CIPC registration on FNB 2022: Everything to know about the company registration process

To operate a company in South Africa, it must be registered with the Companies and Intellectual Property Commission (CIPC) before commencing business. Entrepreneurs will no longer have to stand in long queues coupled with endless paperwork when registering a business, thanks to an initiative between the Department of Trade and Industry, First National Bank (FNB) and the CIPC.

The Companies and Intellectual Property Commission is a public entity responsible for registering companies, co-operatives and intellectual property rights and enforcing the Companies Act. CIPC partnered with FNB to simplify registering a company and opening a business account in line with the government's appeal for financial institutions to support SMMEs.

CIPC FNB partnership

This collaborative partnership with FNB is part of the CIPC's strategy to roll out a series of end-user services to increase efficiencies and reduce inefficient manual services. CIPC is aggressively migrating to electronic services by reducing inefficient manual services.

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This collaboration also makes it exceptionally easy to open a bank account and register a new company, which is vital in business. You do not pay additional charges besides the CIPC's prescribed fees when registering a business with FNB.

How do I register for CIPC?

FNB will assist with your CIPC company registration and provide you with a business account and the tools needed to grow your business. Below are the steps for FNB CIPC registration:

Step 1: Visit the official website of FNB

Step 2: Go through the instructions carefully and click Register Now link.

Step 3: Start a New Application and Enter your Business Details & Parties.

Step 4. Accept the terms and conditions and pay your registration fee.

Step 5: Click Submit button to complete your registration.

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Fee for FNB company registration

How much do you pay for CIPC? Register your company at a once-off fee of R125. Should you choose to reserve your company name, there will be an extra R50 charged. You will need a valid debit or credit card to make the payment.

How to do FNB name reservation

You can reserve a name or register your company without name reservation when registering a company. FNB CIPC will auto-generate a name based on the company's registration number.

CIPC relies on FNB to conduct identity verification before registering the business. Immediately verification and residential information are confirmed, and the applicant's date is sent to CIPC for validation. It is after the validation that payment takes place.

How do I pay my CIPC account?

To use this service, you should have a registered customer code and a credit/debit card to effect payment. Visit the CIPC website, and click on Online Transacting and e-Services. Alternatively, visit eservices.cipc.co.za.

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Can I register a company at FNB?

Customers can walk into any FNB branch and ask for help when opening a business account and registering. A customer has to obtain an FNB Business Account for the newly registered private company.

Requirements for opening a business account at FNB

1. Business License.
2. Ownership agreements.
3. Business formation documents.
4. Proof of residential address.
5. Foreign nationals will be required to present a work or study permit.
6. A government-issued ID.
7. A valid email address.

Benefits of registering your company through FNB

• It saves money as no facilitation fee is charged.
• You can register your company from anywhere in the world.
• A fast turnaround time of 10 days once the application is complete.
• All documentation of your successful registration will be provided to you electronically.
• You will enjoy all the value-added benefits of banking with FNB.

Can you start a company with no money?

It is possible to start a business with no money, or at least with so little you will hardly miss it. If you are ready to apply hard work, ingenuity, and resourcefulness, your business can be up and running in no time.

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Is it compulsory to register with CIPC?

Please note that companies must first register with the offices before registering with SARS for an Income Tax reference number. Once a taxpayer is registered with CIPC, SARS will automatically generate an Income Tax reference number.

Why is FNB the best bank for business?

FNB's unique ability to keep abreast of the needs of businesses is demonstrated through its ever-expanding ecosystem. The bank's rapidly growing digital marketplace on the FNB App gives businesses that provide home and professional services access to a market of over 4 million potential customers.

Above is everything you need to know about the CIPC registration FNB 2022. This innovative partnership is a first in South Africa and will benefit big and small businesses in many ways. Register a business with FNB today and experience ease of doing business.

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

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READ ALSO: FNB immediate payment cost: Everything to know about FNB account fees 2022

Briefly published an article about the FNB immediate payment cost. Retail banking group First National Bank rolled out details about its updated fee schedule for 2022/2023. The new charges took effect on 1st July 2022.

According to reports from the financial institution, the changes in the FNB's immediate payment cost have been instigated by the bank's structural changes. So, if you are part of the family, you must go through these details.

Source: Briefly News