Starting a business
Increased Efficiency And Reduced Costs
Registering a business in Nigeria required twice as many procedures and three times the amount of time compared to processes and procedures which had been adopted by developed economies around the world. PEBEC, in collaboration with the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS), have worked to streamline and address the challenges that SMEs face when registering a business.
Reforms implemented in simplifying the process of starting a business
Impact
Online reservation of a business name within 4 hours
- Applicants can now check the availability of proposed business name on the CAC website
- Name reservation is done within 4 hours if the request is submitted before 2pm on a business day
- It costs N500 to reserve a business name
Impact
Registration of a new company with Corporate Affairs Commission (CAC) within 24 hours
- SMEs can now register their businesses online within 24 hours without requiring a physical visit to the Corporate Affairs Commission (CAC) office.
Impact
Automatic generation of Tax Identification Number (TIN) after completion of registration
- Applicants are no longer required to physically visit the Federal Inland Revenue Service (FIRS) to get their TIN, it will be automatically generated and sent by the FIRS immediately after registration on the Company Registration Portal has been completed.
Impact
One form needed to start a business
- Applicants are no longer required to fill and submit several documents for the registration process as all documents and forms have been merged into a single form.
Impact
Automated registration of business premises (Kano)
- Applicants can now easily register their business premises and get their Business Premises permit electronically in Kano state
- Registration process time requires 1 day
Impact
Provision of a customer service support center at the Corporate Affairs Commission (CAC) offices
- Ensures faster issue resolution for small businesses
- Encourages business registration
REFORM
OUTCOMES
The registration process is now easier, convenient, faster, more efficient and does not require an accredited agent or lawyer, hence encouraging business owners to register their businesses themselves. The time required to start a business in Nigeria reduced from 30 days Increased efficiency in the system and staff of the Corporate Affairs Commission (CAC) due to the ease of registering a business Improved transparency on the back of payments being made into the Treasury Single Account (TSA)Corporate Affairs Commission (CAC)
http://new.cac.gov.ng/home/
Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, Nigeria.
+234-818-229-8971 / +234-818-229-9016 / +234-908-740-1600 / +234-908-740-1599 / +234-908-740-1598
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