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Investing in Namibia: A Guide to Business Opportunities
Investing in Namibia can be a lucrative opportunity for foreign-owned companies, and this guide will provide an overview of the country’s advantages and requirements for investment. Namibia is a country located in southwestern Africa that boasts a stable political environment, an abundance of natural resources, and a thriving tourism industry.
Why Invest in Namibia?
Namibia’s stable political environment and infrastructure make it an attractive investment opportunity. In addition, the country has an abundance of natural resources, including minerals, fishing grounds, and agricultural products, which provide opportunities for business growth.
Namibia’s Investment Admission Process
To invest in Namibia, companies must go through an admission process that includes providing a comprehensive business proposal and proof of financial resources. The following is a list of requirements for the admission process:
- Two passport-type photographs of each applicant
- Highest educational qualification
- Previous work references
- Police work references
- Marriage certificate (if applicable)
- Proof that the position was advertised (copy of advert to be attached)
- A motivating letter providing a synopsis of the applicant
- Comprehensive business proposal (business plan)
- Proof of financial resources/bank statement, list of assets, equipment and machinery imported into Namibia, audited reports
- Proof that the business was registered in Namibia (copy of registration certificate as well as share certificates to be attached)
- Copy of lease agreement of business premises or proof of ownership of business property
- Copy of CV
- N$80.00 handling fees to be paid at the Ministry of Home Affairs and Immigration
Forms to be completed:
- Main application form
- Radiological report
- Medical report
- Deed of surety/Repatriation representation by employed/Work offer (employees only)
- Business questionnaire (all business people)
- Multiple visa entry form
- Outline for business plan
- Payable fees
Please note that all documents must be translated into English by an official translator.
Advantages of Investing in Namibia
Namibia offers several advantages for foreign-owned companies looking for business opportunities, including:
- Preferential trade links to the 190 million inhabitants of the Southern African Development Community (SADC) as one of the 14 member states.
- Duty and quota free access to the South African market and others as a member of the Southern African Customs Union (SACU).
- Duty free access to the European Union for a wide range of manufactured and agricultural products as a signatory to the Cotonou Agreement.
- Duty and quota free access to the lucrative US market under the Africa Growth and Opportunity Act (AGOA).
- Attractive fiscal incentives in Africa via its Export Processing Zone (EPZ) regime.
- An advantageous legislative and fiscal environment and a government keen to foster the engines of economic growth and prosperity.
Namibia’s Economic Overview
Namibia’s population as of 2011 was 2.32 million, with a population growth rate of 1.8%. The GDP in 2011 was US$12.30 billion, with a GDP growth rate of 3.8%. The GDP per capita in 2011 was US$4700. The key economic sectors/GDP in 2011 were 7.5% agriculture, 19.6% industry, and 72.9% services. The main exports from 2008-2011 were minerals, fish and fish products, live animals, and meat and meat products. The main export destinations were South Africa, United Kingdom, Angola, Canada, United States, Spain, Switzerland, Japan, Germany, Italy, and France. The main sources of imports were South Africa, India, Japan, China, United Kingdom, Netherlands and Germany.
Frequently Asked Questions
What makes Namibia an attractive investment destination?
Namibia boasts a politically stable environment, developed infrastructure, rich natural resources, thriving agricultural and fishing industries, and a booming tourism sector. It also has preferential trade links with the Southern African Development Community (SADC) and duty-free access to markets such as the South African, European Union, and US markets.
What are the main natural resources found in Namibia?
Namibia has a wide range of mineral deposits, including world-class diamonds and uranium, copper, lead, zinc, gold, semi-precious stones, industrial minerals, salt, and fluorspar. It also has rich fishing grounds, with their stock of both demersal and pelagic species.
How is Namibia’s agriculture industry contributing to the economy?
Namibia’s agricultural sector, particularly its red meat industry, is imperative to the country’s economy. The cultivation of crops such as maize, wheat, pearl millet, groundnuts, beans, and cotton also adds to the sector’s growth.
What are the benefits of investing in Namibia’s tourism sector?
Namibia’s tourism sector is a booming industry, with a wealth of attractions and advantages for foreign-owned companies looking for business opportunities. The country’s unique landscapes, wildlife, and cultural experiences make it an attractive destination for international travelers.
What trade agreements does Namibia have in place?
Namibia has preferential trade links to the 190 million inhabitants of the Southern African Development Community (SADC) and is a member state of the Southern African Customs Union (SACU), which affords duty and quota-free access to the South African market and others. Namibia is also a signatory to the Cotonou Agreement, giving duty-free access to the European Union for a wide range of manufactured and agricultural products. It has duty and quota-free access to the US market under the Africa Growth and Opportunity Act (AGOA).
What are the requirements for investing in Namibia?
The investment admission process in Namibia requires several documents, including a comprehensive business proposal (business plan), proof of financial resources, bank statements, proof of registration in Namibia, and a copy of the lease agreement or proof of ownership of business property. Additionally, applicants must complete various forms and pay handling fees.
What is the current population of Namibia?
As of 2011, Namibia’s population was 2.32 million, with a population growth rate of 1.8%.
What are the main economic sectors contributing to Namibia’s GDP?
Namibia’s GDP is divided into three main economic sectors: agriculture (7.5%), industry (19.6%), and services (72.9%).
What are Namibia’s main export destinations?
Namibia’s main export destinations include South Africa, the United Kingdom, Angola, Canada, the United States, Spain, Switzerland, Japan, Germany, Italy, and France. The country’s main exports are minerals, fish and fish products, live animals, and meat and meat products.
What is the inflation rate in Namibia?
As of 2011, Namibia’s inflation rate was 5.6%.
