Have you tried to get a corporate account at a South African exchange? They all have pros and cons, but I'll post the replies I got from each one. Maybe it will help someone who wants to go down this road:
Kindly note we do not offer corporate accounts.
We absolutely do offer corporate accounts and would be delighted to set you up with one.
To set one up, the first step would be to get an individual from the company to sign up with their company email address and to verify themselves through the regular VALR sign-up process. Then a request would need to come from this same email address to VALR's support desk (firstname.lastname@example.org) requesting to upgrade the personal account to a corporate account. For the upgrade to a corporate account, VALR requires the following:
- Company registration document indicating directors of companies as well as company details (e.g, Certificate of Incorporation (CM1) or Registration Certificate (CoR 14.3))
- Colour copy of the identification document and proof of address of every director of company
- Proof of Registered Address (CM22 or CoR 21)
- Proof of company's bank account
- Proof of company's income tax number
- Proof of VAT Registration Number (if applicable)
- A letter on company letterhead stating all the individuals / entities owning more than 10% of the company, along with their physical addresses (in the event that a non-natural person such as a company or trust owns more than 10%, VALR is required to obtain the natural person ownership, directly or indirectly, of such company too).
- Colour copy of the identification document and proof of address of every owner identified in the letter above
- A letter on company letterhead stating all individuals that are authorized to trade on VALR on the company's behalf (these individuals should already be signed up and verified on VALR), along with their company email addresses used to sign-up on VALR (these accounts will be upgraded to corporate accounts)
- In the letter above please also state the purpose for opening the Corporate Account and the source of funds
- If the company provides financial services to third parties, please provide a copy of the company's anti-money laundering and counter terrorism financing compliance programme.
Please let me know if you have any questions and if I can assist you in any way.
p.s. If you want to have a personal account and a corporate account under your name with two different emails but the same cell phone number, you'll have to let us know as we don't allow the same phone number to register twice but have made provision for this for corporate account cases.
Thank you for showing interest in the Luno Business Account.
In order for us to continue with your business account application, we need the following:
When replying to this email, kindly attach the following documents as well as numbering and labelling them as listed below.
- A CIPC confirmation certificate issued with the past 12 months showing closed corporation details and members or registration certificate.
- Proof of trading name (website or letterhead with logo).
- Proof of bank account in the business's name.
- Proof of registered address for the business.
- Proof of operating address for the business.
- Proof of head office address for the business, if different from the registered address.
- Proof of income tax number (Document issued by SARS).
- Proof of VAT number if relevant (Document issued by SARS).
- Resolution signed by the members naming an individual person and giving said person authority to act and operate the Luno account.
- Colour copy of ID and proof of address of every member and Luno account manager/person establishing the relationship.
- Colour copy of ID and proof of address of every member with 10% or more voting rights.
- Letter/chart/Organogram of company shareholding signed by the company secretary/accountant/auditor.*
- If the company provides financial services to third parties, please submit the company AML policies and procedures.
- If the company provides financial services to third parties, please submit the Wolfsberg AML questionnaire: https://www.wolfsberg-principles.com/wolfsbergcb
- A brief overview as to the nature of the business you're applying for.
*Luno is required to identify the natural persons owning directly or indirectly 10% of the company. If one of the members with 10% or more voting rights is not a natural person (company, trust etc.) we will require the company structure identifying the natural persons that own directly or indirectly 10% of the Closed corporation. Please submit the proof of address and identification of these final beneficial owners, being natural persons.
Please submit all documents only from the email address which was used to apply for the business account.
Have a great day,
Luno Customer Success Team
p.s. I know Coindirect.com offers corporate accounts, but I haven't e-mailed them yet. As I understand it, they actually primarily focus on corporate clients.