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CAC Collapses Registration Processes, Shorten Timeline To 60 days

The Corporate Affairs Commission, CAC, has consolidated the forms required to incorporate a business in Nigeria and therefore reduced the number of the forms from seven to one.

A statement on Sunday by the Enabling Business Environment Secretariat quoted the Special Adviser to the Commission’s Registrar General, Garba Abubakar, saying this at the Lagos Stakeholders Forum of EBES held on Friday.

“We now have just one form which has been deployed this week. It contains all the information you need to register and is available for download on the CAC website. This reduces the cost and time needed to register a business,” Abubakar was quoted to have said.

He was further quoted as saying that the CAC would ensure that business owners are able to upload documents electronically as part of its deliverables in the 60-day National Action Plan on Ease of Doing Business in Nigeria.

The Lagos Stakeholders Forum was the second in two days by EBES, following Thursday’s forum in Kano.

Some other reform initiatives announced at the forum include the CAC upcoming reform that would allow business owners to get e-stamps for stamp duties without the need to visit the offices of the Federal Inland Revenue Service.

On its part, FIRS said Tax Identification Numbers could now be obtained when registering business organisations at the CAC without having to visit its offices.

The statement also quoted the Coordinator of EBES, Dr. Jumoke Oduwole, as saying that the forums were designed to inform private stakeholders about government’s efforts to ease the business environment, share details on the Action Plan, and report back to the Presidential Enabling Business Environment Council.

She pointed out that an example of the feedback process at work was the unscheduled visit on Thursday by the Acting President, Yemi Osinbajo, to the Murtala Muhammed International Airport, Lagos, based on EBES feedback.

 

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