FG Cuts Business Registration Period to Two Days

enterprise solutions
  • FG Cuts Business Registration Period to Two Days

The number of days required for registration of new businesses in Nigeria has been reduced from 10 to two days as a result of some reforms being carried out by the present administration.

This was contained in a statement on Monday by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande.

Akande stated that there was also now a 24-hour timeline for company registration from when the application form was completed and all required documents made available.

He added that prospective business owners could now search on the Corporate Affairs Commission’s portal to avoid duplication of names and prevent selection of prohibited names.

He said company registration no longer required the services of lawyers as it was now optional for Small and Medium-sized Enterprises to hire lawyers to prepare registration documents.

These, Akande added, were some of the highlights of a report presented at a meeting of the Presidential Enabling Business Environment Council at the Presidential Villa, marking the end of the 60-day Action Plan on Ease of Doing Business in Nigeria.

The council, established by President Muhammadu Buhari, is chaired by Vice President Yemi Osinbajo.

Monday’s meeting was, however, presided over by the Minister of Transportation, Rotimi Amaechi, who stood in for Osinbajo, who was chairing a sitting of a presidential investigative panel at the time.

Akande said the CAC had introduced single incorporation form (CAC1.1) to save time and reduce costs, while the agency also introduced a document upload interface on its website to enable e-submission of registration documents.

He said, “Other aspects of the reforms now actualised in the last 60 days include the integrated FIRS e-payment solution into the 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.”

Akande added, “It also indicated that the completed reforms are being closely monitored to ensure diligent implementation with minimal disruption, while pending reforms are being escalated to ensure completion in the coming weeks.

“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.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

Be the first to comment on "FG Cuts Business Registration Period to Two Days"

Leave a comment

Your email address will not be published.