Dear Entrepreneur
You probably have a brilliant business idea, and starting your own business empire is top-of-mind.
Being your own boss sounds exciting, but the big step may seem quite scary – like a walk into the unknown. It also is true that we all think the process could be a bit overwhelming. Well I’m glad to tell you that if you are considering taking the step, the information here will help make your journey a bit less tedious.
As a business owner, you should know that the first step in fulfilling your dream of owning your business empire starts with reserving your proposed business name before you proceed to register your business. Now, you might think this will be tedious and complex, probably because you may have experienced or heard stories about working with agents and having to physically visit the Corporate Affairs Commission (CAC).
But that has now changed, because there’s a deliberate effort to make doing business much easier for SMEs in Nigeria by the Presidential Enabling Business Environment Council in collaboration with the Corporate Affairs Commission (CAC) & the Federal Inland Revenue Service (FIRS).
The person who “knows somebody that knows somebody that helps in registering businesses” should not be causing a strain on your pocket in the pursuit of your dreams. Yes, we understand how the long processes and bottlenecks in starting a business used to be a real hassle, but most of that has been eliminated and the process is now much simpler.
Here are the reforms you can take advantage of for simple steps towards starting a business in Nigeria.
Reserve your business name in 4 hours
Within 4 hours, you can take the first step in actualizing your dreams. You can reserve your business name online within 4 hours on the Corporate Affairs Commission’s website from the comfort of your home or office for just N500 Naira (five hundred naira). Try it now!
*SMEs can reserve a business name on the CAC Companies Registration Portal (CRP) within four hours if they submit the request before 2pm on a working day.
Register your business in 24 hours!
Unbelievable right? We get that all the time.
You no longer have to pay a physical visit to the CAC to register a business.
As a business owner, you can register online via the Company Registration Portal (CRP) of the CAC. The steps are easy, see them here. So you do not necessarily need to engage an agent to help you register your business unless you choose to.
Note that all the documents for registration are to be submitted on the CRP in PDF format with a size no larger than 5MB. This process does not take more than 30 minutes
One registration form to start a business
The era of filling and submitting several documents and forms as a requirement during registration is now over. All you need is a single form, as all incorporation documents have been merged into a single CAC Form 1.1; thus saving you over N4,000 on documentation alone.
Automatic generation of Tax Identification Number (TIN) after completion of registration
Gone are the days when you physically have to visit the Federal Inland Revenue Service (FIRS) to get your Tax Identification Number (TIN). Now after the registration on the CRP, the Tax Identification Number (TIN) will be automatically generated and sent by the Federal Inland Revenue Service (FIRS) to the company director via email.
There are more reforms to help you start a business with ease. You can learn more here, and if you face any challenges with the process above simply visit www.reportgov.ng and tell us your experience so we can help resolve it. You are guaranteed a response within 48 hours!
With the implementation of the PEBEC reforms, starting a business has indeed been made easier for entrepreneurs and as one, you should take the opportunity to formalise your business – even if it’s just an idea.
It just might be a step towards making your legacy a reality.
Find out more here
