WHAT WE PROVIDE
XConsult is a Cape based specialised service provider offering a greatly needed extra level of service to clients:
WHY WOULD YOU NEED THIS?
This level of service or determination to find solutions instead of focusing on the problems or reasons why something can't be done is often not provided by the commercial banks tasked with ensuring compliance with the exchange control directives.
The full implications of South Africa's Exchange Control Regulations are often not understood or taken cognisance of. Further complicating this is that the regulator, the Financial Surveillance (Exchange Control) Department of the South African Reserve Bank, will seldom enter into correspondence directly. Representations to them have to be routed via an "Authorised Dealer" (your bankers).
The most senior (and difficult to contact!) bank exchange control staff are usually located in Johannesburg and their regional staff, especially those in smaller branches, may not have the skill level you need. Your bankers typically only see a transaction in isolation. As a risk management strategy, they are also prone to offering only the most conservative or basic advice and limited options.
Even genuine technical errors made in good faith can result in serious consequences including material financial penalties. Even where no penalties are likely, simply being unaware of or ignoring all the administrative requirements pertaining to investing in South Africa can hugely delay the future transfers of capital and income out of South Africa, cause foreign exchange losses and even result in a contract failing.