South Africa FX Broker - Need some help/advice

[kayboxa]

Hi there All,

I have recently set up a regulated/licensed FX and Securities Brokerage in South Africa which has a local bank account with FNB and has multiple global counterparties.
I don't see this account being a problem for local market clients, but we are starting to branch out to international countries which I hear can be a problem with.
Apparently SA tends to block international money leaving the country which will obviously give us issues for international clients.

If there are any good, cost effective solutions out there which anyone can guide me to, I'd be very grateful.

Thanks for reading

 

[Martin Everson]

If there are any good, cost effective solutions out there which anyone can guide me to, I'd be very grateful.

I know DMA in South Africa setup a offshore Mauritius entity to service foreign clients i.e DMA Mauritius entity. They directed me to them when I tried years ago.

Forget about dealing with ZA's capital controls although they should only affect ZA residents. Go offshore and don't waste your time. I mean even Nedbank and Standard bank all have offshore entities in Jersey to service foreign and local clients as capital controls are a joke and I guess they know a thing or to about the situation.

https://www.money-transfers.co.za/south-africa-exchange-control.php
Although the above applies to ZA residents what happens when assets of non-residents are held in your street name can they be easily transferred abroad to foreign clients or is form filing required each time? You may want to seek professional advice if you want a ZA solution to be trouble free for foreign client or just go abroad.