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
— EBES Nigeria (@EBESnigeria) March 15, 2017
Here is a quick run down of some of the critical changes
- 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.