Jurisdiction(s):
United Kingdom

Key definition

Control definition

What does Control mean? In legal practice, control describes who ultimately directs a company or undertaking—typically through majority ownership, voting rights or contractual rights to determine management and policy. In the UK, many contracts define Control by reference to section 1124 of the Corporation Tax Act 2010, which looks to the ability to secure that a company’s affairs are conducted in accordance with a person’s wishes, whether through share capital, voting power or other rights (including those of associates). Where a bespoke definition is used, it commonly means the beneficial ownership of more than 50% of the issued share capital...

South Africa: Foreign Direct Investment Control—Exchange Control, Takeover and Merger Review, and Emerging National Security Screening via SARB, TRP and FIC

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Practice notes

1. What is the applicable legislation?

South Africa does not have a single, overarching statutory scheme governing foreign direct Investment (FDI). Below is a non-exhaustive overview of key legislation relevant to FDI in South Africa:

Protection of Investment Act 22 of 2015, as amended
Competition Act 89 of 1998 (Competition Act 1998)
Companies Act 71 of 2008 (Companies Act)
Companies Amendment Act 16 of 2024 and the Companies Second Amendment Act 17 of 2024 (Companies Amendment Acts 2024)
Companies Regulations, 2011 issued under the Companies Act 2008 (Companies Regulations 2011), and
GNR.1111 of 1 December 1961: Regulations made under the Currency and Exchanges Act 9 of 1933 and, in relation to each of the above, as amended

2. Which government or other body (or bodies) reviews foreign investments?

The South African Reserve Bank (SARB) is the primary authority responsible for safeguarding the value of South Africa’s currency. Acting as the regulator under the exchange Control regulations, it supervises the inward and outward movement of funds, including foreign currency, in South Africa. Via its Financial Surveillance Department, the SARB ensures compliance with South Africa’s exchange control regulations alongside authorised dealers (usually commercial...

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Web page updated on 21/05/2026

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