How to Register as a Credit Provider (NCR) in South Africa

In South Africa, businesses that offer credit services, such as loans or credit agreements, must register with the National Credit Regulator (NCR). Whether you’re a micro-lender, a retail store offering credit, or a large financial institution, it’s essential to comply with the National Credit Act (NCA). Registering as a credit provider ensures that your business operates legally and ethically, promoting responsible lending and consumer protection.

At My Accountant, we specialize in guiding businesses through the entire credit provider registration process, making it easy and efficient.

Steps to Register as a Credit Provider

• Determine if You Need to Register: If you offer credit, loans, or engage in any form of credit agreement where customers pay later or over time, you are required to register with the NCR. This applies to all credit providers, from small personal lenders to larger financial institutions.
• Prepare Your Documents: The NCR requires several documents, including:
  • Completed Form 2 (the NCR application form).
  • Proof of registration with the CIPC (Companies and Intellectual Property Commission).
  • Certified copies of the ID documents of all directors or members.
  • Proof of financial capability, such as audited financial statements or management accounts.
• Submit Your Application: The application must be submitted to the NCR, along with the necessary documentation and fees. Ensuring that your application is complete and accurate is critical to avoid delays or rejection.
• Meet Financial Competency Requirements: The NCR will assess whether your business has the financial capacity to operate as a credit provider. This includes demonstrating sound financial management and a history of compliance with financial regulations.
• Await Approval: Once the application is submitted, the NCR will review it and notify you of its approval or request further information if necessary. The process typically takes several weeks.

Costs Involved in NCR Registration as a Credit Provider

• Initial Registration Fee: R2,500 for credit providers.
• Annual Renewal Fee: R750, payable every year to maintain your registration status.

Why Use My Accountant for Credit Provider Registrations?

Registering as a credit provider can be a complex and time-consuming process, but with My Accountant, we make it straightforward and stress-free. Our team of experts ensures that your application is completed accurately and submitted on time. We also handle the annual renewal process, ensuring your business stays compliant with the NCR’s requirements. By choosing My Accountant, you can focus on growing your business while we take care of the regulatory details.

Our Registration Services