The requirements for opening an estate agency are as follows:
- Open a trust account with a commercial bank into which all moneys must be deposited.
- Must have a principal registered estate agent in charge of the trust account.
- Letter from bank confirming opening of trust account with initial bank deposit.
- Complete EAC 3 and annual return forms (available at the Council).
- Letter from Chartered Accountants stating that the agent has been explained the system of bookkeeping in connection with trust accounts.
- CR 14 indicating the Principal Registered Estate Agent as one of the Directors.
- Certificate of Incorporation or Partnership agreement.
- If the principal agent has been working for another firm then a closing audit is required.
- The Principal Registered Estate Agent must be an executive director and main signatory to the trust account, and a letter is required to this effect from the bank.
- Indigenisation compliance certificate.
- Police clearance for the directors.
Payments towards a new company:
- Registration Fee $1 000.00
- Principal Registered Agent $350.00
- Other Registered Agents $300.00
- Negotiators $100.00(per negotiator)
- Auditors Report Fee $500.00