Register a Firm
How to register a Firm
In order to register a firm, a person must be a registered Principal Estate Agent, as prescribed by the ACT;
An Estate Agent may not use a name/trade name which is identical or confusingly similar to the name/trade name of an estate agent who has already been issued with a fidelity fund certificate or whose fidelity fund certificate has been suspended, has lapsed or has been withdrawn;
Estate agents are warned, before incurring any expenditure with registering their company, to first ascertain from the Board whether a proposed name/trade name is acceptable on initial or subsequent registrations, however, firm names are not reserved in any way for any specific firm by
the Estate Agency Affairs Board;
A similar name can be used if the name has been in use previously, but that company has been de-registered with the Estate Agency Affairs Board for a period of minimum three years;
A firm must open and keep one or more separate trust accounts with a bank, irrespective of whether the firm will handle trust monies or not;
The firm must appoint auditors and the auditor must be a person registered in terms of section 23 of the Public Accountants and Auditors Act [No. 80 of 1991]. This means that the Auditor must be registered with the IRBA.
The auditor must audit ALL the estate agency books of an estate agent including the trust ledgers and trust accounts.
It is the duty of the principal agent concerned to ensure that the auditor submits to the Estate Agency Affairs Board the annual auditor’s report, on the prescribed form, within four months after the end of the financial year of the estate agency firm concerned [sections 29[b] and 32[4] of the Estate
Agency Affairs Act];
If the firm is a company or a close corporation every director and alternate director and every member must individually apply for a Fidelity Fund certificate and each such person must pay the prescribed fees;
If the firm is a partnership, the partnership itself must apply for a Fidelity Fund Certificate giving full particulars of the business and each partner [whether the partner is active or not], must individually apply for a Fidelity Fund Certificate to be issued to such person individually, and each partner must pay the prescribed fees to the Board;
If the firm is a sole proprietorship, the proprietor must complete the necessary application forms, giving particulars of the business, and pay the prescribed fees. Only one certificate is issued in respect of sole traders:
All principal estate agents must keep a proper set of accounting records of all transactions pertaining to the estate agency business, including records of trust monies held by the firm on behalf of other persons, according to normal accounting principles;
The Estate Agency Affairs Board will issue the Fidelity Fund Certificate to the estate agent concerned and only on the issue of these Fidelity Fund Certificates, may such estate agent commence operations;
Directors, Members, partners and Sole Proprietors must submit their application forms and payment together with the firm’s application form in one batch;
No individual Fidelity Fund Certificate can be issued unless the firm’s application form has been received with the principals’ application forms. The firm itself makes no payment although it must complete an application
Documents required when registering a new firm are listed in the table below: SOLE PROPRIETER CLOSE CORPORATION PARTNERSHIP COMPANY (Pty) LTD ID copy ID copy ID copy ID copy
Auditor’s Letter of confirmation that they will be representing the firm for the submission
.
of annual audit reports
Auditor’s Letter of confirmation that they will be representing the
.
firm for the submission
of annual audit reports
Auditor’s Letter of confirmation that they will be representing the
.
firm for the submission
of annual audit reports
Auditor’s Letter of confirmation that they will be representing the
.
firm for the submission
of annual audit reports
Bank Letter of confirmation that the Trust A/C has been opened for the Firm
.
Bank Letter of confirmation that the Trust A/C has been opened for the Firm
.
Bank Letter of confirmation that the Trust A/C has been opened for the Firm
.
Bank Letter of confirmation that the Trust A/C has been opened for the Firm
.
Firm application form
.
Firm application form
.
Firm application form
.
Firm application form
.
Application form for the Principal
.
Application form for all acting members/directors
.
Application form for all acting members/directors
.
Application form for all acting members/directors
.
Cheque or proof of payment of
.
R1 270.00 for each principal
Company registration certificate (CK1 documents)
.
Letter of partnership agreement between the partners
.
Company registration
.
certificate (CM29)
Resolution form/letter for
.
a member
Cheque or Proof of payment of R1270.00
.
for each principal
Cheque or Proof of payment of R1270.00
.
for each principal
Cheque or proof of payment of R1270.00
.
for each principal
Please Note:
| Application form: Bank Letter: Auditor’s Letter: |
An application form must be fully completed and signed: |
