http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.04Change: -0.16
R/$ = 12.07Change: -0.10
Au 1204.60 $/ozChange: 1.40
Pt 1170.50 $/ozChange: 4.00
 
 
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 Letters 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
© 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
Judge Dennis Davis
If the South African Revenue Services (Sars) focused on recovering money from transfer pricing abuses‚ Finance Minister Nhlanhla Nene probably would not have had to raise taxes by 1% in his budget speech‚ Judge Dennis Davis‚ head of the Davis Tax committee told...
Article contains comments
With Africa holding 60% of the world’s arable land, agriculture held one of the keys to unlocking economic opportunities for the continent, but could only be achieved through cooperation with other countries in regions such as Asia. Speaking at the Asia–Africa...
During the Trade and Investment Framework Agreement (TIFA) Council meeting in Washington, in the US, last week, South Africa and the US strengthened and deepened their bilateral trade and investment relations. The meeting was co-chaired by Trade and Industry Minister...
More
 
 
Latest News
South African mining and energy adviser Ted Blom has raised a litany of concerns about the state of power utility Eskom and has warned of runaway costs and shortfalls in coal and water, as well as rail capacity. Blom was surprised by the recent buoyancy shown by...
JSE-listed Astrapak will sell specialised packaging systems manufacturer Knilam to Mapflex SA for R17.7-million. The proceeds would be used to reduce Astrapak’s current level of gearing.
The last of the 26 mooring units comprising the Port of Ngqura’s automated mooring system (AMS) have arrived at the port and are expected to improve port efficiency and safety, further driving the Transnet National Ports Authority’s (TNPA’s) objective of establishing...
More
 
 
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
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.
 
 
 
 
 
This Week's Magazine
Sappi Southern Africa CEO Alex Thiel
Forest products group Sappi has confirmed the selection of its 25 MW biomass-to-power project, to be erected at its Ngodwana mill, in Mpumalanga, as a preferred bidder under the South African government’s Renewable Energy Independent Power Producer Procurement...
Information and communications technology (ICT) distributor DCC is making Windows- and Android-operating systems tablets available through retailers and education equipment suppliers to provide school children with affordable, high-performance education tools. The...
Another cement manufacturer is set to enter the Ugandan market, raising hopes that prices will come down and spur growth in the construction industry. National Cement, a Kenyan manufacturer, has unveiled plans to invest $195-million in a new manufacturing plant in...
With growth rates exceeding that in the developed world – at an average of between 4% and 5% between 2002 and 2014 – African countries provide investors with ample reason to tap into booming consumer demand says Manufacturing Circle executive director Coenraad...
The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) decreased by 3.7 index points month-on-month to 89.1 in March.
 
 
 
 
 
 
 
 
 
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
Subscribe Now for $96 Close
Subscribe Now for $96