Nedbank launched an online service for entrepreneurs to simplify registering new businesses.

The service enables people to register their ventures with the government’s Companies and Intellectual Property Commission (CIPC) for a fee of R175 while simultaneously opening a small-business banking account with Nedbank.

Trade and Industry Minister Rob Davies said at Tuesday’s launch ceremony that "offering different products to mutual customers through an integrated process" represented a public-private partnership in the true sense of the term.

The first steps towards creating a small business typically include securing a company name, registering the company with the CIPC and obtaining a shareholder certificate. At this stage, a new business owner would also need to open a bank account to make and accept business related payments and start building a credit record, Nedbank group managing executive of retail and business banking Ciko Thomas said.

"It has become increasingly difficult for start-ups to take off, particularly in their infancy when most businesses are more prone to fail. This forms part of our banking and beyond offering, aimed at making a meaningful difference to entrepreneurs through greater convenience," Mr Thomas said.