STARTING A BUSINESS

Increased Efficiency And Reduced Costs

Registering a business in Nigeria required twice as many procedures and three times the amount of time compared to processes and procedures which had been adopted by developed economies around the world. PEBEC, in collaboration with the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS), have worked to streamline and address the challenges that SMEs face when registering a business.

Reforms implemented in simplifying the process of starting a business

Online reservation of a business name within 4 hours


Impact

  • Applicants can now check the availability of proposed business name on the CAC website
  • Name reservation is done within 4 hours if the request is submitted before 2pm on a business day.
  • It costs N500 to reserve a business name

Online reservation of a business name within 4 hours

Registration of a new company with Corporate Affairs Commission (CAC) within 24 hours

Impact

  • SMEs can now register their businesses online within 24 hours without requiring a physical visit to the Corporate Affairs Commission (CAC) office.

Automatic generation of Tax Identification Number (TIN) after completion of registration


Impact

  • Applicants are no longer required to physically visit the Federal Inland Revenue Service (FIRS) to get their TIN, it will be automatically generated and sent by the FIRS immediately after registration on the Company Registration Portal has been completed.

Automatic generation of Tax Identification Number (TIN) after completion of registration

One form needed to start a business

Impact

  • Applicants are no longer required to fill and submit several documents for the registration process as all documents and forms have been merged into a single form.

Automated registration of business premises (Kano)


Impact

  • Applicants can now easily register their business premises and get their Business Premises permit electronically in Kano state
  • Registration process time requires 1 day

Automated registration of business premises (Kano)

Provision of a customer service support center at the Corporate Affairs Commission (CAC) offices

Impact

  • Ensures faster issue resolution for small businesses
  • Encourages business registration

REFORM OUTCOMES

The registration process is now easier, convenient, faster, more efficient and does not require an accredited agent or lawyer, hence encouraging business owners to register their businesses themselves.

The time required to start a business in Nigeria reduced from 30 days

Increased efficiency in the system and staff of the Corporate Affairs Commission (CAC) due to the ease of registering a business

Improved transparency on the back of payments being made into the Treasury Single Account (TSA)

How to register a new company

1

Check for availability of proposed name at (https://services.cac.gov.ng/) to reserve your business name

2

Complete pre-registration form - CAC 1.1 - and pay for filing and stamp duty fees on the Company Registration Portal (CRP)


3

Sign and upload pre- registration of the following documents:

  • Form CAC 1.1
  • Memorandum and Article of Association (MEMART) – retrieved from the Corporate Affairs Commission (CAC) website
  • Recognised form of identification for directors/subscribers and secretary
  • Evidence of payment made to Corporate Affairs Commission (CAC)

4

Submit all the original paper documents above at the Corporate Affairs Commission (CAC) office and receive the company certificate and Certified True Copies of the documents

Note:

Steps 1-3 can be done online via the Company Registration portal of the Corporate Affairs Commission (CAC) website, and the process after step 3 can be completed within 24 hours.

Corporate Affairs Commission (CAC)

Website - http://new.cac.gov.ng/home/

Office address - Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, Nigeria.

Phone - +234-818-229-8971 / +234-818-229-9016 / +234-908-740-1600 / +234-908-740-1599 / +234-908-740-1598

Twitter - @cacnigeria1
Facebook - @cacnigeria1

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