Rand Rescue’s Step-By-Step Guide On The Formal Emigration Procedure
We at Rand Rescue strive to bring you the best service and help you get your rands out of South Africa. We work in a systematic manner and help you during your emigration procedure. Recovering your hard earned rands can be challenging, but if you work with us, we will help you in getting back all your rands in a stress-free, simple manner. Read on to find out how…
The steps involved to arrange a client’s formal emigration
1. Registration on website – First and foremost, the client has to register himself on the Rand Rescue website. Once that is done, we will send an emigration questionnaire and authority letter to the client for him to authorize Rand Rescue to get hold of the policy values and to check the policy rules. In order to start the process, the client should not have any outstanding loans.
2. Inform the clients – Next, we will inform the client clearly about his policy values and tax status as determined by the SARS.
3. Sending the documents – Then, we will thoroughly check the questionnaire filled out by the client and after understanding his needs, he will send out the precise documents to him. These important documents must be filled out duly by the client, along with the supporting documents needed by the banks and SARS.
4. Sorting the documents – So what exactly are these documents? Well, for the benefit of the client, we will send the MP336(b) Exchange Control form, SARS IT21(a) Tax Clearance Certificate Application form and bank account opening forms (if required). The client has to fill these forms and send it back to us either by post or by courier.
5. Receiving the documents and initiating the process – Once we receive the documents that the client sends over, we will initiate the procedure and we will reserve a copy of the Form MP336(b) certified by the bank for SARS. Then, we will lodge the certified copy of the Form MP336(b) with SARS, together with the original IT21(a) and supporting documentation. The client will then receive the Tax Clearance Certificate (TCC) from SARS. Once the TCC is obtained, Rand Rescue will, on the behalf of the client, file the original at the bank, along with the supporting documents.
6. Application from bank – Once the documents are filed at the bank, the bank will send an application to the South African Reserve Bank for an ECA (Exchange Control Approval Number). The bank will then open a blocked account for the client. If the client has an existing account, that bank account will be converted into a blocked account upon receipt of the clients documents. The fee of the bank would normally be about R1 500. The SARB application takes about 8 weeks. (The client has to declare all his South African assets to the bank.)
7. Surrender forms – Once the blocked account is functional, the client will receive a set of surrender forms from us, which we will file with the assurers upon receipt thereof by email.
8. Application for Tax Directive – Then, the assurer will apply for a Tax Directive at SARS. This has to happen prior to the funds being transferred to the blocked account.
9. Completion documents – Once the funds have been transferred, the client will receive some completion documents from Rand Rescue. These documents will include copies of the TCC and ECA letter from the bank. Then, the client will receive a fee instruction letter from us which he will need to sign. This letter will direct the bank to clear the Rand Rescue invoice. The bank will then send the funds to the client’s nominated bank account. After withdrawing the funds, the client can choose to close the account or continue with it.
10. Final step – Once the Rand Rescue invoice is cleared, the bank will wait for about two days for the funds to be cleared from the client’s account. The balance will then be transferred to the client’s nominated bank account.
It takes about six months from the time that the client registers on the company’s website till the funds finally reach his nominated bank account. This is not a very long time considering so much work is done and so many procedures are followed! Everything is transparent and there are no discrepancies. Rather, you quite easily end up with your hard earned money and your rands are all rescued!