The Department of Trade and Industry (DTI) and FNB have jointly launched an intitiative to make it easier to start a business in South Africa, by allowing entrepreneurs to register their company when opening a business bank account.<\/p>\n
The minister of the DTI, Rob Davies and the incoming CEO of FNB, Jacques Celliers launched the initiative.<\/p>\n
FNB partnered with the Companies and Intellectual Property Commission (CIPC), in an endeavour to streamline the company registration and corporate bank opening processes.<\/p>\n
Entrepreneurs who wish to open a business bank account have the opportunity to register their companies through the FNB online facility at no additional charge to the CIPC\u2019s prescribed fees.<\/p>\n
Entrepreneurs are charged the exact fee of R125 for a company registration, excluding the name reservation, as outlined in the Regulations of the Companies Act and the process is practically instantaneously.<\/p>\n
There is no need to mail documents, stand in queues or wait weeks for certificates, CIPC said.<\/p>\n
The collaboration makes it exceptionally easy to open a bank account and register a new company – a vital element in the ease of starting a business – as well as targeted education around the annual renewals process, CIPC said.<\/p>\n
The initiative is in line with government\u2019s appeal for financial institutions to support SMMEs in Africa, and one of the initiatives being implemented by the DTI to reduce red tape for SMMEs to do business.<\/p>\n
According to Davies, the Companies Act has specifically included a provision which allows companies to trade with a company registration number – and South Africa was the first country to introduce this provision in its legislation.<\/p>\n
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