Tuesday, 25 April 2017

FG reduces Business Name registration days

The Presidential Enabling Business Environment Council has reduced the number of days required for registration of new businesses in Nigeria from 10 to two.
This was contained in a report the council presented on Monday at the Presidential Villa marking the end of the 60-day Action Plan on Ease of Doing Business Reforms. 

The spokesman of the vice president, Laolu Akande, said in a statement that "there is also now a 24-hour timeline for company registration from when application form is completed and all required documents made available."

He also stated: "Also, prospective business owners can now search on Corporate
Affairs Commission (CAC) portal ( to avoid duplication of names and prevent selection of prohibited names, while company registration no longer requires lawyers as it is now optional for SMEs to hire lawyers to prepare registration documents.

"According to the report, CAC has introduced single incorporation form (CAC1.1) to save time and reduce costs while the agency has introduced document upload interface on its website to enable e-submission of registration documents.

"Other aspects of the reforms now actualized in the last 60 days include the
Integrated FIRS e-payment solution into CAC portal to enable e-stamping while the reform empowers CAC internal lawyers to certify company incorporation forms and conduct statutory declaration of compliance for a fixed fee of N500.

"According to the report, the PEBEC listed dealing with construction permits,
getting electricity, registering property, getting credit and paying taxes, as some of the areas where the council has recorded progress in the past 60 days.

"The report also highlighted the completed reforms on the entry and exit of People, indicator which includes simplified visa-on-arrival process, Infrastructural improvements at the Abuja airport, and the new immigration regulation 2017.

"On trading across borders, some of the completed reforms include palletisation of imports, advanced cargo manifests, reduction in documentation requirements and scheduling of joint physical examination by the Customs Service."

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