Fiduciary Services

Our clients can enter into a fiduciary agreement where we attend to the registered entities’ administration in South Africa. These duties are based on an agreement to provide the below-mentioned services.

Public officer services

The appointment of a public officer is specifically addressed in the Tax Administration Act.? The public officer represents the company in all tax matters. The duties and responsibilities of a public officer should be taken seriously, as the public officer will be held personally liable for any tax default.

The Act further states that the individual representative must be approved by SARS and must be a person who is a senior official of the company.?

Fiduciary Services

If no senior official resides in the Republic, a suitable person may be appointed by the company or by an agent or representative who has authority to appoint such a representative.

When must a public officer be appointed?

The public officer must be appointed within one month after the company begins to carry on business or acquires an office in the Republic. If the public officer resigns, a new public officer must be appointed within 21 business days.

Duties of the public officer

A public officer is responsible for all the acts, matters or things that the public officer’s company must do under a tax act. In the event that a company defaults, the public officer will be subject to penalties.

  • Ensuring that all necessary tax registrations are obtained and kept updated
  • Signing off all returns for income tax returns, PAYE, VAT and SDL
  • Signing off on import and export permits
  • Attending tax queries from SARS
  • Receiving all notices and correspondence from SARS
Our service offering

Our nominee public officers will attend SARS offices in person to present themselves as required by law and will liaise with your external auditors or tax consultants.? Their presence serves as an additional safeguard to ensure that all the company’s mandatory returns are lodged on time. ? We will enter into a service agreement with you, which sets out our areas of responsibility. ? Apart from the public officer, the company may also elect a person to act as a registered e-filing representative with access to SARS e-filing systems. The elected e-filing representative need not reside in South Africa.

Resident Director Services

In South Africa there is no requirement to appoint a local director. However, foreign investors find that having a local director overcomes many challenges and meets the needs of the business until the company is fully operational.

How we can help you

Rand Corporate Consultants acts as resident director for numerous companies with head offices outside of South Africa.? We can help you, too, by performing the following essential duties:
  • Setting up your company
  • Assisting with opening a bank account
  • Registration with various mandatory tax offices
  • Setting up your accounting systems and processes
  • Managing your annual compliance obligations
  • Becoming your CFO, providing ongoing accounting and tax advice

Why choose Rand Corporate Consultants?

You will work with a proven provider who will save you time and get your business up and running with greater efficiency. In addition:
  • You are in reliable, trustworthy hands, given our proven track record
  • You will have access to a wealth of practical business knowledge, as we have a deep and thorough knowledge of all regulations and compliance requirements
  • You will be supported by a strong national network of expertise

Our approach to working with you

Our top priority is to build an open and honest relationship with you by getting to know you and your business. We begin this process by:
  • Understanding your financial position (if not newly incorporated) and that of the parent and its ability to support your operation
  • Reviewing your company’s structure
  • Confirming that your company fully complies with its obligations in South Africa
Given the responsibilities and, sometimes, personal liability involved in offering this service, we will draw up a fully executed Deed of Indemnity to safeguard our interests.
Registered Office

The registered address or office of a company is very important, as it is the address at which any legal documents will be served on the company.? Companies are required by law to ensure that this information is up to date, and may be liable for a fine or prosecution if it is found that this is not the case.

A South African registered entity must have a registered office where correspondence can be sent. This must be a physical address and cannot be a post office box.

The registered address of a company must be in South Africa.? All legal documents are to be served on the company at its registered address; it is therefore important that the persons nominated know what is required and are situated at this address.

In terms of the Companies Act, companies that don’t keep their records at their registered offices must notify the Commission of the location of those records. This location must be in South Africa.

Our registered office address service will provide you with a South African address in the form of a lease agreement for purposes of doing business in South Africa, as well as facilitating the process of registering the company with the various government agencies in South Africa.

Non-resident foreign exchange applications in respect of loans or shares

The South African Reserve Bank (SARB) regulations require that non-resident shareholders, whether they be foreign entities or natural persons, obtain a “non-resident” endorsement on their share/stock certificates. The South African Reserve Bank (SARB) regulations provide that?within 30 days of a person acquiring ownership of shares?in a resident company, that person must submit those shares to an authorised dealer.

Rand Corporate Consultants will guide you and will do the following:

  • Apply for share endorsement
  • Draft a loan agreement where required, taking cognisance of the prevailing interest rates as regulated by SARS
  • Regularise a loan when this was not done at time of inception
  • Provide you with a checklist and assist with collation of the documents to be presented in terms of SARB regulations
  • Provide regular feedback on the application process
  • Assist with obtaining a letter of fair value, in cases where this is required.
If share certificates were not endorsed within the prescribed timeframes, this would constitute a contravention.? Our specialist team can assist with the remedying of the contravention with SARB.
Bank account application for foreign residents

Foreign companies looking to open a bank account in South Africa for their operations will be pleasantly surprised to find that South Africa has online platforms that make it easy to transact, settle accounts and pay salaries from abroad. We can introduce you to a range of banking institutions in South Africa and assist with the process of opening a bank account.

Registering at the South African Revenue Services, SARS (Mandatory)

Within 60 days after a company commences business, whether as a Sole Proprietor, a Partner in a partnership or as a Shareholder in a Company, they will need to register as a taxpayer with the South African Revenue Services (SARS).? An income tax reference number will be issued to the company.

Rand Corporate Consultants can attend to the registration of the company both for Income Tax (mandatory) and additional taxes as follows:

  • VAT?–?Value Added Tax – dependent on turnover
  • PAYE- Pay As You Earn – if the company intends to employ staff
  • UIF?–?Unemployment Insurance Fund – if the company intends to employ staff
  • SDL?–?Skills Development Levy – if the company intends to employ staff
  • COID?–?Compensation for Occupational Injuries and Diseases
  • Import/Export Applications?–?if the company intends to import or export goods