reserve Bank. There are currently no restrictions on the removal or repatriation of investment income or capital gains by non-residents.

All loans to South African residents from outside the common monetary area require prior exchange control approval.

Royalties, licence and patent fees for non-residents, where non-local manufacturing is involved, must be approved by the South African Reserve Bank.

The Company and Intellectual Property Registration Office (CIPRO), a unit of the Department of Trade and Industry (DTI) www.thedti.gov.za, approves all patents.

For more information please log onto www.reservebank.co.za