Being in business comes with all sorts of challenges: The impact of a weak economy and declining value of the currency, government red tape, and staffing troubles — and so one certainly does not need the added difficulties of time-consuming visa application requirements and processes when travelling for the business.
Our South African passport comes with its setbacks. While South Africans can travel to 97 out of 218 countries visa-free, according to the Henley & Partners Visa Restrictions Index, this number does not include the countries that business people generally need to go to.
As holders of local passports, we need visas to travel to all the country’s major trading partners — China, the United States, the United Kingdom and Germany. Even within our own continent we need visas for key regional markets including Nigeria, Kenya, and Egypt.
Related: Doing Business in Kenya
If you have an important meeting at short notice and it happens to be on the other side of the world, you need to be able to travel freely.
There might not be time for a lengthy visa application process and you would simply not be able to attend. But what if that meeting turned out to be the business opportunity of a lifetime?
A solution to this is to have a second passport — one that provides visa-free access to additional countries and which you can specifically use for cross-border business and leisure travel, all while retaining your South African citizenship.
For wealthy individuals, internationally mobile business people and their families, citizenship-by-investment programs are the solution.
Certain states have now begun to offer their stronger passports to those who are able to make a significant financial contribution to their country. These programs are structured to ensure the investment contributes to the welfare, advancement and economic development of the country in which the investors wish to reside or belong to.
At the same time, the investor benefits from greater travel and settlement freedom, and often in a place that offers them a great quality of life, safety and security.
It is important to note that if you acquire dual citizenship, you can remain a resident of South Africa, all while gaining the travel rights of another country’s citizenship.
Enhanced travel freedom is also a key benefit of residence-by-investment programs offered by some countries, as your residence permit allows you to travel visa-free to all those states that country provides access to.
We are seeing far greater interest in residence and citizenship-by-investment programs this year among South Africans wanting to invest globally in order to obtain dual citizenship.
For South Africans, key drivers when seeking an alternative residence or citizenship include freedom of mobility, a better quality education, and safety and security. Instability in the economy and the weak Rand are other factors.
Interestingly, most citizenship program applicants have no intention to actually leave their home country in the near future, and these programs do not require this. With high net worth South Africans, this is no exception. They do, however, like to have the option of moving abroad should they choose to do so at a later stage.
Programs that are popular among South Africans include those from Malta and Portugal. Portugal’s Golden Residence Permit program provides successful applicants visa-free access to the Schengen area as well as the European Union (EU) member states.
The Malta Individual Investor Programme, meanwhile, opens up visa-free access to 168 countries around the world, including all 28 EU member states.
If your business requires regular travel to the East, citizenship of the Caribbean island nation, Grenada, would be attractive as it provides visa-free travel to China (and the Schengen area).
If you are exploring the possibility of investing in another country for residence or citizenship, you do need to do as much research as you can into the options available to determine which program is best suited to your needs. But, more importantly, it’s imperative to enlist the advice of experts in the field due to the complexity of issues surrounding citizenship, passports and residence.
Business Linkages And Investment Readiness
The Africa Women Innovation & Entrepreneurship Forum (AWIEF) is hosting its flagship Growth Accelerator Programme for 2018, sponsored by Nedbank.
The Africa Women Innovation & Entrepreneurship Forum (AWIEF) is hosting its flagship Growth Accelerator Programme for 2018, sponsored by Nedbank. AWIEF is seeking 25 ambitious, innovative and committed early-growth-stage South African women entrepreneurs, from a variety of sectors, looking for support to scale their businesses.
Access to finance is the most cited challenge to the growth of women-owned businesses in Africa. Bankability and investment readiness are major impediments to attracting business finance.
This is an intensive six-week programme designed to support participants with the business modelling and growth strategy required to scale their enterprises, become investment ready and develop entrepreneurial leadership. The programme will cover:
- purpose and values
- target market, competitive landscape and value proposition
- delivery model
- financial modelling
- conduct a creative force
- growth strategy
- financing for scale
- pitch training.
Nirmala Reddy, Senior Manager of Nedbank Enterprise Development, says: ‘We support initiatives such as this in line with our pledge to help clients see money differently, which is aimed at making a difference in South Africa, not just for women and children and business, but also for communities throughout the country. The bank strongly focuses on the development of female employees and black-women-owned suppliers, and this can be seen through our development and training programmes. We are also proud that women make up 62% of the workforce at Nedbank.’
The 2018 AWIEF Growth Accelerator, with its first 25 participants, is implemented as a build-up programme that will culminate at the 2018 AWIEF Conference, Exhibition and Awards event taking place on 8 and 9 November at the Cape Town International Convention Centre, where participating entrepreneurs will pitch their business to an audience of investors, business leaders and corporate decision-makers.
The three best ventures stand to win monetary prizes from AWIEF and financial management advice from Nedbank.
The programme details are as follows:
- Dates: Starts on 17 September and culminates on 8 and 9 November 2018
- Location: Cape Town and Johannesburg
- Participation fee: Free
Businesses must be:
- in a post-revenue phase;
- scalable and innovative ventures;
- in operation for not less than two years (ideally three to five years);
- owned or led by ambitious and committed women entrepreneurs; and
- seeking investment or funding to grow.
If you are interested in participating, click here to apply. Applications close on 31 August 2018.
Investing In Women Key To SA Socio-Economic Development
Investment in women’s empowerment delivers long-term socio-economic returns, says Novartis. Women’s networks and mentorship engagements can help unlock personal and career success.
Empowering women has long-term positive socio-economic impacts, making women’s empowerment, career development and mentorship programmes a compelling narrative for companies.
This is according to Sibonile Dube, Head of Communications & Public Affairs at Novartis South Africa and a mentor at Phakama Women’s Academy. Marking the start of national Women’s Month, Dube cites Bain & Company research into how and why the career paths of South African women and men differ, which found that in 2017, 31% of South African companies had no female representation in senior leadership roles. The research noted that the Businesswomen’s Association of South Africa (BWASA) census on women in leadership indicated that 22% of board directors were women, but only 7% were executive directors. Only 10% of South African CEOs and only 2.2% of JSE-listed company CEOs were women.
“Considering that recent research by MCSI concluded gender diversity on the board has significant benefits for both productivity and profits, South African enterprises need to become more proactive about supporting women’s empowerment in the workplace,” says Dube. But Dube adds that while formalised empowerment and mentorship programmes are important, South African women hold some of the keys to helping both themselves and other women unlock success.
She outlines three key factors that hold women back from corporate and entrepreneurial success, and how these challenges can be overcome:
Lack of confidence
A key factor holding women back from achieving their true potential in the workplace – and as entrepreneurs – is fear and a lack of confidence, says Dube. “As women, we often undersell ourselves – we underestimate our potential, our power and the amount of influence that we have. In contrast, men are typically quite confident in themselves and their capabilities,” says Dube.
The Bain & Company survey of over 1000 women found an apparent loss of confidence amongst women in junior- and middle-management positions that they could rise to the top. At this level, some respondents noted political imbalances that were difficult to navigate; while their male colleagues had access to a sponsor or mentor (normally of the same sex and colour) to help navigate these issues.
Dube believes women need to become more proactive about empowering themselves, equipping themselves with a broad range of skills, and actively working on building their self-awareness and self- esteem. “Building skills goes beyond developing academic or technical expertise – we need to work on our relationship skills and communication skills, because human relations are crucial for success in a setting where you are looking for influence and significance.”
“Dealing with fear and lack of confidence is important, because this enables us to have relevance and contribute more meaningfully to in the workplace and in business,” says Dube.
Lack of support networks
More than women, men generally back one another be it in corporate or in business deals and this has supported their career success a lot, says Dube. “Having a network is important – it is through these networks that opportunities are shared and support is gained. Having a strong network of people that back your career becomes an effective reference point especially in times of challenges. And through these networks, people are also able to find mentors.”
Dube believes mentorship is a crucial component of career success, offering both mentor and mentee opportunities to learn and grow. “We need more mentorship. With mentorship, training and coaching, women can actually pull out some of the strengths they possess which they may not be aware of. One is challenged and pushed to aim higher,” says Dube.
Bain & Company research found that sponsorship of individuals, especially at the mid-management level, ensures that contributions and performance are recognised and attributable to the individual. Often women, particularly in middle management, feel marginalised, ignored or simply worn down by trying to get their efforts recognised.
Dube, who mentors a number of women, says mentorship can be formalised through a corporate career development programme, but can also extend to informal and virtual mentor-mentee relationships. “You can be guided by simply reading the books, reading articles and watching videos and talks of inspirational leaders anywhere in the world on social media,” says Dube. Dube points out that good mentorship can be a mutually beneficial in the exchange of ideas and meeting of minds. “In an effective mentor-mentee relationship, reverse mentorship takes place. In an era where we now have four generations in the workplace, the digital and tech savvy younger generation have a lot to offer to the rest,” says Dube.
Poor Health and Wellbeing
In order to cope and remain competitive in the workplace, women have to ensure they take care of their health and maintain some resilience especially when pressure mounts. Recently, there have been a lot of conversations about mental health in South Africa. According to the World Health Organization (WHO), gender is a critical determinant of mental health and mental illness. Gender determines the difference in power and control that men and women have over the socioeconomic factors of their mental health and their exposure to specific mental health risks.
“Women are under immense pressure to perform in various spheres of their lives. Juggling a career, motherhood and marriage or a relationship can be emotionally and physically taxing to the extent of affecting one’s health, especially mental health. It is therefore imperative that women take good care of their health and wellbeing amid the demands of a competitive and fast paced lifestyle presented by the demands of modern society,” says Dube.
Depression is not only the most prevalent women’s mental health problem but may be more persistent in women than it is in men. There is more research needed to determine the reasons for this and what can be done to address it.
This Women’s Month, Dube says women should feel encouraged to be proactive about their own career development, and about helping other women to grow – both personally and professionally.
“As women we should be firm believers in one another. We hold the keys to opening doors for other women. By creating a support structure for one another, we can create phenomenal opportunities to make a difference for fellow women, with the aim of creating leaders and catalysing empowerment that has a ripple effect, benefiting all of society and the economy as a whole. Studies have revealed that women reinvest up to 90% of their income into their families compared to men who reinvest 30-40%. This has far reaching socio-economic gains for any society,” concludes Dube.
Leaderex Drives Digital Transformation Agenda For 2018 Summit
Leaderex, Africa’s largest gathering of business leaders, professionals and entrepreneurs, returns to Johannesburg on 4 September 2018.
Building on a successful debut in 2015, the organisers, Leader.co.za, in association with the JSE and leading think tanks, will host 250 masterclasses on key priority areas to drive digital transformation, including agile leadership, innovation, fintech and blockchain, AI, IoT, ecommerce and the future of work.
“Our programme has been designed around peer-based learning, allowing participants to gain practical knowledge from the trenches, engage with the best in the business, and thrive in a disrupted world,” says Leader.co.za.
Over five hundred CEOs and industry leaders will share actionable insights and advice on the day, representing one of the largest collaborations of its kind in the country.
Delegates will have the opportunity to connect with incubators, accelerators and start-up platforms, explore MBA programmes and business schools, and participate in one-on-one sessions with respected coaches and consultants.
South Africa’s lack of a savings culture will be another talking point, and investment vehicles, from tax-free savings to ETFs, will be thoroughly unpacked.
“We are pleased to be working with Leaderex again this year because we have seen the impact that the event has had since inception,” adds Mpho Ledwaba, Head of Marketing at the Johannesburg Stock Exchange (JSE).
For executives and entrepreneurs looking to unlock value through new technologies and ways of thinking, Leaderex 2018 represents a highlight on the business calendar.
Tickets can be purchased online at www.leaderex.com.
Read next: 22 Qualities That Make A Great Leader
Business Ideas Directory3 days ago
20 Innovative Business Ideas Doing Well Overseas (That Could Make You Money In SA)
Business Advice for Women Entrepreneurs1 week ago
How I Run An International Business From A Remote Beach Town In The Eastern Cape
Entrepreneur Profiles2 weeks ago
Inspiring Entrepreneur Siyanda Dlamini Believes You Need To Back Yourself To Build Your Dreams
Entrepreneur Profiles1 week ago
30 Top Influential SA Business Leaders
Entrepreneur Profiles1 week ago
Kid Entrepreneurs Who Have Already Built Successful Businesses (And How You Can Too)
Entrepreneur Today3 days ago
Nedbank Brings Silicon Valley’s Plug And Play To Africa In Disruption First For The Continent
Business Ideas Directory2 weeks ago
How To Make (A Lot Of) Money On Airbnb
Lessons Learnt1 week ago
6 Habits Long-Time Millionaires Rely On To Stay Rich