My Tip for Trevor - South African Minister of Finance

SILLY EXCHANGE CONTROL REGULATIONS FOR INTERNET COMPANIES

Dear Mr Manuel,

South Africa has the talent and skills to be part of the next Internet revolution. Internet-based companies by their nature are able to trade globally from day one. However, this is severely restricted in South Africa.

For example: Lungi has been selling handmade African jewelery in Gugulethu. She can start a website, with the help of a local NGO, and sell online to people overseas. However, folks overseas wish to pay in their own currency, e.g. Euro.

Currently, to perform this simple task, the only viable option for Lungi is to open an offshore bank account and an offshore company.

But to do this, she needs to get something called 'Reserve Bank approval', which is a silly process that A) Costs too much for a mini-entrepreneur and B) is a bureaucratic nightmare, with all sorts of requirements that were drawn up without ever thinking of small entrepreneurs and/or internet businesses.

Trevor, you'll do South Africa a GREAT favour by ensuring internet businesses can go global and flourish from day ONE.

How about this? I'll raise the funds for an NGO that helps township businesses go global, if you level the playing field and make it as easy to start a global internet business based in South Africa, as it is in most countries around the world!


Yours faithfully,

Henk Kleynhans
CEO of Skyrove (Pty) Ltd
Winner of the Enablis/Business Report ICT Entrepreneurs Challenge 2005
henk@skyrove.com
blog: www.yeahfi.com



* Please join me in this campaign by leaving a similar Tip for Trevor!*

If you are too lazy to type out your own blurb you may copy & paste the following:

"Dear Trevor, Please re-consider Reserve Bank approval for internet companies that need to trade globally, whether it be tangible products, or intangibles such as electronic books, music, videos, telecommunications services etc. Please contact Henk Kleynhans via email at henk@skyrove.com if you need further clarification."