Instant Business makes doing business simpler and more convenient

Absa has launched Instant Business, a solution which allows customers to simultaneously open a business cheque account and register their new company online at their convenience.

South Africa’s Companies Act requires that anyone setting up a private company to register it as a legal entity with the Companies and Intellectual Property Commission (CIPC). It is at this stage that the company would also need to open a bank account for the business. Absa’s Instant Business combines these important first steps towards owning a business into a one-stop, simple and quick process.

Brienne van der Walt, Head of Business Banking Customer Segments and Sectors at Absa, says: “Absa’s Instant Business makes company registration an easy task. Customers can now open a business cheque account and obtain company registration conveniently online.”

“Having conducted extensive research, we found that one of the priority needs for business start-ups was the quick and efficient opening of a business bank account online, together with value-added components in order to enable company registration as well as payment acceptance.”

The latest solution enhances Absa’s journey towards becoming a leading digital bank.

“At Absa we remain committed to supporting small and medium enterprises, whether they are starting out or growing their established business. The latest offering keeps us at the forefront of innovation in providing banking solutions to our Business customers, and we believe it will go a long way in making it easier and quicker for entrepreneurs to start their businesses,” says Van der Walt.

Instant Business is available on absa.co.za with the following functions:

  • Registration of new PTY (CIPC registration) limited to three directors with a business cheque account, as well as instantaneous tax registration with SARS.
  • Business cheque account opening for Sole Proprietors.
  • Business cheque account opening using a registered entity.