EXCHANGE CONTROL
Exchange controls refer to measures that are enforced by governments to manage the movement of currency into and out of a country. These measures may involve limitations on the transfer of money, caps on the amount of currency that can be exported from a country, or stipulations that must be met before a currency exchange can occur.
The regulations regarding exchange control in South Africa determine the amount of money that can be transferred out of the country and the conditions under which such transfers can be made. It is crucial to note that these regulations are applicable to individuals and legal entities who are considered residents of South Africa. A person or corporation is regarded as a resident for exchange control purposes if they have established permanent residence or are registered in South Africa. As a result, such entities must abide by the rules governing exchange control.
We, as a firm, are able to assist in regard to compliance with exchange control regulations, Disputes with SARS, transfer of funds, Penalties, fines or business transactions.