FICA REQUIREMENTS FOR A FOREIGN

INDIVIDUAL OR COMPANY

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The Financial Intelligence Centre Act (“FICA”) was implemented by the South African government to help prevent illegal financial activity. As a necessary part of this Act, the identity of both the Seller and Purchaser, participating in any immovable Property transaction, must be verified. The following FICA documentation will be required, by an attorney, when a foreign individual or a foreign company, purchase or sell an immovable property in South Africa. 

 

FOREIGN INDIVIDUAL

 

1. Certified copy of Passport. When foreign individual signs any transfer documents with an attorney, they should produce their passport to the attorney, to verify their identity.

2. Copy of Work Permit.

3. Proof of address less than three months old (Account statement, bank statement with address, or municipal letter), alternatively, a valid and still enforced lease agreement in the foreign individuals name. 

4. Should a foreign individual not have proof of address in their name, they may provide a declaration by a third party, which will need to be drafted and signed by the third party, confirming that the foreign individual shares an address with the third party and provide the third party's proof of ID and proof of address (not older than three months old). 

5. Should a foreign individual not reside within South Africa, proof of residence within their resident country (Bank Account with address or a water/electricity Account) should be notarised, apostilled and if needs be validly translated. 

6. South African income tax registration number, if such a number has been issued to that person; and,

7. Copy of bank statement and/or copy of cancelled cheque, confirming individuals banking details (less than three months old).

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FOREIGN COMPANY

 

1. Copy of foreign company registration documents.

2. Contents of Register of Directors, Auditors and Officers.

3. Certificate to Commence Business.

4. SARS Tax Registration document of the Company.

5. VAT Registration Certificate of Company.

6. South African Identity Document / Passport or certified copies of persons authorised to act on behalf of the Company.

7. Proof of address less than three months old (Account statement, bank statement with address, or municipal letter)

8. Copy of cancelled Cheque and/or copy of Bank Statement.

9. Resolution – authorising a Director(s) to act on behalf of the Directors of the Company

10. For the authorised signatory / representative and / or CEO, each director and each person or corporation with shareholding of 25% or more in the company, we require the following:

    • Copy of ID / passport.

    • Proof of address (less than three months old).

 

Should you have any queries or concerns regarding any documentation, please contact one of our attorneys on (011) 646-8411.

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