I thought I would document this as newspaper articles occasionally appear discussing whether SA is competitive or not for new businesses.
We got our business name registered in a week, the company registration done in a month, and the tax and other issues should be sorted out in another week or so. That’s about 8 weeks in total for the SA government to allow us to set up business. I think that’s pretty good.
But then it came to the bank. I approached the bank with which I have been dealing for 20 years as a client, who know the value of my house and know I have paid off that loan, with whom I also have a substantial money market account, thinking they would be accommodating. They still haven’t fully approved the overdraft we wanted, and it has taken lots of cajolling from me to get us some credit facilities so we could pay the salary bill.
So for anyone coming to this country to open a business, the SA government is really helpful but the banks are a pain in the back-side.