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The Students finished the recently concluded PSL season in 12th place, eight points behind the final MTN 8 qualifying position and six points above the relegation zone.
Reports this week claimed the Clever Boys had been handed a huge financial injection in order to attract some of South Africa's top players, but new chief executive officer Jose Ferreira says there is no truth to those rumours.
"Let's say we have a budget that allows us to be competitive," he told The Sowetan.
"Obviously we will never be able to compete in the marketplace with the likes of Kaizer Chiefs, Orlando Pirates and Mamelodi Sundowns but you don't need to have that sort of money to be successful, as other clubs have proven."
Wits have already secured the services of Matthew Pattison during the off-season, while the club are also working on a deal for Aaron Mokoena, who is waiting on Portsmouth to release him from his contract in England.
Roger Da Sa's team also expected to make three more signings by the end of the week, but Ferreira, who joined Wits from SuperSport United, says they will be searching for quality and not quantity when it comes to new signings.
"We will identify quality when it becomes available and we are on the lookout continually," he said.
