Reserve Bank Approval

[Lanthie]

Hi Guys

I've just registered a new company here in SA. I would like to bring on 2 new shareholders each taking 25% of my company. They are both foreign (Swiss and German) and would be providing me with start-up capital. They reside in Germany and Switzerland and have no intention of moving to SA. I believe I need SARB approval for them to a) become shareholders and b) provide the newly formed company with a capital loan.

The company has just been formed and has a zero value. I have tried talking to the banks who act as agents for SARB and they are non the wiser and Ive tried calling SARB and am yet talk to an intelligent person there.

Anyone have some guidance on this? What needs to be done? How I get SARB authorisation? etc

 

[JayM]

Your bank is supposed to handle this. Which bank are you with?

 

[Lanthie]

Your bank is supposed to handle this. Which bank are you with?

Your bank is supposed to handle this. Which bank are you with?

I've just opened an account with FNB. And yes I'm aware of the banks acting on agents for SARB. However the trick is getting to the right person who is knowledgeable enough at the bank who can handle it, give me a list of the documents they require and do the submission.

 

[Fifthborn]

you dont need SARB approval for them to be shareholders that is dealt with CIPC however you do need to contact the exchange control department at sarb to exchange a large amount of money

 

[Zukat]

Hi Guys

I've just registered a new company here in SA. I would like to bring on 2 new shareholders each taking 25% of my company. They are both foreign (Swiss and German) and would be providing me with start-up capital. They reside in Germany and Switzerland and have no intention of moving to SA. I believe I need SARB approval for them to a) become shareholders and b) provide the newly formed company with a capital loan.

The company has just been formed and has a zero value. I have tried talking to the banks who act as agents for SARB and they are non the wiser and Ive tried calling SARB and am yet talk to an intelligent person there.

Anyone have some guidance on this? What needs to be done? How I get SARB authorisation? etc

As previously mentioned, you have to work through your bank to submit an exchange control application, as you won't be able to speak to Excon @sarb directly via the phone/email, however there is an option of face to face meeting which can be organized by your local bank and it comes at a cost. This doesn't seem like a complex matter to go to such extreme. PM me your contact details.