How It Works
Our Process
A structured, five-stage process that takes your firm from first conversation to licensed FSP in South Africa, typically in 5-7 months.
Initial Consultation
We begin with a structured consultation to understand your business model, the financial products you deal in, your target client profile, and your South African market entry strategy. From this, we determine the correct FSP licence category, identify any structural requirements (e.g., local entity, registered address), and provide a realistic timeline and cost estimate.
This consultation is free and without obligation.
Deliverables
Engagement
Once you decide to proceed, we formalise the engagement. Benfeiv is appointed as your licensing practitioner. An engagement letter is signed, the retainer is agreed, and we begin the documentation phase. We also conduct a detailed information-gathering process to ensure we have everything needed to prepare a complete and accurate application.
Deliverables
Documentation
This is the most time-intensive phase. We prepare the complete application package: a business plan tailored to your model and jurisdiction, a compliance manual specific to your licence category, a FICA compliance framework, fit-and-proper declarations for all key persons, and all supporting documentation. Every document is drafted to FSCA standards, not from a generic template.
The quality of documentation is the single biggest determinant of application outcome. We do not use templates.
Deliverables
Submission & FSCA Liaison
Once the application package is complete and approved by you, we submit it to the FSCA. From this point, all FSCA correspondence, queries, and requests for additional information are managed directly by Benfeiv. You are kept informed at every stage, but you do not need to engage with the regulator directly.
FSCA processing times vary. We set realistic expectations from the outset and manage the process actively to avoid unnecessary delays.
Deliverables
Licence Granted
The FSCA issues the FSP licence. We receive the licence on your behalf, confirm all details are correct, and hand over the formal documentation. At this point, the ongoing compliance retainer commences, covering annual renewals, fit-and-proper monitoring, regulatory reporting, and FSCA correspondence.
Deliverables
Common Questions
Frequently Asked Questions
How long does the FSP application process take?
The typical timeline from first consultation to licence in hand is 5–7 months. This includes 2–3 months for documentation preparation and 3–4 months for FSCA processing. Complex applications or applications with fit-and-proper issues can take longer.
What does it cost?
Costs depend on the licence category, the complexity of the business model, and the services required. We provide a detailed cost estimate at the initial consultation stage, before any engagement begins. There are no hidden fees.
Does my firm need a local entity in South Africa?
Yes. The FSCA requires that the FSP licence holder be a South African registered entity. We can advise on the most appropriate structure (private company, branch of a foreign company, etc.) and refer you to a suitable corporate attorney for the registration.
What is a Key Individual and why do we need one?
A Key Individual (KI) is a person who manages or oversees the rendering of financial services by the FSP. The FSCA requires that every FSP have at least one approved KI. The KI must be a South African resident and must be approved by the FSCA. We supply KIs as contracted professionals.
Can Benfeiv supply both the Key Individual and the Compliance Officer?
Yes. We supply both Key Individuals and Compliance Officers as contracted professionals. This is one of our core service offerings and is specifically designed to address the most common operational barrier for foreign firms.
What happens after the licence is granted?
An FSP licence requires active maintenance: annual renewals, fit-and-proper monitoring, regulatory reporting, and FSCA correspondence. We provide ongoing compliance administration on a monthly retainer, so your licence stays in good standing without requiring your ongoing attention.
Ready to Begin?
Start with a Free Preliminary Consultation
We will assess your business model, identify the correct licence category, and give you a realistic timeline and cost estimate, before any engagement begins.