Many Investors in South Africa needs to open a South African Bank Account. South African Banks have different requirements for opening and conducting a Bank Account and this process could be time-consuming and frustrating.
You can contact us to refer you to our business partners for sound advice in this regard.
For a Foreign Company to hold open a South African Bank Account, the following documentation / information might be required:
Approved documents reflecting Name, Physical operating address and Trading Name of the Company
Certification with South African Revenue Services
Income Tax / VAT registration
BEE Certification if applicable
Certificate of Incorporation with the CIPC in South Africa or foreign equivalent if applicable
Certificate of Name change if applicable
Memorandum and Articles of Association (foreign equivalent if applicable)
CIPRO certification used for verification purposes in conjunction with the required company registration documents
List/Schedule of shareholders controlling more than 25% of the voting rights at the Annual General Meeting
If under judicial management: copy of judicial management order and certificate of appointment
If in voluntary liquidation: Copy of Liquidation Order and Certificate appointing the Liquidator.
The Banks need to identify their clients in terms of the FICA Act and have to verify the following information:
Full name and number under which incorporated
Address where it is situated for purposes of its incorporation
Name under which it conducts business in the country where it is incorporated
The name under which it conducts business in South Africa; and
The address from which it operates in South Africa or if it operates from multiple addresses, the address of the office seeking to establish a business relationship or to enter into a single transaction with the Accountable Institution
The full names, date of birth and identity number of South African citizens or the full names, date of birth and nationality of any foreign nationals, as may be applicable, concerning:
The Manager of the company's affairs in South Africa and
Each natural person who purports to be authorised to establish a business relationship or to enter into a transaction with the accountable institution on behalf of the company
Name and address of any ultimate beneficial owner
When dealing with a foreign company who is conducting business activity in South Africa and accordingly an external company request a registration certificate in terms of CoR 20.2 as contemplated by section 23 as read with Regulation 20 of the South African Companies Act.