CAC registers 39,074 new business names in two months under N5,000 fees strategy

Nigeria’s Corporate Affairs Commission (CAC) says it has been able to register 39,074 business names between October and November 2018 following the implementation of its Business Incentive Strategy (BIS).

The commission had under its BIS reduced the cost of business name registration from N10, 000 to N5, 000 for a period of three months covering October 1 to December 31, 2018.

Azuka Azinge, acting registrar-general, CAC, said these at a customers’/stakeholders’ forum in Lagos.

The forum is a periodic interactive session between the management of the commission and its stakeholders to enhance service delivery.

The BIS is aimed at creating a window for Micro, Small and Medium Enterprises to formalize their businesses so that they can own corporate account with banks have access to loans, grants and other government interventions.

She said, “Only recently, the commission extended the BIS to encourage small businesses formalise their business by registering same with the commission.

“During the initial three months of the BIS registration, activities increased tremendously. For the months of October and November 2018, a total of 39,074 business names were registered.”

“The commission remains resolute in reviewing its processes regularly.”
On the amendment of the Companies and Allied Matters Act, the CAC boss said that the commission is positive that the amendment bill would be passed this month.

She added, “Work is at advanced stage to amend the CAMA in collaboration with the National Assembly. The amendment is aimed at enhancing the commission’s supervisory and regulatory powers.

“The ultimate goal of the commission is to make CAC a world class company’s registry providing excellent registration and regulatory services.”
She explained that the commission is working with Presidential Enabling Business Environment Council to improve the business environment and make Nigeria a progressively easier place for business to start and thrive.

The CAC boss noted that the deployment of the user-friendly Company Registration Portal has enabled customers to have on-line access to the services of the commission from the comfort of their offices and homes using different electronic payment platforms.

She gave other reforms being implemented by the commission to include digitalization of legacy records, full decentralization of operations,  and integration of the CRP to stamp duty portal of the Federal Inland  Revenue  Service among others.

She said the objective of these reforms is to support the government’s efforts to encourage small businesses to formalize their businesses by registering them with the commission.