There's a lot of paperwork involved in setting up and running a business in South Africa, and if you leave something out there're severe penalties, says the Practical Tax Loose Leaf Service.
Have these five documents handy when opening a business account
#1: A copy of the founding documentation of any legal entity that the business is trading under. This would include:
#2: A copy of the minutes (or a certified extract thereof) of the meeting at which the resolution was passed to open a bank account.
This resolution should ideally specify the bank and branch at which the account is to be opened, the type of account to be opened (current, savings,) and the names of the people who will act as signatories on the account.
#3: A certified copy of the identity documents of each of the directors, members or trustees
#4: An original or certified copy of an external document that verifies the physical address or stand number of the business' registered office or principal trading premises.
This may be in the form of assessment rates or a utility account, lease agreement (in the case of leased premises), or a telephone account.
Just bear in mind that a telephone account isn't always acceptable to some banks. If this is what you intend to present to the bank, save yourself time and trouble by checking with the bank first to make sure they'll accept it.
#5: A similar document verifying the physical address or stand number of each signatory on the account.
In addition, the bank normally needs the company to complete numerous forms. These typically include:
Well there you have it. Make sure FICA and your bank don't stop you from getting started with your business by having these documents on hand when opening an account.