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The process of registering a company in South Africa is now a simpler, seamless process says Trade and Industry Minister of South Africa on 12th April 2016.
The Minister was speaking at the launch of the partnership between the Companies and Intellectual Property Commission (CIPC) – which is an entity of the Department of Trade and Industry - and Nedbank which sees the bank joining other major banks in offering CIPC Online.
The CIPC Online initiative makes it possible for potential business owners to apply for a company registration and a business bank account through Nedbank’s online system.
It means that a small business or a large business can go to any of the major banks in South Africa and open a business bank account and simultaneously, through the online process, one can register with the CIPC and can also get a South African Revenue Service tax number.
The partnership will assist in broadening the footprint and reach of the CIPC and will also offer a one-stop-shop for entrepreneurs.
There have been a number of developments, the commission is running kiosks and is planning to work with municipalities and they’ve started with partnerships with the banks. As per Minister of South Africa all the major banks are on board.
The Minister said the first bank had been opening business accounts and simultaneously registering companies at a pace of 900 companies a month.
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On 6th April 2016, South Africa’s Trade and Industry Minister has welcomed Ford’s R2.5 billion investment in local production at its Silverton Assembly Plant, in Pretoria, stating it’s an important indication of confidence in South Africa.
The investment will see the production of the all-new Ford Everest, along with the new Ford Ranger that was launched at the end of last year.
As per Minister the investment not only shows confidence in South Africa but also shows the significance of the Africa Growth and Opportunity Act (AGOA) two-way benefits.
AGOA is a legislation that provides duty-free market access to the US for qualifying sub-Saharan African countries by extending preferences on more than 4 600 products.
The automotive industry is of significant importance to South Africa. To date the government have invested more than R25 billion in the motoring industry and is positive to see more and more vehicles manufactured locally.
Furthermore, the Minister announced that the Department of Trade and Industry (the dti) had awarded Ford Motor Company of Southern Africa with a R699 million incentive through the Automotive Production and Development Programme (APDP) incentive for their latest investment expansion.
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