President Cyril Ramaphosa has hailed the Atlantis SEZ
as a “dawn of a new era” in Cape Town’s green economy. The establishment of this green technologies hub in the Western Cape includes activities such as alternative waste management, energy-efficient technology, alternative building material and many other clean technologies. As a critical economic policy instrument for promoting future-forward industrialization, the SEZ has to date over 30 foreign and local companies that have taken up the incentives to operate and develop here. This has led to over R500 million in new industry developments in the Atlantis SEZ already.
SEZ incentives include:
- Preferential 15% Corporate Tax and Tax Relief.
- Building allowance and Tax Relief.
- Employment Tax Incentives.
- Customs Controlled Area Tax Relief.
Business & Industrial Incentives
The City of Cape Town is always finding innovative ways of attracting investment from local and foreign investors. After all, it’s critical that the economy is encouraged to grow and that more job opportunities are created in the region. A sustainable Cape Town with an economic-enabling climate and progressive, dynamic approach to business, is very important to institutions here.
Working with the private sector has become a key pillar and has led to the City’s Investment Incentives Policy. This focuses on using the city’s financial and non-financial incentives to boost investment and to stimulate economic growth, as well as employment creation:
- Non-financial incentives include single-point investment facilitation, development application fast-tracking (five days for completed building plans), three months for completed land-use applications, regularly updated spatial economic information, access to skills development opportunities, as well as biodiversity offsets (currently Atlantis SEZ only).
- Financial incentives include application fee exemptions, discounted development charges, electricity tariff reduction, and broadband connection fee waivers (located within 300m of city network).
Want to know more about the incentives in place for investors and enterprises in the Western Cape and Cape Town? Contact us for detailed information!