RSM Botswana Trust
We are pleased to announce that we have obtained RSM Botswana Trust Letter of Authority under Botswana Trust Property Control Act from the Office of Registrar of Trusts of the High Court of Botswana.
Now we can transfer funds to our Trust Account even more confidentaly. This arrangement is more transperant. Under the Trust Property Control Act, the trust bank account can be scrutinised by the Court. We have to use the funds for payment to our clients' creditors and other beneficiaries such as Botswana Unified Revenue Services.
Sometimes clients would invest funds to start a venture in Botswana but will not know the precise type of entity or may wait for certain preconditions to materiaise prior to investment.
We will use this trust account when we process payrolls of clients to pay over to the employees electronically or to BURS. There are cases where a non-resident service provider who does not get taxed in Botswana deploy non-resident resoures who travel to Botswana to perform services and they are remunerated in Pula. In certain cases such payments amount to salaries and they are subject to PAYE, which we will accept and pass it over to BURS in compliance with Botswana Tax Act, of course after considering specific Double Tax Avoidance Treaties (DTAAs).
Needless to emphasize that funds deposited in this account will be subject to AML and CFT formalities under Botswana Financial Intelligence Act.