Aug 19, 2013
FNB, CIPC initiative to streamline company registration processBack
First National Bank|PROJECT|Systems|Bank|Corporate Bank Account|Online Facility|Products|Service|Services|Systems|Astrid Ludin|Jacques Celliers|Rob Davies
© Reuse this
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.
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
Recent Research Reports
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
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 road...
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.
This Week's Magazine
The international Square Kilometre Array (SKA) radio telescope – which is to be jointly hosted by South Africa and Australia with, later, outstations in other countries – may not yet exist, but international scientific working groups are already deciding what...
A free Web-based solar power plant capacity-planning tool offers project planners and developers, as well as governments, a means to assess the solar energy potential of thin-film solar PV power over an area of land. The tool was developed by thin-film solar...
As yet, no specific methodology, timeline or costs have been finalised to remedy the water ingress, excessive to contractual specifications, into the Gautrain tunnel between emergency shaft two (E2) and Park Station, says Bombela Concession Company technical and...
The “seriously disruptive” electricity outages in South Africa have cost packaging group Astrapak more than R2-million in “irrecoverable downtime costs”, the company said on Monday, adding that the power cuts were negating some of the benefit of energy saving...
Bakkies and more affordable cars dominated South Africa’s new vehicle market in 2014. Unaudited data from the Department of Trade and Industry (DTI) shows that South Africa’s most popular vehicle in 2014 was the Toyota Hilux, selling 37 562 units.