Nedbank now also offering business registration service

Nedbank on Tuesday became the last of the “Big Four” banks to launch a service that registers businesses.

The system‚ which has already been launched by ABSA‚ First National Bank and Standard Bank‚ offers entrepreneurs the convenience of registering their business by using any device that is capable of connecting to the internet.

Nedbank head of retail and business banking Ciko Thomas said Tuesday’s launch related to the first phase of the business registration process system.

“The first phase was really on setting up the online capability… go online‚ simplify the processes‚ standardise the charges and reduce the amount of time it takes to get going‚” said Thomas.

“The system also allows you to be able to obtain the tax clearance number from SA Revenue Service‚” he said.

Thomas said the project will be integrated with Invest SA‚ a government initiative that will attract foreign investment to SA.

He said the system will allow foreign investors to register businesses online and outside of the country.

He said any entrepreneur‚ even those with a Nedbank account‚ will be allowed to register their business.

However‚ registering with Nedbank will result in those businesses automatically having a bank account with the bank.

“It will be a normal charge of running a small business account that you need to pay to keep your account going‚” he said.

Entrepreneurs will be charged R125 to register a business without name reservation while those wanting to reserve a name will fork out R175.

Trade and industry minister Rob Davies said when he was appointed in the portfolio‚ it used to take between 20 and 15 days to conclude the business registration process.

It now takes up to three days to conclude the process and Davies advised people to register online from the comfort of their homes and no longer use agents who charged thousands of rand to do the process.

TMG Digital/Sowetan