Registering a company might seem like a difficult task, it’s not and this guide will show you how easy it is. This is a guide on how to register a forex trading company in South Africa.
There is nothing unique about forex trading companies, unless you want to be a broker. However, if your main aim is just to make money with Forex by offering mentorship or just by trading then the process is not that different from when registering other businesses. Here is a step-by-step guide to follow.
Overview
Forex is relatively new to a lot of people in South Africa and the African continent as a whole. There is not much regulation as this is a relatively new concept to even some public servants. As some progresses, there might be a lot of other laws that are enacted but for now you don’t need special permits and licenses to trade Forex.
Check if the trading name already exists
The first thing you have to do is to check if the business name is already registered. You can do this by going directly to the CIPC website; there is a section that makes it possible to check if a certain trading name has been registered. All this is done for free.
Register your business through FNB
I highly advise you to register your business through FNB, the cost of registering a company is down to R125 from R175. The main benefit of registering your business through FNB is that you will immediately have a business bank account. You won’t have to go through the process of creating a business bank account.
This bank account is not automatically activated; if you might be stressing about the fees. You will activate the account when you like and start paying the fees from there on.
Required documentation
All you need is your ID and proof of residence. You will be sent a lot of documents that need to be signed in the process; this requires you to have ease of access to a printer. This process will also require you to name a company director; which can be yourself and also authorize a number of shares. Some people don’t know how many shares their business should start with.
After all is said and done; your business will be registered, if you want to operate as a forex broker; then you will need to register with the FSCA.
Conclusion
This was a guide on how to register a forex trading company in South Africa. Do you have any thoughts or questions? Comment below.
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Xola
19 Aug 2021I’m a forex trader I want to have a registered company I will be trading with my team but I don’t want to be a broker and I will love to give mentorship to others and train them so do I still have to register with FSCA
sibabalwe
20 Aug 2021Hi Xola, in that case I don’t think you need to register with the FSCA unless you will be trading with people’s money on their behalf.