Invoicing overseas clients

[SpiderMonkey]

We have a client that we are doing work for in the US. We are a CC. We have been waiting for our accountant to get back to us on the question. What do we need to do at SARS before we get the client to transfer the money into our South African bank account? It will be a number of invoices over the next few months.

 

[HavocXphere]

You invoice them as usual. It'll likely require a SWIFT transfer though.

 

[SpiderMonkey]

You invoice them as usual. It'll likely require a SWIFT transfer though.

I am aware of the SWIFT transfers. I am more concerned about the customs/SARS implications. We can obviously do a zero rated invoice for the client. I seem to remember reading somewhere on the SARS site that we needed to register / fill in a form with SARS regarding the money coming into the country. I have asked our accountant but she is off on maternity leave.

 

[Nefertiti]

I am aware of the SWIFT transfers. I am more concerned about the customs/SARS implications. We can obviously do a zero rated invoice for the client. I seem to remember reading somewhere on the SARS site that we needed to register / fill in a form with SARS regarding the money coming into the country. I have asked our accountant but she is off on maternity leave.

what is it that you are selling? if its goods you have to register as an exporter. If its services you do not have to register as an exporter. I am not sure about the tax though and I think it depends on whether you are registered for tax or not.

 

[mass09]

Remember to include these sales under zero rated outputs on your VAT201.

 

[ViperGTI]

We sometime invoice a client from Egypt once to three times a year. We simply generate an invoice in USD without VAT. Whenever they make a payment, we get a call from FNB where they will then send us a form to complete (once a year) or for the other times, they just confirm the exchange rate at which they will be converting the money and then clearing it into our account. For every payment from outside SA though, we get a phone call.

 

[sly]

We sometime invoice a client from Egypt once to three times a year. We simply generate an invoice in USD without VAT. Whenever they make a payment, we get a call from FNB where they will then send us a form to complete (once a year) or for the other times, they just confirm the exchange rate at which they will be converting the money and then clearing it into our account. For every payment from outside SA though, we get a phone call.

you can do all this online with FNB(receive Global receipts option), you need an exporters code from SARS if you selling/exporting goods.