DrForex

Hi Dr Forex

Thanks for your opinions on forex, much appreciated.

Im from SA and about to go live, gonna be very different to demo.
Since I deem it a business, I have registered a CC and opened a bank account. I would like to fund the trade acc. from there.

Now comes the problem. the bank i've spoken to (Std Bank) tell me that I need to apply to the SARB (not sars) for permission, a process which is extremely costly and very time consuming.

As I understand it, when a person wants to invest overseas, they need a tax clearance certificate from sars, so why does a company need something else entirely?

Also, I have read your tax implications post, but it applies to individuals. companies? as I understand a company pays tax on gross profit, and if so, when do forex profits become income: when you close the trade (in the brokers acc), or when you bring in profits into your companies local bank account.

Any advice would be greatly appreciated.

regards,

S