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Obtain South Africa Forex License

South Africa Forex License

Securities Dealer's License
The Financial Services Board of South Africa (FSB) is a supervisory body of financial services industry in South Africa under the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). The company that intends to conduct Forex business on a discretionary basis must obtain a Category II Discretionary FSP license with FSB.
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Annual levy paid by a licensed FSP is calculated by FSB depending on the total gross premiums (as reported by an auditor/accounting officer) and on number of Key Individuals and Representatives in FSP.

Entities registered both in and outside South Africa can apply for a license with FSB.

The application for Category II license includes excessive amount of paperwork, continuous liaising with FSB and local presence of an applicant in South Africa in order to pass regulatory exams and attend verification at a local bank. The proposed activity of a company-applicant, identity and background of all appointed individuals/entities will be closely investigated by the regulator.

In order to maintain adequate management and control of the business it is required to appoint a Representative, at least one Key Individual and a compliance officer; all the persons must be registered with FSB. At least 1 Key Individual must be resident in South Africa in order to effectively take part in company management. Each Key Individual and Representative must pass certain regulatory examinations that are held on regular basis in South Africa or UK.

A licensee must have an account in a local bank for depositing initial capital and further use for corporate needs.

A licensed company is subject to strict compliance reporting and constant monitoring of its activity by a compliance officer who submits the same to FSB. 

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Licensing Criteria and Procedures for Applying for South Africa Forex License

Notable features
Documents Required

General information

Company structure and staff:

  • Min. 1 shareholder (can be legal entities or natural persons)
  • Min. 1 director (can be only natural persons)
  • A Representative
  • At least 1 (preferably 2) Key Individuals
  • A Compliance officer (we have a person to appoint)
  • External auditor(s)


The process may be very lengthy – approximately 1 (one) year


  • Corporate income tax – 28%
  • No withholding taxes
  • Capital gains tax - 18,6%


The FSP shall maintain current assets which are at least sufficient to meet current liabilities

Accounting requirements - Annual submitting of audited financial statements

Local office - Not Required

Registered office - Required

Local employees - Required (Key Individual)

Regulatory examinations (for Key Individual(s) and Representative(s)) - Required

Professional Indemnity Cover - Required (R5 million Rand (around 350,000 USD))

In order to obtain a license, the following steps will be carried out:

  • Gathering of relevant KYC documents for initial verification
  • Registering Key Individual(s) and Representative(s); attending regulatory exams
  • Establishment of an external company/branch/shelf company in South Africa (if applicable)
  • Preparation of business plan and necessary manuals and procedures, obtaining the insurance
  • Opening a bank account in a local bank, deposit of capital
  • License application with FSB
  • The FSB will conduct necessary investigations and make questions/comments regarding the application with need to be clarified/fulfilled

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents. 

For that reason, please provide us with the following documents.

  • Notarized passport
  • Notarized 2nd ID
  • Certified Utility Bill
  • Notarized Criminal Record
  • Bank reference Letter
  • 2 Character Reference Letters issued by professionals
  • Certified Diplomas of Higher Education
  • Detailed CV dated and signed by the applicant
  • Detailed business plan
  • Manuals (will be drafted by OFFSHORELICENCE): Anti Money Laundering policy, security policy and procedures and others if requested by the regulator)

All documentation shall be provided in English language or translated to English by a professional and certified by Notary Public.