Compliance requirements for South Africa

• Personal bank account number.

• Bank confirmation letter.

• Valid government-issued identification.

• Your contact or business owner information.

All the information you provide must belong to the same person, i.e., the names must match all these requirements. If these details do not match, we cannot activate your account.

A South African sole proprietorship is a business structure where a single individual, known as the sole proprietor, owns and operates a business independently.

At Paystack, sole proprietorships are also considered Starter businesses with the same level of access except for their collection limit, which is higher than that of a regular Starter business. Sole proprietorships are required to provide the following:

• A personal or business bank account. 

• A bank confirmation letter not older than six months.

• Business owner contact information.

• A valid means of identification.

• Proof of address not older than six months.

For South Africa based Registered businesses, we’ll need you to provide the following documents:

• Bank Confirmation Letter: a letter from your bank confirming your corporate account details not older than 6 months.

• CIPC Certificate: certificate of registration issued by the Commissioner of Companies and Intellectual Property Commission (CIPC)

• CIPC Enterprise Number: registration number issued by the CIPC

• Finally, you'll need to provide information on at least one director of your business.

As a South African business registered for VAT in South Africa, Paystack must charge VAT at 15% on our fees. The 15% is charged on the transaction amount of 2.9% + R1. This means that, for example, for a R1,000 transaction, the fee will be:

[2.9% * (R1,000) + R1] + [15%*(2.9% * (R1,000) + R1]

[30] + [4.5]

= R34.5

You can visit paystack.com/pricing for a handy calculator to help break this down.

As a South African-based business using Paystack to receive payments, you can download a tax invoice on your Dashboard, enabling you to claim the VAT amount as input VAT.

You can download a tax invoice on your Dashboard, enabling you to claim the VAT amount as input VAT.

To download your tax invoice, you can go ahead and visit your dashboard preferences under Settings and click 'Download Tax Invoice.'

You'll need to provide your VAT number and specify the monthly billing period you're interested in. Once you've provided these details, you can download the tax invoice.