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A Quick Run Down Of The Changes At The Corporate Affairs Commission (CAC)

Onome Ohwovoriole by Onome Ohwovoriole
March 16, 2017
in Uncategorized
You No Longer Need Lawyers & Accountants To Register A Company, Its DIY- CAC
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Nairametrics| As part of efforts to enhance the ease of doing business in Nigeria, the Corporate Affairs Commission (CAC) now does company incorporation in 24 hours. This was announced by the Enabling Business Environment Secretariat (EBES) through its twitter account this evening.

Consequently: Incorporation of companies will now be done within 24 – 48 hrs following completion of application forms & required documents

— Presidential Enabling Business Environment Council (@PEBECgovng) March 15, 2017

Here is a quick run down of some of the critical changes

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  • Business owners can search for a prospective business name using the CAC portal.
  • Business Owners can now upload their registration documents on the CAC portal instead of physical submission.
  • Business owners will now have to fill ONE form CAC 1.1 when registering a business.
  • In two weeks, business owners will be able to pay stamp duties directly on the CAC portal as it is now integrated to the FIRS e-stamp portal.
  • CAC has made the need for lawyers/accredited agents/chartered secretaries optional when registering a company.
  • Certificate of incorporation forms/statutory declarations of compliance is now to be handled free of charge by CAC in-house lawyers.

The reform is part of the initiatives that the Presidential Enabling Business Environment Council (PEBEC) and the CAC committed to under the 60 day National Action Plan on Ease Of Doing Business In Nigeria. The plan runs from Feb 21, 2017 to April 18, 2017. PEBEC was inaugurated in July 2016, and has a mandate to move Nigeria 20 Steps Forward in the Ease Of Doing Business Index. It is headed by the Vice President, Professor Yemi Osinbajo. Nigeria is currently ranked 169 out of 190 countries in the 2017 Ease Of Doing Business Index.

Due to these reforms, incorporation of companies will now take 24 hours following the submission of required documents. Previously, the process took a minimum of ten days. Original documents will be submitted at the point of collection of registration, and must tally with documents uploaded online.

Tags: Business NewsCACProfessor Osinbajo
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Comments 1

  1. Joshua Legbeti says:
    June 28, 2021 at 1:48 pm

    I just registered a business for a friend. Everything looked okay until he went to the bank to open a Cooperate account and was told he needed to provide TIN. It was then I discovered that I wasn’t issued TIN after registration was approved. Please how do I go about this without first going to FIRS?

    Reply

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