Local incorporation is required for trustees and custodians of collective investment schemes, unless they are registered as branches of foreign institutions in terms of the Banks Act.
"PART IV - COLLECTIVE INVESTMENT SCHEMES IN SECURITIES
39. Definition
In this Part, unless the context indicates otherwise, “collective investment scheme in securities” means a scheme the portfolio of which consists, subject to this Act, mainly of securities.
40. Determination of securities or classes of securities
The registrar may determine securities or classes of securities that may be included in a portfolio of a collective investment scheme in securities.
41. Restrictions on administration of collective investment scheme in securities
(1) No person other than a company which has been registered as a manager under section 42 and its authorised agent may administer any collective investment scheme in securities.
(2) Only a company which-(a) is a company under the Companies Act; and (b) has capital and reserves as determined in terms of section 88 available for employment in its collective investment scheme, may be or may remain registered as a manager under section 42.
[...]
PART V - COLLECTIVE INVESTMENT SCHEMES IN PROPERTY
47. Definitions
(1) In this Part unless the context indicates otherwise -
“collective investment scheme in property” includes a scheme the portfolio of which consists of property shares, immovable property, assets determined under subsection (2) or any investment permitted under section 49;[...]
48. Restrictions on administration of collective investment scheme in property
(1) No person other than a company which has been registered as a manager of a collective investment scheme in property under this Part or its authorised agent may administer a collective investment scheme in property.
(2) Only a company which- (a) is registered as a company under the Companies Act; and (b) has capital and reserves as determined in terms of section 88 available for employment in its collective investment scheme, may be or may remain registered as a manager under this Part.
[...]
PART VI - COLLECTIVE INVESTMENT SCHEMES IN PARTICIPATION BONDS
52. Definitions
(1) In this Part, unless the context indicates otherwise -
“collective investment scheme in participation bonds” means a scheme of which the portfolio, subject to the provisions of this Act, consists mainly of assets in the form of participation bonds, and in pursuance of which members of the public are invited or permitted to acquire a participatory interest in all the participation bonds included in the scheme; 
[...]
53. Restrictions on administration of collective investment scheme in participation bonds
(1) No person other than a public or private company which has been registered as a manager of a collective investment scheme in participation bonds under this Part or its authorised agent may administer any collective investment scheme in participation bonds.
(2) Only a company which has capital and reserves as determined in terms of section 88 available for employment in its collective investment scheme may be or remain registered as a manager under this Part.
(3) A person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment. 
54. Restrictions on business of collective investment scheme in participation bonds
(1) From the date of the coming into operation of this Part, a manager of a participation bond scheme which has been exempted by the registrar of unit trust companies in terms of section 37(2)(a) of the Unit Trusts Control Act, 1981 (Act No. 54 of 1981), may not register any further participation bond in terms of the Participation Bonds Act, 1981 (Act No. 55 of 1981).
[...]
PART IX - TRUSTEE OR CUSTODIAN
68. Appointment and termination of appointment of trustee or custodian
(1) A manager must appoint either a trustee or a custodian for its collective investment scheme depending on the structure of the collective investment scheme.
(2) A person may not become or act as a trustee or custodian unless that person is registered as such under section 69.
69. Qualifications and registration of trustee or custodian
(1) The following types of company or institution may become or act as a trustee or as a custodian, namely -
(a) a public company under the Companies Act;
(b) a company or institution incorporated under a special Act, excluding a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984);
(c) an institution or branch of a foreign institution which is entitled to carry on the business of a bank under the Banks Act, 1990 (Act No. 94 of 1990); or
(d) an institution which is registered as an insurer under the Long- term Insurance Act, 1998 (Act No. 52 of 1998).[...]" (COLLECTIVE INVESTMENT SCHEMES CONTROL ACT 45 OF 2002, as amended)
---------------------
"Definitions
1. In this Act, unless the context indicates otherwise—[...]
‘‘company’’ means a juristic person incorporated in terms of this Act, or a juristic person that, immediately before the effective date— (a) was registered in terms of the— (i) Companies Act, 1973 (Act No. 61 of 1973), other than as an external company as defined in that Act; or (ii) Close Corporations Act, 1984 (Act No. 69 of 1984), if it has subsequently been converted in terms of Schedule 2; (b) was in existence and recognised as an ‘existing company’ in terms of the Companies Act, 1973 (Act No. 61 of 1973); or (c) was deregistered in terms of the Companies Act, 1973 (Act No. 61 of 1973), and has subsequently been re-registered in terms of this Act; [...]
‘‘external company’’ means a foreign company that is carrying on business, or non-profit activities, as the case may be, within the Republic, subject to section 23(2);[...]
‘‘foreign company’’ means an entity incorporated outside the Republic, irrespective of whether it is— (a) a profit, or non-profit, entity; or (b) carrying on business or non-profit activities, as the case may be, within the Republic;[...]" (Companies Act, 2008)
COLLECTIVE INVESTMENT SCHEMES CONTROL ACT 45 OF 2002, as amended
Companies Act, 2008
[<a href="https://discover.sabinet.co.za/discoverdelivery/1/1/6/7/6/1/7_0ebad45b43966ba/1167617_alt_1228533_fc397b7c9639424.pdf?response-content-disposition=inline%3Bfilename%2A%3DUTF-8%27%27collective-investment-schemes-control-act-45-of-2002.pdf&Expires=1651845290&Signature=Zw5a824~dQBDOmhiOsvOu1CjTPHJjmkPmPHNixLCsBJtTYNUeb4iq4CxJWznAGebTv3Ghjo62AzMiooFUIcT-lnk0rrXsgj9CXlr2LTfejKLkF3as5p8G~~5inzTeehjXebNBsHrs-v40M8ok2YwzjYPH1aOurMOkUNdaNT~Y~BVTEy3QtTr~sn3i60GPh5ADYrELh5UPgyKrgidLp3jDcBov7T3YwQH6gZUAnn7UrxRxMmhi81fHECXOBXWreTkT16E3~4fmfqoAHBiwq-m3ShdhIAzFnpq5DP0UKazWQmYT1Jf-iSKFEhkmx0aNgXMAFAtXxbJtk2B1IFTSfIieA__&Key-Pair-Id=KZFRMYA8YVF29">Act</a>],[<a href="https://www.gov.za/sites/default/files/gcis_document/201409/321214210.pdf">Act</a>]