Business Made Easy – CAC

With determination, there is really nothing you cannot achieve. For us in CAC, we are encouraged to even do more because we’ve lifted Nigeria up on the global index of ease of doing business in the sense that Nigeria’s rating has really gone up.” That was the rousing remark made by Acting Registrar-General (CAC), Lady Azuka Azinge at a recent event while speaking about Nigeria’s emergence as one of the top 10 most improved economies globally and CAC’s role in the feat.

With Nigeria moving notches up in the World Bank’s Doing Business report and likewise emerging as one of the top 10 most improved economies globally, the federal government affirmed its support for the Corporate Affairs Commission (CAC) to take the country much higher on the Ease of Doing Business (EODB) ladder.

Manifestly, the CAC has made no fuss about its dedication to delivering quality services and adequately deploying human and material resources to ensure that it is consistently meeting up with consumer’s expectations. Thus, in line with its statutory mandate, the Commission has deliberately embarked upon several reform initiatives aimed at easing business registration in Nigeria and the benefits are legion.

Decentralization of operations is one of them. With the decentralization, one can start and finish registration process for Companies, Business Names and Incorporated Trustees in any of the State Offices nationwide without recourse to Head Office. With this innovation, people can now do business registration without travelling out of their locations. 

Filing fees payable for registration of small and medium size companies has also been reduced by 50%, while big companies enjoy 25% reduction. The idea was to encourage small enterprises to formalize their businesses and also support government efforts on ease of doing business and economic growth.

Also, the framework for direct registration has been revised for officers of the Commission to depose to statutory declaration of compliance in respect of applications submitted by the first directors or subscribers. This makes registration cheaper and easier for people registering by themselves without going through accredited agents. Likewise, private Notaries Public have been enlisted to notarize documents at a negotiated fee subject to the maximum charge of N500. The initiative is to reduce cost of registration and ease direct registration by Directors/Subscribers of Companies.

 A public search window has equally, been deployed in the Commission’s website which provides the names, addresses, registration numbers and dates of registration of all registered Companies, Business Names, Incorporated Trustees and those undergoing registration.

The information is also useful to persons that desire to register Companies, Business Names and Incorporated Trustees to find out whether the name they proposed to reserve has already been registered. The information is available at no cost. www.cac.gov.ng.

It is important to note that this initiative has reduced instances of name denial and has made name search much easier and cheaper.

 Meanwhile, a new form CAC 1.1 has been introduced to replace the old CAC Forms 2, 2.1, 3, 4 and 7.

 The introduction of the new form has brought down the registration fee by about N4,000 from N6,000 as Customers only have to pay the sum of N2,000 for Certified True Copy (CTC) of the new form CAC 1.1. The consolidation has reduced cost of CTC by about N4, 000 in addition to the convenience of having all the information in one document.

“The deployment of Company Registration Portal (CRP) is one userfriendly initiative that affords customers online and real time access to CAC’s services from the comfort of their offices or homes. It has significantly impacted on the time circle of company registration and the achievement of 24 hours registration target.”

 The deployment of Company Registration Portal (CRP) is one user-friendly initiative that affords customers on-line and real time access to CAC’s services from the comfort of their offices or homes. It has significantly impacted on the time circle of company registration and the achievement of 24 hours registration target.  

Document upload interface is another key feature. It enables Customers’ to upload their registration documents online for processing.  Customers no longer have to submit documents physically before registration. Indeed, one can start and complete registration from the comfort of his or her home and office.

In addition, The Company Registration Portal has been integrated to the Stamp Duty   Portal of the Federal Inland Revenue Service (FIRS). Customers can now pay and stamp their documents online through the CRP. The new e-stamping system has dispensed with the physical submission of documents to FIRS for assessment of manual stamping, thus reducing the time for registration.

Moreover, the Commission has out-sourced the hosting of its main database and operating software to Main-One Data Centre in Lagos. This was to ensure 99% uptime resulting in efficient registration services as well as ensured seamless operation of the Company Registration Portal and zero downtime, making registration very easy, smooth and convenient.

 To attend to all forms of enquiries and complaints, a Help Desk has been established. The Help Desk has five dedicated telephone lines which are on from 8am to 7pm Monday to Friday for assistance to customers on their enquiries and complaints. The lines are: 08182299016, 08182298971, 09087401598, 09087401599 & 09087401600. The Help Desk also has an email service: [email protected].

On-going, to ensure the integrity of its database and provide for easy retrieval of registration records electronically, is the digitization of all the legacy records into suitable electronic formats. The digitalization of records of these registered entities i.e., Limited Liability Companies, Business Names and Incorporated Trustees will serve the convenience of our Customers and stakeholders and will enable members of the public carry out searches and due diligence electronically. Once completed, real time online services can conveniently be extended to post registration services.

 The Commission carried out a comprehensive review of Companies and Allied Matters Act (CAMA), 1990 to bring it in line with global best practices in Companies regulation and administration. The Senate has passed the Amendment Bill which is currently before the House of Representatives, for passage, before Presidential assent.

The new CAMA when signed into law will strengthen the regulatory and   enforcement capacities of the Commission to effectively discharge its function and thus promote good corporate governance in the management and operation of Companies, Business Names and Incorporated Trustees.

Besides, CAC has reviewed its service timelines. The revised service timelines is as follows: 

• Name reservation – 6 hours from submission of request.
• New registration of Companies, Business Names and Incorporated Trustees – 24 hours from filing of application.

Furthermore, the Commission is now opened for transaction from 8.00am to 7.00pm from Monday to Friday in Abuja, Lagos, Kaduna, Kano, Enugu and Port Harcourt offices. The extended working hours give people enhanced access to the Commission for people doing post incorporation applications which has improved delivery time. 

Finally, the requirement of proficiency certificates for registration of Companies,       Business Names and Incorporated Trustees has been dispensed with. L&S

“We’ve seen over time that countries that have the best economic growth are those that have good governance, and good governance comes from freedom of communication. It comes from ending corruption. It comes from a populace that can go online and say, ‘This politician is corrupt, this administrator, or this public official is corrupt”.