http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.10Change: -0.09
R/$ = 10.74Change: -0.06
Au 1267.16 $/ozChange: 2.29
Pt 1410.50 $/ozChange: 1.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 19, 2013

FNB, CIPC initiative to streamline company registration process

Back
Trade and Industry Minister Dr Rob Davies
Photo: Duane Daws
Trade and Industry Minister Dr Rob Davies
First National Bank|PROJECT|Systems|Bank|Corporate Bank Account|Online Facility|Products|Service|Services|Systems|Astrid Ludin|Jacques Celliers|Rob Davies
PROJECT|Systems|Products|Service|Services|Systems|
first-national-bank|project|systems-company|bank|corporate-bank-account|online-facility|products|service|services|systems|astrid-ludin|jacques-celliers|rob-davies
More Insight
© Reuse this



First National Bank (FNB) and the Companies and Intellectual Property Commission (CIPC) on Monday launched an initiative to streamline the process of registering a company, while opening a corporate bank account, which should make it easier for individuals to start a business.

Entrepreneurs wanting to open a corporate bank account with FNB, now had the opportunity to simultaneously register their companies with the CIPC through the FNB online facility, at the CIPC’s prescribed fee of R125.

The company registration would take 24 hours and eliminated the need for intermediary agents to facilitate the process.

The CIPC would rely on FNB to conduct the identity verification required by the Companies Act and the Financial Intelligence Centre Act prior to the registration of the enterprise.

The bank would then send the identity verification and residential information through to the CIPC for verification. After the verification is concluded and the customer is registered with the CIPC, payment would be required.

Speaking at the launch, Trade and Industry (DTI) Minister Dr Rob Davies stated that this initiative was in line with the department’s focus on continuous improvement and the reduction of red tape for the end-user.

CIPC commissioner Astrid Ludin reiterated this, stating that, “the process is instantaneous and will reduce red tape, improve service delivery and be more accessible to the broader public, while also improving the integrity of the register and reducing the turnaround time”.

Davies emphasised the importance of partnerships in reducing red tape, adding that the project was a public–private partnership in the true sense of the term, where government and the bank partnered to offer their different products to mutual customers through an integrated process.

He also pointed out that the Companies Act had specifically included a provision to allow companies to trade with only a company registration number.

“Through this provision, companies can start operating immediately after the 24-hour registration period has been completed, instead of waiting up to 20 days for the company name registration to be completed,” he said.

Meanwhile, FNB incoming CEO Jacques Celliers stated that the bank took small, micro and medium-sized enterprises seriously, as these formed an integral part of the South African economy, fuelled innovation and created jobs.

“This innovative approach is the first on a global level and we are proud of what we have done. The partnership speaks to more than just enablement. It provides an opportunity for the future and we see this as a first start to a number of initiatives we aim to implement to simplify people’s daily lives,” Celliers said.

Davies added that the DTI would like to see this initiative applied across the banking sector.

The collaboration with FNB formed part of the CIPC’s strategy to roll-out a series of end-user services to increase efficiencies and reduce inefficient manual services. CIPC engaged various banks and designed its systems in such a way that all banks can connect to it; however, FNB was the first mover in adopting the technology.

Other banks that were approached by the CIPC included Nedbank, which expressed interest in the initiative, and Absa and Standard Bank, which were still considering the proposal.

Edited by: Chanel de Bruyn
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Trade News
Bidvest CEO Brian Joffe
Appraising a financial year characterised by an “increasingly disruptive” strike-hit fourth quarter, service, trading and distribution company Bidvest CEO Brian Joffe has described the company’s overall results as “satisfactory”, buoyed somewhat by a strong...
The seasonally adjusted Kagiso Purchasing Managers’ Index (PMI) rose by 3.1 index points to 49 in August, signalling a return to more normal manufacturing output levels following months of production disruptions owing to industrial action in the platinum mining and...
Reiterating that the economy would remain the country’s apex priority over the next five years, President Jacob Zuma at the weekend urged South African ambassadors and high commissioners stationed abroad to prepare themselves for “vigorous” marketing and trade...
Article contains comments
More
 
 
Latest News
Despite various challenges related to the extraction of shale oil and gas, as countries grow accustomed to the idea, the use of shale as a form of energy will be more widely pursued, international oil and gas market analyst Michael Lynch said on Tuesday. Speaking at...
A consortium led by two Kenyan firms won a government tender to build a 1 000-MW, coal-fired power plant, company officials said on Tuesday, part of moves to satisfy rising demand for energy in East Africa's biggest economy. Kenya suffers from regular blackouts due...
TNPA CEO Tau Morwe
The announcement of the successful bidder for the construction of Durban’s long-awaited passenger cruise terminal was imminent, Transnet National Ports Authority (TNPA) CEO Tau Morwe told delegates at the African Ports Evolution Conference in Durban on Tuesday. ...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
South African State-owned defence industrial group Denel has announced its fourth consecutive year of profits. The group's results for the financial year 2013/2014 were recently announced at its head office in Centurion, south of Pretoria. Revenues grew by 17%, net...
There is little opportunity for JSE-listed infrastructure company Group Five to grow shareholder value in the domestic market, says CEO Mike Upton. He says value can still be found in the private sector, in the renewable and industrial power sector, as well as in...
The National Association of Automobile Manufacturers of South Africa (Naamsa) has announced the event dates of the 2015 Johannesburg International Motor Show (JIMS). The event will take place from October 14 to October 25, 2015, at the Johannesburg Expo Centre, Nasrec.
UK engineering support services provider Babcock is set to deliver the largest order of global truck manufacturer DAF’s truck tractors in Southern Africa to bulk carrier road-based logistics company Ngululu Bulk Carriers (NBC), with 133 trucks to be delivered in...
Digital radio communications in the African local government space can open up the world, but have many challenges to overcome, notes integration and migration of legacy radio communications infrastructure with digital mobile radio company Emcom Wireless head of...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks