Article provided by CIPC
CIPC considers the financial services sector, and individual banks in particular, a natural partner as there are several touchpoints of mutual business clients.
To this end, the relationship with banks evolved over the years to the point where most of the banks have a presence on the Bizportal platform currently. This presence enables businesses to open a business bank account as a stand-alone service or as part of an integrated service offering. In other words, businesses transacting on the Bizportal website may opt to apply for a business bank account at any of the following banks with minimal cost implications, i.e:
- First National Bank
- Standard Bank
Alternatively, as new businesses apply for formalisation (i.e. for their companies to be registered), they may opt to apply for business bank account as a single process.
Typically, the business would select any of these banks as their preferred financial support provider. CIPC sends authorised data to the preferred bank and the process is concluded on the bank’s end.
The purpose of this offering is to continue to make it simpler and easier to do business in South Africa. The service has been in place for close to three years now and the uptake is growing continuously. The banking options are designed to enable small and micro-businesses to enjoy formal banking services and credit options.
Since the inception of the Bizportal, an average of 6500 business bank account leads have been shared with the banks on a monthly basis, evenly distributed between the different banks that have collaboration agreements in place with the CIPC. It is advantageous for the business owner selecting a bank, which it deems fit for purpose as a brief summary of each of the six banks’ products is displayed on the business bank account page on the website. Businesses can therefore make informed decisions.
Businesses are encouraged to explore the different options available on www.bizportal.gov.za to enhance their registration and business support experience.