Nedbank, together with the Companies and Intellectual Property Commission (CIPC) and the Department of Trade and Industry, on Tuesday 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 would be available to Nedbank and non-Nedbank clients who were starting a new company and wanted 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,” said Trade and Industry Minister Dr Rob Davies.

He added that the partnership was one of a number of initiatives aimed at promoting efficiencies for end-users and extended 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 said.
 

Nedbank group managing executive of retail and business banking Ciko Thomas noted that the bank understood that it was increasingly difficult for start-ups to take off, particularly in their infancy, when most businesses were 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 said. 

Thomas noted that CIPC Online was geared towards businesses with up to three directors who were South African citizens. The application fee for qualifying applicants was 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 pointed out.