What is FICA?

FICA is an abbreviation for the Financial Intelligence Centre Act 38 of 2001 (as amended). The Act was instituted in order to fight financial crime such as money laundering, fraud, tax evasion, terrorist financing activities and identity theft. 


The Act was amended in 2017 to bring South Africa in line with international standards set by the Financial Action Task Force (FATF) in combating money laundering and the financing of terrorism.



Types of Legal Entities

We have 7 common types of contracting parties that we collect FICA when a merchant is onboarded through Peach.


1. Sole Proprietor/Partnership (registering in personal capacity/individual)


2. Private Company/(Pty) Ltd (registration number ending /07)


3. Personal Liability Company/Incorporation (registration number ending /21)


4. Closed Corporation/CC (registration number ending /23)


5. Non-Profit Company/NPC (registration number ending /08)


6. Non-Profit Organization/NPO (registration number 000-000NPO)


7. Trust (registration number IT 00/0000)



Required FICA Documentation per Entity



1. Sole Proprietor

A Sole Proprietorship is a type of business structure where the business is owned and operated by one person, with no distinction between the owner and the business. 


Partnership

A Partnership is a type of business structure where the business is owned and operated by two or more people, with shared profits and losses.


There are no formalities required in order to set up a partnership, but in some cases, one could draw up a partnership agreement. They sometimes share a bank account as well - but is also not a requirement.

  • Copy of IDs
  • Evidence reflecting the business name
    • Invoice
    • Letterhead
  • Proof of the Business's Physical Address
    • Options (all less than 3 months old):
      Utility bill (Eskom/Municipal Rates/Telkom
    • Lease or rental agreement/invoice
      Retail credit account (including cellphone account)
    • Bank statement reflecting the address

  • Proof of Bank Account in the Individuals Name/s or Trading As Account
    Options (all less than 3 months old):

  • Valid banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number)

  • Partnership Agreement - Applicable only if the business is a Partnership


2. Private Company/(Pty) Ltd (registration number ending /07) &
Personal Liability Company/Incorporation (registration number ending /21)

  • Copies of IDs of Directors

  • Proof of the Business's Physical Address

  • Options (all less than 3 months old):

  • Utility bill (Eskom/Municipal Rates/Telkom

  • Lease or rental agreement/invoice

  • Retail credit account (including cellphone account)

  • Bank statement reflecting the address

  • Proof of Business Bank Account in the name of the registered Business
    Options (all less than 3 months old):
    Valid banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number) banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number)

  • Company Registration Documents

    • The Certificate of Incorporation (CM1) or (CoR14.3)

    • Certificate to Commence Business (CM46) or (CoR14.3)

    • A most recent version of the Contents of the Register of Directors, Auditors and Officers (CM29) or (CoR39)


3. Closed Corporation/CC (registration number ending /23)

  • Copies of IDs of Members

  • Proof of the Business's Physical Address

  • Options (all less than 3 months old):

  • Utility bill (Eskom/Municipal Rates/Telkom

  • Lease or rental agreement/invoice

  • Retail credit account (including cellphone account)

  • Bank statement reflecting the address

  • Proof of Business Bank Account in the name of the registered Business
    Options (all less than 3 months old):

  • Valid banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number) banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number)

  • Company Registration Documents

  • The most recent version of the Founding Statement and Certificate of Incorporation (CK1)

  • Amended Founding Statement (CK2) if applicable


4. Non-Profit Company/NPC (registration number ending /08)

  • Copies of IDs of Directors

  • Proof of the Business's Physical Address
    Options (all less than 3 months old):

  • Utility bill (Eskom/Municipal Rates/Telkom

  • Lease or rental agreement/invoice

  • Retail credit account (including cellphone account)

  • Bank statement reflecting the address

  • Proof of Business Bank Account in the name of the registered Business
    Options (all less than 3 months old):

  • Valid banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number) banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number)

  • Company Registration Documents

    • The Certificate of Incorporation (CM1) or (CoR14.3)

    • Certificate to Commence Business (CM46) or (CoR14.3)

    • A most recent version of the Contents of the Register of Directors, Auditors and Officers (CM29) or (CoR39)


5. Non-Profit Organisation/NPO (registration number 000-000NPO)

  • Copies of IDs of Members

  • Proof of the Business's Physical Address

  • Options (all less than 3 months old):

  • Utility bill (Eskom/Municipal Rates/Telkom

  • Lease or rental agreement/invoice

  • Retail credit account (including cellphone account)

  • Bank statement reflecting the address

  • Proof of Business Bank Account in the name of the registered Business

  • Options (all less than 3 months old):

  • Valid banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number) banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number)

  • Company Registration Documents

  • NPO Certificate

  • Resolution (confirming persons who are authorised to establish a business relationship on behalf of the NPO.)


6. Trust (registration number IT 00/0000)

  • Copies of IDs of Trustees

  • Proof of the Business's Physical Address

  • Options (all less than 3 months old):

  • Utility bill (Eskom/Municipal Rates/Telkom

  • Lease or rental agreement/invoice

  • Retail credit account (including cellphone account)

  • Bank statement reflecting the address

  • Proof of Business Bank Account in the name of the registered Business

  • Options (all less than 3 months old):
    Valid banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number) banks statements OR a bank account confirmation letter from the bank (reflecting bank account holder and account number)

  • Company Registration Documents

  • Trust Deed

  • Resolution (confirming persons who are authorised to establish a business relationship/enter into an agreement on behalf of the Trust.)


Please note that FICA is required in order to settle the processed payments.