And now Nedbank does company registrations and issues BEE certificates

14 Nov 2017

Ujuh Reporter

Small businesses, with turnover of less than R10 million, can now do business registration and get black economic empowerment (BEE) affidavits or certificates from Nedbank.

On company registration service, Nedbank is following on the footsteps of FNB which pioneered the service about two years ago. But Nedbank is breaking new ground on the BEE certificate issuing service.

Nedbank said, acting in partnership with the Companies and Intellectual Property Commission (CIPC), it has become the first bank to offer BEE affidavits or certificates to its clients. These are issued when incorporating a company using the Nedbank portal.

This is an extension of a CIPC service launched about two years ago.

BEE legislation exempts small enterprises with an annual turnover of less than R10 million from needing a BEE certificate. Instead, the exempted micro enterprises (EMEs) need to have only an affidavit that includes ownership and turnover information.

With EMEs prefer to have a formally issued document confirming their BEE status, the DTI and CIPC agreed to offer an integrated service for company registration and issuing of BEE affidavits or certificates at no extra cost for EMEs.

During the past year the DTI  and CIPC reviewed their memorandum of agreement to allow bank partners to offer BEE affidavits or certificates. Nedbank employs stringent authentication measures and therefore the process is robust and in line with CIPC’s biometric verification requirements.

To date more than 500 BEE certificates have been issued to EMEs through the Nedbank portal.
Nedbank said it is envisaged that this service will be expanded in future and will enable clients to renew their annual returns through the bank’s online platform.

Nedbank said it is envisaged that this service will be expanded in future and will enable clients to renew their annual returns through the bank’s online platform.

news@ujuh.co.za

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