COMMISSION FOR AGENT-BROKER-CONSULTANT-ACCOUNTANT-ADVISER-AGENCY IN SOUTH AFRICA
Petrol Station Commission Buy-Sell
The Estate Agency Affairs Board (the EAAB). In accordance with Section 34 A of the Estate Agency Affairs Act 112 of 1976. Section 1(vi) provides that,
“…any person who for the acquisition of gain on his own account or in partnership, in any manner holds himself out as a person who, or directly or indirectly advertises that he, on the instructions of or on behalf of any other person sells……or publicly exhibits for sale…….any business undertaking or negotiates in connection therewith or canvasses or undertakes or offers to canvass a seller or purchaser therefore;…”
Petrol Station Commission Buy-Sell – Broker-Agent-Consultant-Accountant-Adviser-Agency
Petrol Station Commission Buy Sell – This implies that anyone who practices as a business broker-agent-consultant-accountant-adviser-agency in South Africa who is not in possession of a valid Fidelity Fund Certificate, disqualify from claiming any commission, consulting fee or referral fee on the relevant dealings if he/she/they do not hold a valid Fidelity Fund Certificate. Nobody is entitled to any commission, consulting fee or referral fee unless he/she/they hold a valid Fidelity Fund Certificate. Failing they are operating fraudulent and illegal.
We urge all business buyers and sellers to substantiate that the business broker-agent-consultant-accountant-advisor-agency you’re addressing, is in possession of a valid Fidelity Fund Certificate. Failure, therefore, could prove to be very costly!
If there is any doubt as to whether or not a business broker-agent-consultant-accountant-advisor-agency is registered or has been issued with a valid fidelity fund certificate, business buyers and sellers should not hesitate to contact the Estate Agency Affairs Board or your Attorney to confirm and verify the registration status of the business broker-agent-consultant-accountant-advisor-agency.
It is very important that business sellers ask for proof of the business broker-agent-consultant-accountant-advisor-agency fidelity fund certificate before offering him/her/them with a mandate or any info on a business which may imply a mandate.
All business buyers and sellers will have to properly account to SARS for any fees; and provide SARS with proof that the business broker-agent-consultant-accountant-adviser-agency they paid the commission, consulting fee or referral fee too, had a valid Fidelity Fund Certificate. Once more failure to do so could prove to be very costly!
If unsure please feel free to speak to your attorney or visit the Estate Agency Affairs Board website for more details. https://www.eaab.org.za/