These services are aimed at improving all exchange processes for our corporate and small to medium enterprise clients.
We focus on negotiating the best exchange rates to minimise risk and maximise rewards.
Fin Select offers tailor-made services for retail businesses, specifically those dealing in imports and exports, with the goal of streamlining the laborious administration attached to corporate exchange and offering leading exchange control solutions.
We handle various administrative processes on your behalf, including communication with financial institutions and reporting. Because we deal directly with the banks and facilitate all processes, you only need to deal with one person.
Competitive Corporate Exchange Rates
At Fin Select, we always strive to obtain the most competitive exchange rate prices for our clients. Through our extensive experience and continuous market analysis, we are able to negotiate the best rates.
Providing Risk Solutions
With 15 years industry experience, we are able to present you with valuable advice and practical solutions for all your exchange control needs, including exchange risk management. We can assist in formulating your business forex strategy, advising you on market timing, achieving competitive execution rates with the goal of saving you time and money on all your foreign exchange transactions.
Derivative Products and Solutions (e.g forward cover)
At Fin Select, we understand how demanding emigration can be on you and your family and we strive to alleviate some of the stress associated with leaving the country. Our services aim to ease the processes linked to moving of assets out of South Africa.
As an individual emigrant, you are allowed a Foreign Capital Allowance of up R 10 million per calendar year, while family units may transfer up to R 20 million per year. We will assist in the transaction of these assets in accordance with emigration regulations set up by the South African Reserve Bank (extract below):
Emigrants qualify for the following facilities:
- Foreign Capital Allowance – R10 million per adult per calendar year or R20 million per family unit per calendar year;
- A travel allowance of up to R1 million per adult and R200 000 per child under the age of 18 years. The travel allowance may not be accorded more than 60 days prior to departure; and
- export of household and personal effects, motor vehicles, caravans, trailers, motorcycles, stamps, coins and minted gold bars (excluding coins that are legal tender in South Africa) within an overall insured value of R2 million.
We are also able to assist in the emigration formalisation process in terms of the following regulations:
Your emigration should be formalised through a local bank of your choice as follows:
- Complete a Form M.P.336(b) – Emigration: Application for foreign capital allowance. The form is available from the South African Reserve Bank website www.reservebank.co.za by following the links:
- Publications and Notices > Forms > Filter By Category: Financial Surveillance and exchange controls and Year: 2014 > Form MP336(b) Emigration: Application for foreign capital allowance.
- Obtain an Emigration Tax Clearance Certificate (IT21 (a)) from the South African Revenue Service (SARS). The Tax Clearance Certificate is based on the Form M.P.336(b), therefore, you will also have to provide SARS with a certified copy of the completed Form M.P.336(b).
- If you have resided permanently outside South Africa for a period longer than five years and you do not possess any assets other than an inheritance or insurance policies, it would not be necessary to obtain a Tax Clearance Certificate.
- Submit the Form M.P.336(b) and the Tax Clearance Certificate, if applicable, to your bankers. You will also have to submit any other documentation as required on the Form M.P.336(b), which includes a copy of the permanent residence permit, if you have been granted permanent residence abroad.