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| PERSONAL
ARRANGEMENTS FOR OPENING A SOUTH AFRICAN BANK ACCOUNT The procedure for opening a bank account in South Africa relates directly to the type of permit you have been granted. Whilst on a tourist visa you are only able to open a non-resident account. Whilst these accounts can have all the features of a normal banking account they are restrictive in so much as they cannot generally receive deposits in Rands. There are exceptions to the rule such as if you own a property and let it out (in these exceptions once again the paper trail is of prime importance). In the first place we would assist you to open a non-residents account so you may transfer funds in from abroad and later on (after your residence permit has been secured) open a residents bank account. When opening the account it is worth a phone call to ascertain what they require as supporting evidence, typically you will need your passport, proof of your current permit, proof of residential address and possibly some proof of source of funds. BUSINESS ARRANGEMENTS FOR OPENING A SOUTH AFRICAN BANK ACCOUNT Your closed corporation can obtain a business account, there would be no currency restrictions in terms of rand deposits on this account, as the closed corporation is viewed as a legal identify in its own right and in your case is incorporated in South Africa. When opening an account for a close corporation you will be required to provide the following documentation:
can be expected on the account. All members, authorised signatories and/or any other person who may act on behalf of the close corporation must provide the same information and documentation as stated above, as well as written confirmation that they are authorised to act on behalf of the CC. Whilst we cannot recommend a particular bank, as each may have its own merits, we are happy to provide you with their contact details:
A word of caution – the banks in South Africa insist on your presence when opening an account. |
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