New partnership aims to smooth small-businesses registration process
Nedbank, together with the Companies and Intellectual Property Commission (CIPC) and the Department of Trade and Industry, recently launched the fully automated CIPC Online Web portal, allowing business owners to register a business and open a business bank account in one process.
The service will be available to Nedbank and non-Nedbank clients who are starting a new company and want to formalise existing businesses or create additional ones.
“The project is a public–private partnership in the true sense of the term, where government and Nedbank partnered to offer different products to mutual customers through an integrated process,” says Trade and Industry Minister Dr Rob Davies.
He adds that the partnership is one of a number of initiatives aimed at promoting efficiencies for end-users and extending the reach of government services to the most remote areas of South Africa.
“Previously, it took entrepreneurs 15 to 20 days to register a new business. This portal could potentially register new businesses within a few hours,” he says.
Nedbank group managing executive of retail and business banking Ciko Thomas notes that the bank understands that it is increasingly difficult for start-ups to take off, particularly in their infancy, when most businesses are more prone to fail.
“We want to continue to innovate and provide practical solutions for small businesses, while, at the same time, alleviating red tape and other barriers [that could hinder the start-up process],” he says.
Thomas notes that CIPC Online is geared towards businesses with up to three directors who are South African citizens. The application fee for qualifying applicants is R175 to register a company.
“Should an entrepreneur wish to register a business with more than three directors, or if one of the directors is a foreign citizen, Nedbank will facilitate these registrations through its existing in-branch service,” he points out.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation