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Simpler way for entrepreneurs to register businesses

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.

 

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