Licenses are granted by the Financial Services Board in South Africa (“FSB”) under the provisions of the Financial Advisory and Intermediary Services Act 37 of 2002.
Below please find features of the particular license category in more details:
Feature/Category | Category I FSP license (STP type) | Category II FSP license (MM type) |
Type of company required to be eligible | South Africa LLC Company | South Africa LLC Company |
Corporate taxation | 27% | 27% |
Minimum paid-up statutory capital | Not required | Not required |
Main requirements | • Minimum 2 directors (1 should be local) | • Minimum 2 directors (1 should be local) |
Timeframe | A complete license application is normally decided upon FSCA approval within 12 months from the date of filing | A complete license application is normally decided upon FSCA approval within 12 months from the date of filing |
Government fees | 13,971 ZAR | 13,971 ZAR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
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