- August 15, 2017
- Posted by: LeadSpace Team
- Category: Business, Entrepreneurship, Nigeria, Policy, Startups
Did you know, before now, if you established a company, or started a brilliant business somewhere and from the profit margin or the fresh influx of perspective and ideas, you could tell it wasn’t just a side kick, one of the many worries that becloud your mind was the issue of CAC registration.
Obviously, it is a norm and a law to register your business with the state government for reasons best known to the government.
Fast forward to 2017, all the process you need can be summarized into www.new.cac.gov.ng
CAC registration has moved from a nightmare to a safe haven.
The Corporate Affairs Commission is the governmental body assigned to regulate the creation and administration of companies in Nigeria. The commission is empowered by the Nigerian law to address matters relating to business registration, business naming and incorporation of trustees in Nigeria.
The Presidential committee on Ease of Doing Business announced that the number of days required for the CAC (Corporate Affairs Commission) registration of new businesses in Nigeria has been truncated to 2 working days; from 10 – 2 WORKING DAYS.
According to Dr Jumoke Oduwole, Senior Special Assistant to the president on Trade and Investment, “CAC has introduced single incorporation form (CAC1.1) to save time and reduce cost, while the agency has introduced document upload interface on its website to enable e-submission of registration.”
The Registrar-General, CAC, Mr Mahmud – Bello, said manual application and registration processes would be gradually phased out in the course of the year.
The reformation includes; e- submission, integrated FIRS e – payment, E – stamping, all of which have been integrated into the online process.
More good news, you can now register your business name without involving a lawyer or an agent. All you need to do is search online for the closest CAC branch around you across Nigeria. Most CAC branches are situated in their state capitals.
Well, now that it is cheaper, quicker and easier to start a business or turn that side hustle into a franchise with the Ease of Doing Business scheme in place, let the brainstorming and solution creations begin.