The process of registering a company in South Africa is now a simpler, seamless process says Trade and Industry Minister Rob Davies.
The Minister was speaking at the launch of the partnership between the Companies and Intellectual Property Commission (CIPC) and Nedbank which sees the bank joining other major banks in offering CIPC Online.
The CIPC Online initiative makes it possible for potential business owners to apply for a company registration and a business bank account through Nedbank’s online system.
“It now means that a small business or a large business can go to any of the major banks in South Africa and open a business bank account and simultaneously, through the online process, you can register with the CIPC and also you can get a South African Revenue Service tax number,” said Minister Davies.
The partnership will assist in broadening the footprint and reach of the CIPC and will also offer a one-stop-shop for entrepreneurs.
The application fee for qualifying applicants is R175 to register a company. Those interested in registering their businesses can do so at the 800 Nedbank branches across the country or access applyonline.nedbank.co.za.
The Minister said the first bank had been opening business accounts and simultaneously registering companies at a pace of 900 companies a month.
“It will not take small business not more than three days to register a company in this country. It can take a few hours at most. It is an incredibly important step forward,” said the Minister.
Meanwhile, Nedbank’s Group Managing Executive: Retail and Business Banking said this initiative will assist businesses to increase efficiencies, unlock growth opportunities while freeing up their time to focus on running their businesses.
