Efforts by the Department of Trade and Industry (dti) to cut red tape for the registration of new companies is gaining traction.
Following the launch of the Biz Portal e-platform in November last year, companies are now registering their businesses in less than one day, according to Yunus Hoosen, acting head of the dti’s Invest South Africa. He said the new platform would lead to sustained economic growth for the country as companies could now effortlessly register their businesses.
He said previously it took around 40 days and numerous government agencies ranging from the Companies and Intellectual Property Commission to the South African Revenue Service to get a business registered.
In comparison, the Biz Portal is a fully automated paperless system.
As a result, Hoosen said, “one is able to register a company in one day or less”.
It was in line with President Cyril Ramaphosa’s drive to mobilise investment in South Africa and improve the country’s global investment climate position from 84 to 50 in the next two-years, he added. – Bjorn Vorster