Post by Trade facilitator on Sept 30, 2021 14:42:30 GMT 1
Free Business Registration: We Have Registered 245,000 Companies – CAC
The Corporate Affairs Commission (CAC) of Nigeria said that it has registered 245,000 businesses under its free business name registration exercise so far.
The Registrar-General of the CAC disclosed the registrations were done with the approval of the Federal Government of Nigeria (FGN); this is a part of government’s intervention programme to reduce the effects of the Covid-19 pandemic on Nigerian businesses and families.
He said that the” Federal Government paid 50% of the cost of registration to the CAC and more than 245,000 business names were consequently registered.” He explained that the free business name registration process was so far done electronically and that applicants also got their certificates electronically.
“The numbers were divided between the 36 states of the federation and FCT,” he said, noting that Lagos and Abia had the highest numbers.”
The Registrar-General disclosed that aggregators were appointed and paid to collect SMEs information and submit same to CAC.
He also disclosed that by the end of September 2021, the exercise will come to a conclusion.
We are calling on all our members who have not gotten their own free business name registrations to do so during these remaining days.
In October, 2020, the President Muhamadu Buhari approved the free business name registration scheme with the Corporate Affairs Commission (CAC) to register 250,000 businesses across the nation.
The CAC made known that it registered 85,635 new companies in 2018. It said that the number of newly registered companies dropped by 2.57% in 2018, compared to 87,891 companies that were registered in 2017.
The CAC under its Business Incentive Strategy (BIS) reduced the cost of business name registration from N10,000 to N5,000 for an initial period of three months which covered October 1 to December 31, 2018.
It subsequently extended the cost reduction period of business registration till Saturday, March 31, 2019.
Why Did CAC Extend The Reduction Cost Deadline?
They said that the move to extend the reduction cost deadline was to deepen the benefits of its reform initiatives.
Also the extension was aimed at enabling more small and medium enterprises (MSMEs) to formalize their businesses, which will enable them own corporate accounts with banks in order to have access to loans, grants and other government interventions.
In order to enhance the ease of doing business in Nigeria, the commission announced some far reaching decisions, part of which is the company incorporation in 24 hours policy.
In the same vein, the Corporate Affairs Commission (CAC) has announced the commencement of the implementations of the Companies and Allied Matters Act 2020 (CAMA 2020); also adding that it has introduced a self-service portal.
This was disclosed by the CAC Registrar-General, Alhaji Garba Abubakar, in Abuja. He stated that the self-service portal will be used for end-to-end electronic submission by customers.
“The Honourable Minister approved the companies Regulation 2021 towards the end of December, 2020 and the approval says it is effective from January 1, 2021”, according to Abubakar.
“Already the implementation has started and we have upgraded software that allows you to register your company electronically.
The law has come with a lot of innovations and changes to some of the old provisions of CAMA 1990, so we needed to make some changes to bring them up-to-date, consistent with the new law.
“We needed to make necessary changes to the Registration Software to accommodate the reforms introduced by the new law, and it took some time.
“The portal started working on Jan 3 and customers have started using it already, so from the comfort of your home and with your phone you can register your company.
This has gone a long way to increase the ease of doing business in the country.
We say congratulations to the management of the Corporate Affairs Commission (CAC) and the Federal Government of Nigeria (FGN) for this feat.
We all know that registering a company now in the country is no more as difficult as it was before.
For your training in export, import and other ancillary businesses, contact the admin of this forum for help.
The Corporate Affairs Commission (CAC) of Nigeria said that it has registered 245,000 businesses under its free business name registration exercise so far.
The Registrar-General of the CAC disclosed the registrations were done with the approval of the Federal Government of Nigeria (FGN); this is a part of government’s intervention programme to reduce the effects of the Covid-19 pandemic on Nigerian businesses and families.
He said that the” Federal Government paid 50% of the cost of registration to the CAC and more than 245,000 business names were consequently registered.” He explained that the free business name registration process was so far done electronically and that applicants also got their certificates electronically.
“The numbers were divided between the 36 states of the federation and FCT,” he said, noting that Lagos and Abia had the highest numbers.”
The Registrar-General disclosed that aggregators were appointed and paid to collect SMEs information and submit same to CAC.
He also disclosed that by the end of September 2021, the exercise will come to a conclusion.
We are calling on all our members who have not gotten their own free business name registrations to do so during these remaining days.
In October, 2020, the President Muhamadu Buhari approved the free business name registration scheme with the Corporate Affairs Commission (CAC) to register 250,000 businesses across the nation.
The CAC made known that it registered 85,635 new companies in 2018. It said that the number of newly registered companies dropped by 2.57% in 2018, compared to 87,891 companies that were registered in 2017.
The CAC under its Business Incentive Strategy (BIS) reduced the cost of business name registration from N10,000 to N5,000 for an initial period of three months which covered October 1 to December 31, 2018.
It subsequently extended the cost reduction period of business registration till Saturday, March 31, 2019.
Why Did CAC Extend The Reduction Cost Deadline?
They said that the move to extend the reduction cost deadline was to deepen the benefits of its reform initiatives.
Also the extension was aimed at enabling more small and medium enterprises (MSMEs) to formalize their businesses, which will enable them own corporate accounts with banks in order to have access to loans, grants and other government interventions.
In order to enhance the ease of doing business in Nigeria, the commission announced some far reaching decisions, part of which is the company incorporation in 24 hours policy.
In the same vein, the Corporate Affairs Commission (CAC) has announced the commencement of the implementations of the Companies and Allied Matters Act 2020 (CAMA 2020); also adding that it has introduced a self-service portal.
This was disclosed by the CAC Registrar-General, Alhaji Garba Abubakar, in Abuja. He stated that the self-service portal will be used for end-to-end electronic submission by customers.
“The Honourable Minister approved the companies Regulation 2021 towards the end of December, 2020 and the approval says it is effective from January 1, 2021”, according to Abubakar.
“Already the implementation has started and we have upgraded software that allows you to register your company electronically.
The law has come with a lot of innovations and changes to some of the old provisions of CAMA 1990, so we needed to make some changes to bring them up-to-date, consistent with the new law.
“We needed to make necessary changes to the Registration Software to accommodate the reforms introduced by the new law, and it took some time.
“The portal started working on Jan 3 and customers have started using it already, so from the comfort of your home and with your phone you can register your company.
This has gone a long way to increase the ease of doing business in the country.
We say congratulations to the management of the Corporate Affairs Commission (CAC) and the Federal Government of Nigeria (FGN) for this feat.
We all know that registering a company now in the country is no more as difficult as it was before.
For your training in export, import and other ancillary businesses, contact the admin of this forum for help.
