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How to open a corporate account in South African Republic

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Opening an account in South Africa in 2020

 

Benefits of opening an account in South Africa:

  • South Africa is considered the financial center of Africa;
  • Developed banking;
  • A relatively small package of documents;
  • A wide range of financial products;
  • Relatively fast and easy process of opening a corporate account.
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A foreign investor who plans to run a business in Africa will also need to open a corporate account for a local company. This article may be useful to those who seek to open a South African bank account.

What legal entity types exist in South African Republic

If you want to open a bank account in South Africa, you must know that there are 5 main types of business entities:

  • Joint Venture;
  • Trust;
  • Public/private limited company;
  • Proprietary liability company (LLC);
  • Free Zone LLC.
Key stages of opening a bank account

The documents for opening a corporate account in South African Republic will mainly depend on the type of your company activity.

The following documents are mandatory required by local banking institutions:

  • Personal ID documents of directors, shareholders (if any) and other officially authorized persons;
  • Evidence of business registration (certificate or other documents, depending on the structure of the business);
  • Confirmation of the local office presence;
  • Credit history of the business.

Those, who are intended to open an account with the bank of South Africa, must note that all the documents are required to be translated into the state language.

IQ Decision can help you to prepare the necessary documents that may be required directly for your business.

Read also:
How to choose an appropriate bank in SAR

South African Republic is the financial center of Africa. Therefore, entrepreneurs have a wide variety of banks for opening an account in the name of a company in South Africa. We want to draw your attention to 3 financial institutions that cover larger African markets and extend beyond the continent:

  1. Opening an account with a Standard Bank. Advantages: the largest bank in South Africa with a lot of branches in 20 African countries, which offers some discounts on various services for new companies;

  2. Opening a corporate account with a Nedbank. Benefits: the 3rd largest bank in South African Republic with a wide network of branches and ATMs, that provides a full package of financial products for businessmen planning to open a corporate account in Africa.

  3. Opening an account for an African company with an Absa. One of the key advantages of this banking institution is that it provides professional services to both small companies and large corporations.

Bank charges and payments

Before opening a corporate account with an African bank, it is important to carefully consider the terms of bank charges. The charges levied to your accounts in South Africa may differ from what you are used to.

Legal support

IQ Decision employs highly qualified specialists who are ready to provide you with legal support in opening a bank account in South African Republic as quickly and efficiently as possible.

First of all, we recommend that you ask for personal advice on account opening procedure in South Africa by calling us via the contacts listed on the site.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

  • Still have any questions?

    Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.

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