The Republic of South Africa is the southernmost country in the African continent. It is the largest country in South Africa and the 25th largest country in the world by land area with a population close to 56 million people. South Africa is a multiethnic society which encompasses a variety of cultures and languages which is reflected in its recognition of 11 official languages, the highest number of any country in the world. English however, is primarily used for public and commercial life.
The Financial Services Board of South Africa (FSB) is the supervising body for the industry in South Africa since the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). Any company that intends to conduct a Foreign Exchange business (forex) on a discretionary basis must obtain a Category II Discretionary FSP license with the FSB. The FSB requires a company to maintain current assets which are sufficient to meet current liabilities. It must submit an annual audited financial statement. A local office is not required but a registered office is. As a Key Individual, there must be a local employee operative with regulatory examinations. The company must have professional indemnity coverage of 5,000,000 ZAR ($420,000 USD). It takes approximately 1 full year to obtain a license in South Africa which is one of the longest processes.
In order to stream-line the application process, provide all required documentation and let our professionals expedite the registered incorporation. The documents needed must be in the English language or accompanied by an English notarized translation.
Documents Required :
- A notarized color copy of a valid passport (one copy for each Shareholder, Director, Beneficial Owner, or Authorized Signatory)
- A Notarized 2nd form of ID (one copy for each Shareholder, Director, Beneficial Owner, or Authorized Signatory)
- A proof of residential address dated within the last 3 months (for example: a utility bill: one copy for each Shareholder, Director, Beneficial Owner, or Authorized Signatory)
- A notarized copy of a Bank reference (for each Shareholder, Director, Beneficial Owner, Authorized Signatory)
- A detailed signed and dated Curriculum Vitae (CV) (for each Director and Shareholder)
- 2 Character Reference Letters issued by professionals (for each Director and Shareholder)
- Certified Diplomas of Higher Education (for each Director and Shareholder)
- A Notarized Criminal Record (for each Director and Shareholder)
- A Detailed business plan
- If Shareholders and/or directors are legal entities, it is required to submit a full set of certified company documents. If the company has been operating over a year, a certificate of Good Standing must be submitted.
- You must submit three different company names in order of preference
- Any paid-up capital
Manuals (will be drafted by our professionals): Anti-Money Laundering policy, security policy and business procedures as well as any others requested by the regulator).
Obtaining a Forex license in South Africa typically takes 6-8 months.