South Africa

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RCL Foods is unbundling its poultry business, Rainbow Chicken Limited, which will list on the Johannesburg Stock Exchange (JSE) under the name 'Rainbow' with the share ticker RBO. πŸ“

The listing will take place on 26 June 2024 and RCL Foods shareholders will receive Rainbow shares in proportion to their RCL Foods shareholding. πŸ—“οΈ

Rainbow is a fully integrated poultry producer with a long history (founded in 1960) and strong brand presence in South Africa. πŸ‡ΏπŸ‡¦

The company operates across the entire chicken production chain, including farming, processing, animal feed production, and waste-to-value solutions. ⛓️

Rainbow supplies chicken to major retailers and food service chains like Shoprite, Checkers, Woolworths, KFC, Nandos, and Burger King. πŸ”

Financial Highlights: πŸ“ˆ

- Rainbow generated revenue of R13.5 billion in FY2023, an 18.3% improvement from the prior year.

- Revenue has grown at a compound annual growth rate (CAGR) of approximately 14.0% over the past 3 years.

- Rainbow delivered EBITDA of R38.6 million in FY2023, with EBITDA growing at a CAGR of approximately 60.2% from FY2021.

- Improved agricultural performance, cost control initiatives, and higher volumes are driving positive results.

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𝐉𝐨𝐒𝐧: Our Executive Secretary Peter Varndell will participate as a panellist in the upcoming South African Institute of International Affairs (SAIIA) Futures programme webinar, "Exploring Circular Economy Possibilities in SADC."

The webinar, organised by the SAIIA and the Konrad-Adenauer-Stiftung (KAS) Foundation will explore the transformative potential of the circular economy paradigm within the SADC region. Peter's expertise and insights on this topic will undoubtedly enrich the discussion.

πŸ“† Wednesday 5 June 2024

πŸ• 2:00 PM - 3:30 PM SAST

This South African investor started one of S.A’s first women-run money managers.

Meet, Fatima Vawda

The Godmother.

Fatima has championed black-owned and women-run fund managers.

Spotting and investing in them before it was cool to do so.

Born in South Africa.

She grew up in Lenasia.

A little township south of Soweto.

Raised by a single mum.

Selling samosas to get by.

They lived in a matchbox house.

Fatima went to public schools.

Through primary and high school.

Only leaving home to study at University of the Witwatersrand.

After she got a bursary to study a BSc in Applied Mathematics.

Upon graduation.

She went back to Wits University.

And did a Masters in Computational and Applied Math.

She started her career as a lecturer.

Teaching Applied Math at her alma mater.

As the only woman in the Math department.

She left academia 2 years later.

Dropping out of a PhD.

In her quest to get practical skills.

She joined Standard Bank Group’s treasury department.

At a time when Wall Street andΒ financial markets.

Were employing people with analytical skills.

Because of the growth of the derivative markets.

Fatima soon began trading derivatives.

And pricing portfolios.

She left Standard Bank Group to join Mercury (later sold to Peregrine Holdings Limited).

A stockbroking and advisory firm.

Where she worked as a quantitative analyst.

Developing investment ideas and pitching them to fund managers.

In 2002,Β she left Peregrine to join WIPHOLD.

A black women-owned investment company.

Where she led a fund of funds.

Investing in black-owned and women-led fund managers.

In 2007, when WIPHOLD decidedΒ to become a passive investor.

And pulled out of operating companies.

Fatima decided to go out on her own.

Starting 27four Investment Managers.

After seeing a gap in the market.

For black asset management incubators.

With about $1,080 in savings.

She got a deal on office space in the basement of a hotel.

And the rest is history.

And today, 27 four is one of S.A.’s biggestΒ women-owned multi-managers. It

πŸ“ˆ Manages over $6+ billion in African and global public and private funds.

πŸ‘‘ Invested in 60+ black and women-owned asset managers managing $55+ billion

πŸ†First in S.A. to start a Diversity, Equity and Inclusion Asset Manager Program in 2007.

27 four was the 1stΒ investor in leading investment firms like MAZI ASSET MANAGEMENT, Aeon Investment Management (Pty) Ltd., Sentio Capital Management.

Fatima sits on the board of Association for Savings & Investment South Africa (ASISA) and Financial Sector Transformation Council.

What are your thoughts on Fatima’s story?

Let me know in the comments. πŸ‘‡

Join my newsletter for more stories like this on business, markets and investing

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JOIN THE 2024 BRVM INVESTMENT DAYS - The West African Regional Stock Exchange, BRVM, kicks off its third highly anticipated BRVM investor roadshow on 7-8 May in Johannesburg. This two-day exclusive investor forum will focus on African agricultural commodities exchanges and investment opportunities in the WAEMU region.

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The Industry Division of theΒ African Union - Economic Development, Tourism, Trade, Industry, Minerals (ETTIM)Β will hold itsΒ 12thΒ AnnualΒ 

Industry Stakeholders’ Retreat and the 3rdΒ African SME Development ProgramΒ Partnership Platform Meeting

πŸ“Œ Durban, South Africa.

πŸ“… 22ndΒ to 26th April 2024.

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π„π±πœπ’π­π’π§π  𝐍𝐞𝐰𝐬: π’π­π«πžπ§π π­π‘πžπ§π’π§π  𝐁𝐒π₯𝐚𝐭𝐞𝐫𝐚π₯ π‘πžπ₯𝐚𝐭𝐒𝐨𝐧𝐬 𝐁𝐞𝐲𝐨𝐧𝐝 π€π†πŽπ€! πŸ’ΌπŸŒ

Our commitment to expanding beyond the African Growth and Opportunity Act (AGOA) is stronger than ever, as we strive to deepen and strengthen our bilateral relationship.

We're thrilled to announce our commitment to expanding beyond the African Growth and Opportunity Act (AGOA) as we strive to deepen and strengthen our bilateral relationship.

Building on the foundation laid by AGOA, we're exploring new avenues for collaboration and partnership that will benefit both our nations. From trade and investment to cultural exchange and innovation, our goal is to foster a dynamic and mutually beneficial relationship that drives growth and prosperity for all.

Join us on this journey as we embark on new initiatives and forge even stronger ties between our countries. Together, we're shaping a brighter future built on cooperation, understanding, and shared goals. Stay tuned for more updates on our progress and upcoming initiatives!

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Reposted JamiiTrade Support's poll.
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Looking to take your business global and conquer new markets? As a South African exporter, you've got some great options when it comes to getting financial support for your export journey. Let's dive into how you can access those sweet, sweet export grants and subsidies!

The EMIA Scheme: Your Ticket to Export Success

The Export Marketing and Investment Assistance (EMIA) scheme, run by the Department of Trade, Industry and Competition (DTIC), is your go-to for export funding. This program aims to get more South African products and services out into the world and attract foreign investment. Here's what's on offer:

  1. Funding for exhibiting at international trade shows
  2. Assistance with primary market research in foreign countries
  3. Grants for bringing potential foreign buyers to South Africa
  4. Sector-specific funding for industry associations and export councils

Are You Eligible? Check the Criteria

To qualify for EMIA funding, your business needs to meet some key criteria:

  • Be a registered South African manufacturer or exporter
  • Have traded for at least one financial year (two for pavilions)
  • Offer products with at least 35% local content or value-add
  • Be tax-compliant and in good standing with SARS
  • Submit your application to the DTIC 2-6 months before your event

There are also some limitations to keep in mind, like a cap of 4 individual grants per year and only funding one company rep per event.

Individual Grants: Fly Solo and Shine

If you're keen to venture out on your own, individual EMIA grants have got you covered:

  • Individual Exhibitions: Get funding for exhibiting at recognized international trade shows, including stand costs, airfare, transport of samples, and marketing materials.
  • Primary Market Research: Planning a trip to scope out a new export market or meet potential investors? This grant helps with airfare, accommodation, and transport costs.
  • Individual Inward Missions: Invite foreign buyers or investors to visit your South African operations, with the EMIA covering their travel expenses.

Group Schemes: Strength in Numbers

For those who believe teamwork makes the dream work, EMIA's group offerings might be your jam:

  • National Pavilions: Join forces with other South African companies at major international exhibitions, with shared costs and logistics.
  • Outward Selling Missions: Participate in DTI-organized trade missions to target export markets.
  • Inward Buying and Investment Missions: Welcome foreign buyers and investors to South Africa for a tour of local industry and B2B networking.

Sector-Specific Support: Niche Needs

If you're part of an industry association or export council, you can tap into funding from the Sector Specific Assistance Scheme (SSAS) for:

  • Local and international exhibitions, pavilions and trade missions
  • Marketing materials like brochures, websites and advertising
  • Inward buyer and investment missions

How to Apply: Get Your Ducks in a Row

To give yourself the best shot at securing export funding, make sure you:

  • Have a clear export marketing plan and budget
  • Get your application in well before the event dates
  • Provide all the required documents, like financials and SARS clearance
  • Show how the funding will help grow your exports and create jobs

The DTIC has regional offices across SA to assist with the application process and answer any questions.

So there you have it - a whirlwind tour of the export funding landscape in South Africa. With some savvy planning and a compelling case, you could soon be jet-setting to new markets with government support. Go get 'em, export tigers!

Useful links:

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If you're exporting goods from South Africa, it's important to understand how VAT works on those exports. The good news is, in most cases, you can export your goods without paying VAT and even reclaim some input VAT. Let's break it down.

Exports are Generally Zero-Rated for VAT

When you export goods from South Africa, those exports are usually "zero-rated" for VAT purposes. This means that VAT is charged at a rate of 0% on the goods you're exporting. Some examples:

  • You're a clothing manufacturer in Joburg shipping t-shirts to a client in Europe
  • You run a wine farm in the Cape Winelands and export a batch of Pinotage to the USA
  • You make machinery in Durban that you sell to a company in Zambia

In these cases, you don't charge or collect any VAT from your overseas customers. Score!

Why Exports are Zero-Rated

So why does South Africa let exports go VAT-free? There are a few good reasons:

  • It keeps SA exports competitive in international markets by not adding extra taxes
  • It prevents double taxation, since the importing country will charge their own taxes
  • Zero-rating exports is the international norm and aligns with SA's trading partners
  • It encourages companies to export more by removing a tax burden

Direct vs Indirect Exports

Now, there are two different ways exports can work from a VAT perspective: direct and indirect exports.

Direct exports are when you as the supplier are responsible for delivering the goods to your overseas client, either yourself or by hiring a transport company. In this case, you can zero-rate the export, as long as:

  • You export the goods through a designated commercial port within a certain timeframe
  • You keep the required documentation as proof

Indirect exports are when your foreign customer collects the goods themselves or arranges their own transport out of SA. With indirect exports, you usually have to charge the standard 15% VAT, which your customer can then claim back from the VAT Refund Administrator (VRA).

However, you may be able to zero-rate an indirect export if you can prove the goods were delivered to a designated harbor or airport for export. It's up to you if you want to take on this risk though.

Reclaiming Input VAT

So that covers VAT on the exports themselves. But what about all the input VAT you incurred on your business expenses related to those exports? The great news is, you can usually deduct that input VAT from your output VAT and get a nice refund from SARS

To claim back input VAT on exports, you need to:

  • Have the relevant tax invoices
  • Keep the required export documentation as proof, like
  • Customs documents
  • Transport documents like air waybills or bills of lading
  • Proof of payment from your overseas client
  • Submit your VAT return to SARS within the appropriate period

If you used a transport company for a direct export, they need to give you an invoice and keep the customs paperwork to support your input VAT claim

Some Fine Print

As with anything tax-related, there are some important bits of fine print to keep in mind:

  • There are time limits on when you need to export the goods and submit your documents to SARS to claim input VAT, so make sure you know the deadlines
  • If you accidentally charged VAT on exports, you need to reimburse your customer and submit corrections to SARS to avoid penalties
  • Certain exports, like some services provided to foreign clients, may have special rules, so double check if you're not sure
  • Direct and indirect export rules also apply to sales from customs-controlled warehouses

The Bottom Line

In summary, most goods exported from South Africa are zero-rated for VAT, whether through direct or indirect exports. You generally don't charge VAT on exports, and you can reclaim input VAT on your related expenses.

Just make sure you follow all the requirements for documentation, timelines, and designated ports. When in doubt, chat with a tax professional to make sure you're ticking all the right boxes.

Now go forth and conquer those international markets!

Useful links:

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Welcome to the South Africa Country Space on JamiiTrade, where you can connect with fellow entrepreneurs or companies from across Africa who are interested in doing business with South African entrepreneurs.

You are also able to explore practical how-to information and useful tips (Insights) for entrepreneurs, start-ups and SMEs on doing business in the country. Whether it is how to register a company or getting your products ready for export, we aim to provide you with all the information at your fingertips (or help find the answers for you if we don't).

Become an active community member by connecting with fellow country Jamii-ers, sharing your own experiences to help others learn, participating in discussions or starting a new one. Your views are important in helping us make this country space relevant to you.

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