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Worlds End South Africa
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South Africa FSP

The Financial Advisory and Intermediary Services (FAIS) Act (37 of 2002) regulates the activities of all financial service providers (FSP) who gives advise or provides intermediary services to consumers of certain financial products.


There are (3) different Categories of FSP licenses that Premier Africa Advisory can assist with under FAIS. These are:

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  • Category I,

  • Category II, and

  • Category III.

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Category I FSP is an FSP who may be authorised for advice and intermediary services in relation to financial products only.

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Category II FSP is a discretionary FSP. This category FSP render intermediary services of a discretionary nature as regards the choice of a particular financial product( such as Long-term Insurance, Pension Fund benefits, Securities and debentures, Forex investments, deposits and participatory interests in CIS and CIS Hedge Fund), but without implementing any bulking;

 

Category III FSP is an administrative FSP that renders intermediary services in respect of financial products on the instructions of a client or another FSP and through the method of bulking.

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Requirements

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  • At least 1 Director

  • At least 1 Compliance Officer

  • Registered Local Office

  • External Auditor

  • At least 1 Key Individual

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The Key Individual must satisfy the fit and proper requirements in respect of honesty, integrity, good standing and competency.


The Key Individual must have the following at the time of application:

 

  • Qualification recognized by the Financial Sector Conduct Authority (FSCA)

  • One year management or oversight experience within the financial services sector

  • Class of business training (where applicable and when relevant sections come into law)

  • Regulatory examination (RE1)

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Timeframe

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Between 5-6 months. Please note that each application is treated on its own merits.

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Initial Capital Requirement

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No initial capital requirements, however the current assets must exceed current liabilities.

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Taxation 

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  • 26.67% of the taxable income of the company

  • 10% for taxable income above R59,750 up to R300,000 for a small business corporation

  • 28% of taxable income above R300,000

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Premier Services​

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Premier Africa Advisory provides the following main services with respect to the activities of the South African FSP License:

 

  • Structuring Services

  • License Application and renewal of the FSP License

  • Provision of a registered office address

  • Open bank accounts

  • Providing the Key Individual, Compliance Officer, External Auditor and assisting with the PI and Fidelity Cover

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