Business, Estates and Practical Questions
Can a business store cash, important documents or high-value stock?
The short answer
A business can generally use a safe deposit box or larger secure storage for original documents, high-value stock and, subject to the provider's rules, cash. The business should be the client, with its authorised representatives verified and recorded. Cash and stock raise particular insurance and compliance questions, so confirm how they are treated before storing them. The box insurance covers items of intrinsic value such as jewellery, coins, bank notes, securities and certificates, but cash is covered only up to the amount in the policy schedule. Insurance for items held in safe custody outside a safe deposit box (such as art, trunks and large items) works differently: it is based on the potential value of each item, so Knox confirms the cover for your items before intake.
What business storage can cover
Businesses use secure storage for items that would be costly or disruptive to lose: original contracts, share registers, title deeds, intellectual property records, backup media, high-value stock such as jewellery, watches or bullion, and cash reserves. Small, dense items may fit in a safe deposit box, while bulky stock or archives may suit shared storage or a private room.
How a business arrangement generally works
The entity applies as the client, provides its registration documents and nominates representatives through a resolution or similar authority. The provider verifies the entity and each representative under its compliance procedures, which in South Africa are shaped by the Financial Intelligence Centre Act. Access follows the recorded authority, so changes in staff or directors should be updated promptly.
What depends on Knox and what depends on the business
Knox sets the storage options, the documents it needs from a business, its rules on cash and the insurance position for each asset type. Individuals need a copy of their ID or passport and proof of residential address dated within the last 3 months (such as a utility bill). Companies need their registration documents, VAT number if registered, and ID and proof of address for directors and shareholders holding more than 25%. Trusts need the letters of authority and trust deed, with ID and proof of address for trustees and beneficiaries. Knox may also ask for an income tax number and, for bullion purchases, a source-of-funds declaration. The business's own circumstances shape the rest: the value and turnover of stock, whether cash is held for operational reasons, how the business accounts for stored assets and what its own insurer requires. Records about cash and stock should be kept so that the business can show where assets came from if asked.
What to prepare and what to do next
- Entity registration documents.
- A resolution naming authorised representatives.
- Identity documents for each representative.
- A description of the assets and their approximate value.
- Your business insurance schedule.
Speak to your accountant and insurer, then contact Knox to confirm the arrangement that suits the business.
How Knox handles this
Ready for the next step?
Speak to the Knox team about your situation. They will confirm current pricing, availability and requirements before you decide.
