Only incorporated local entities are eligible to administer and hold custody of investments in listed securities on behalf of other persons in Namibia.
"REQUIREMENTS FOR REGISTRATION AS AN INVESTMENT MANAGER
An application for registration as an Investment Manager in terms of ection 4 (1) (f) of the Stock Exchanges Control Act, 1985 (Act No. 1 of 1985) ("the Act") must comply with the requirements and be accompanied by the information and documentation set out herein:
A. Requirements for approval
The applicant is required to:
1. Register a Namibian public or private company with the Companies Registration Office (Ministry of Trade and Industry);
[...]
B. Information and documentation[...]
8. Details of the proposed Portfolio Manager: [...]
d) certified proof of Namibian citizenship or permanent residence
[...]
9. Details of the proposed Compliance Officer: [...]
k) certified proof of Namibian citizenship or permanent residence [...]" (NAMFISA (2019), "REQUIREMENTS FOR REGISTRATION AS AN INVESTMENT MANAGER")
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"4. Restrictions on administration and custody of investments in listed securities on behalf of other persons
(1) No person shall, as a regular feature of his business, administer or hold in safe custody on behalf of any other person any investments in listed securities or any investments of which listed securities form part unless he is -
(a) a stock-broker; or
(b) a banking institution registered under the Banks Act, 1965 (Act No. 23 of 1965) [The Banks Act 23 of 1965 has been replaced by the Banking Institutions Act 2 of 1998.];  or
(c) a company which is registered as a management company under the Unit Trusts Control Act, 1981 (Act No. 54 of 1981), or a company or institution which is registered as a trustee under that Act; or 
(d) an attorney practising as such on his own account or in partnership or as a member of a professional company; or
(e) an accountant or auditor registered in terms of the Public Accountants' and Auditors' Act, 1951 (Act No. 51 of 1951), as an accountant and auditor and engaged in public practice as such; or
(f) a person approved by the Registrar or a person who is a member of a category of persons approved by the Registrar, and complies with such conditions as the Minister may determine from time to time by notice in the Gazette.
[...]
"12. Rules of stock exchange
(1) The rules of a stock exchange shall be so designed as to ensure, to the satisfaction of the Registrar -
(a) that no person is admitted or allowed to continue as a member unless -
(i) such person is of good character and integrity;
(ii) in the case of a corporate body, it is managed and controlled by a board of directors of which -
(aa) the directors are of good character and integrity; and
(bb) subject to subsection (1A), the managing director and at least 50 per cent of the other directors are Namibian citizens resident in Namibia;[...]
The Registrar may, upon application by a member of a stock exchange which is a corporate body, and if good reasons exist, grant approval to that member to appoint a person who is not a Namibian citizen as its managing director for such period as the Registrar may determine.[...]" (Stock Exchanges Control Act No 1 of 1985)
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"Part V – LIMITATION OF ENTRY INTO, AND RESIDENCE IN, NAMIBIA PERMANENT RESIDENCE PERMITS, EMPLOYMENT PERMITS, STUDENTS' PERMITS AND VISITORS' ENTRY PERMITS
24. Limitation or entry into, and residence in, Namibia
Subject to the provisions of section 35, no person shall -
(a) enter or reside in Namibia with a view to permanent residence therein, unless such person is in possession of a permanent residence permit issued to him or her in terms of section 26; 
[...]
26. Application for permanent residence permits [...]
(3) The board may authorize the issue of a permit to enter and to be in Namibia for the purpose of permanent residence therein to the applicant and make the authorization subject to any condition the board may deem appropriate: Provided that the board shall not authorize the issue of such a permit unless the applicant satisfies the board that - [...]
(g) he or she is the spouse or dependent child, or a destitute, aged or infirm parent of a person permanently resident in Namibia who is able and undertakes in writing to maintain him or her.[...]" (Immigration Control Act No. 7 of 1993)
NAMFISA (2019), "REQUIREMENTS FOR REGISTRATION AS AN INVESTMENT MANAGER"
Stock Exchanges Control Act No 1 of 1985
Immigration Control Act No. 7 of 1993
[<a href="https://www.namfisa.com.na/wp-content/uploads/2019/08/REQUIREMENTS-FOR-REGISTRATION-AS-AN-INVESTMENT-MANAGER-.pdf">Req</a>],[<a href="https://media.namiblii.org/files/legislation/akn-na-act-1985-1-eng-2001-05-14.pdf">Act</a>],[<a href="https://media.namiblii.org/files/legislation/akn-na-act-1993-7-eng-1993-08-19.pdf">Act</a>]