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Foreign Directors Business Requirements

Permits and Rules for Foreign Nationals who want to open a Business Bank Account.

These permit requirements and rules are South African Exchange Control Rulings as per South African Laws. Unfortunately, FNB cannot make any exceptions. One of these rules is that a Foreign Director may no longer appoint a South African to be a signatory on his/her behalf. The correct permit must be in place in order to open the Business Bank Account.
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  • General Work Permit: (See 3 scenarios that determine if you can get a FNB Business Bank Account below)
    1. If you have a Company Name on your Work Permit = NO: Unable to open a Business Bank Account.
    2. If you do NOT have a Company Name on your Work Permit = YES: Able to open a Business Bank Account.
    3. If you have a Broad Industry mentioned on your Work Permit = YES: Able to open a Business Bank Account.
  • Special Skills Permit – The Business Account can be opened within the industry mentioned in the Permit.
  • Zimbabwean Special Permit – You may open a Business Bank Account, but the business will only be able to operate for the time period of your permit – these permits indicate that it is not extendable nor renewable and conditions cannot be changed. The Business Relationship Manager will contact you 90 days before the permit expires to wind up business.
  • Business Permit – You may open a Business Account according to Conditions of the Business Permit.
  • Appointing a South African Signatory – If a Director is in possession of a foreign passport, but has not applied or been granted a business permit, they MAY authorise a third party to act as Sole Authorised Representative (SAR) on the business account. The SAR will then have full access and authority on the profile.
  • Foreign Shareholder – If a shareholder is in possession of a Foreign Passport and has not applied or been granted a Business Permit = YES: Able to open a Business Bank Account, BUT: They may not have signing authority on the account.
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