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.