Business in South Africa is comparable with Europe and the United States. South Africa has kept up to date with international regulations, which enables effective control in order that the country may compete in the global market. Amongst others, laws regulate business practice, patents, copyright, minerals, all transport taxes, intellectual property, and banking. Furthermore, equitable labour, and employment laws have been developed.
Present legislation and associated industry charters ensure that equitable participation in ownership and management by historically disadvantaged individuals in commerce and industry occurs. A major factor hampering growth in South Africa is a dual economy with high inequality; the sophisticated first sector rivals other developed countries, while the second sector has only the most basic operating means. In particular, the new globalized economy places a premium on skills and those in the second sector need to be developed.
Rand Exchange Rate
