Opening an account is a separate bank process, not an automatic result of incorporation. Banks must apply customer due diligence under South Africa’s anti-money-laundering framework and will test the legal entity, controllers, source of funds and expected activity.

A bank-ready file commonly includes the CIPC registration documents and MOI, tax information, registered and operating addresses, board resolution and mandate, directors’ and signatories’ identification and address evidence, the full shareholding and beneficial-ownership chain, parent-company documents, source-of-funds evidence and a business plan or transaction profile. A regulated business may need to provide its licence or evidence of an application. Requirements differ among institutions and according to risk.

The mandate should implement the governance agreement: authorised signatories, transaction limits, dual approval, online-banking roles and authority for borrowing, security and foreign exchange. Do not let the practical bank mandate give one participant control that the constitutional documents do not intend.

Engage an authorised dealer early for foreign funding. The South African Reserve Bank (SARB) states that exchange-control matters are handled through authorised dealers or authorised dealers with limited authority. Its Financial Surveillance guidance and Currency and Exchanges Manual contain the permissions and documentary conditions for cross-border transactions.

Introduce equity and shareholder loans under accurately labelled documents and retain deal approvals, SWIFT or bank evidence and authorised-dealer records. This file becomes important when paying dividends, interest, royalties, service charges, repaying loans or remitting disposal proceeds. Avoid informal intercompany transfers that cannot later be reconciled with the accounting, tax and exchange-control position.