Breaking down FICA

So you’ve heard about this thing called FICA but what is it all about? Stay in the know! Read all about FICA requirements right here.



What is FICA?

So you’ve heard about this thing called FICA but what is it all about and what’s it got to do with iKhokha? Read through this handy breakdown to learn everything you need to know…

What is FICA?

FICA came into effect to fight crimes such as money laundering, tax evasion, and other unlawful financial activities. FICA does not only help curb these illegal activities, but also helps to keep the money of South African citizens safe.

The nitty gritty of FICA

iKhokha has a responsibility to FICA you according to the Financial Intelligence Centre Act (38 of 2001).

iKhokha needs to verify a merchant’s identity and bank account therefore require a potential merchant to upload a few documents depending on whether the merchant is applying as an individual or on behalf of a business.


Sole Prop:

A sole proprietorship is a sole trader. It is a business owned and run by one person.

  • ID copy
  • Proof of residence
  • Letter from bank or bank statement reflecting your name and account details.


Business:

A business can be classified as a PTY, CC or Trust or other business entity.

  • Company registration document
  • Director/s ID copy
  • Resolution should there be more than one director
  • Proof of address for the business or an affidavit from the police station
  • Letter or bank statement confirming account details

Give us a call on 087 222 7000 if you have any questions.

Samantha Gounden

Hey, I’m Samwise. The Storyteller and friendly face behind the words, here at iKhokha. When I'm not dotting my i's and crossing my t's, I set out to conquer the universe in other ways…behind a camera lens, on radio or being a Podcast Princess. A perfect day? Curling up with a great book in one hand and coffee in the other. A perfect life? Smiles, giggles and the company of my devilishly gorgeous labs.

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