The Department of Trade and Industry, more commonly known as the DTI, is the government department responsible for encouraging commerce and ensuring that businesses are able to function effectively in South Africa.
To foster the growth of the South African business sector, the DTI has created several incentives for businesses which could be of great benefit to your company. With Tax Shop and Northwood to guide you through the process, you may find your business qualifying for one of the following incentives:
Enterprise Investment Programme (EIP)
This incentive is focused on manufacturing and tourism businesses. It assists new companies by providing a cash grant to make the purchase of certain assets more affordable, and is subject to certain criteria.
Film and Television Incentive (CIP)
This incentive aims to encourage the local and international film and television industries to produce shows and movies in South Africa. With a 25% rebate of production costs for local companies and 15% for international companies, this incentive is an attractive option for media-based businesses.
Export Marketing and Incentive Assistance (EMIA)
The EMIA incentive is focused on South African businesses which export products to markets overseas. The incentive covers some of the costs of exporting goods to foreign countries and is meant to encourage the presence of South African products abroad.
Support Programme for Industrial Innovation (SPII)
This incentive is aimed at businesses which produce products that are innovative and make advances in new products which are technologically advanced.
These are just some of the incentives offered by the DTI, and if you’ve seen one that may apply to your business your first step should be to contact Northwood so that we can provide you with the necessary advice through our new partner, Tax Shop.
A DTI incentive can make the process of building and growing your business easier, with cash grants and assistance loans which could put your enterprise on the path to success. Contact us today for more information about Tax Shop and the DTI Incentives service that we offer.