An analysis of the stress concentration in a shape-memory alloy sheet containing a circular hole and subjected to arbitrary in-plane loading at great distance from the hole was presented. Shape-memory alloy plate with a circular hole experienced a superelastic martensitic transformation due to a biaxial tension loading. The stress concentration factor was reduced, as a result of the martensitic transformation. The generalized Tanaka model was used to describe the constitutive behaviour of the material and an approximate approach due to Stowell was used for the stress analysis.