NEWS: CAC registers 69,000 business names in two months

Registration of businesses/companies has witnessed an upward trend resulting from the downward review of the business registration fee from N10,000 to N5,000.

The Corporate Affairs Commission (CAC) has revealed that it registered over 69,000 entities, following the launch of its Business Incentive Strategy (BIS), in two months.

The Acting Registrar-General ‎of CAC, Lady Azuka Azinge, who disclosed this at a media roundtable in Abuja at the weekend, said that the Business Incentive Strategy (BIS), a policy of the organization put in place to improve business registration had given rise to high registration entries she added that, people are asking for an extension of time and we have written to the Minister for approval because a lot of groups, companies and individuals have commended the initiative.

She said the initiative was in line with the major thrust of the present administration which centred on diversification and revamping the economy through support for MSMEs. 

The CAC boss said the Commission has also deployed a user-friendly Company Registration Portal (CRP) which affords customers real-time access to the services of the Commission from the comforts of their offices or homes.

While commending the efforts of the Presidential Enabling Business Environment Council (PEBEC), Lady Azuka said CAC has fully keyed into the laudable agenda in order to make Nigeria a progressively easier place for businesses to start and thrive.

She further revealed that in order to ease business registration, “the commission recently dispensed with proficiency requirement for registration of all forms of businesses. Under the new arrangement, members of the public do not have to submit proficiency certificate to the commission for registration of companies, Business Name and Incorporate Trustees.”

The CAC boss said the ultimate goal of the exercise was to sensitise entrepreneurs to the need to formalise their businesses to enable them to access the Federal Government’s interventions.

The Registrar stated that the commission is “resolute in reviewing it’s processes regularly. In that regard, work was at an advanced stage to amend it enabling law, the Companies and Allied Matters Act (CAMA) in collaboration with the National Assembly.”

She said that the CAMA amendment Bill had been passed by the Senate in July, 2018 and w‎as before the House of Representatives for passage, after which it will be assented to by the President.