Nigerian government on Monday said the number of days required for registration of new businesses in Nigeria has been reduced from 10 to 2, courtesy of a reform agenda of Buhari administration.
Also, prospective business owners can now search on Corporate Affairs Commission (CAC) portal (www.cac.gov.ng) 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.
These are among highlights of a report presented at a Presidential Enabling Business Environment Council, PEBEC, at the Presidential Villa, marking the end of the 60-day Action Plan on Ease of Doing Business in Nigeria reforms.
The Council established by President Muhammadu Buhari is chaired by Vice President, Yemi Osinbajo, SAN.
However, Tuesday’s meeting was chaired by Transportation Minister Rotimi Amaechi.
Others in attendance were Foreign Affairs Ministers Geoffrey Onyeama, Minister of State for Industry Trade & Investment Aisha Abubakar, and her counterpart in Budget & National Planning Zainab Ahmed. Other government dignataries at the meeting included the Head of Service, Mrs Winifred Oyo-Ita, and several heads of MDAs.
The report was presented by Dr. Jumoke Oduwole, Senior Special Assistant to the President on Trade & Investment.
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.
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.