New business registration not longer than two days- Presidential panel

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New business registration not longer than two days- Presidential panel

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The Presidential ”˜Ease of Doing Business’ panel has reduced the number of days required for registration of new businesses in Nigeria from 10 to two days.The panel also approved 24-hour timeline for company registration from when application form was completed and all required documents made available.Those were among highlights of a report presented by Dr. Jumoke Oduwole, Senior Special Assistant to the president on Trade and Investment, at a Presidential Enabling Business Environment Council (PEBEC), on Monday at the Presidential Villa.Going by the recommendations, prospective business owners can now search on Corporate Affairs Commission (CAC) portal   (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names.With this development, it is now optional for SMEs to hire lawyers to prepare registration documents for companies.The Council, established by President Muhammadu Buhari, is chaired by Vice President Yemi Osinbajo.However, Monday’s meeting was chaired by Transportation Minister Rotimi Amaechi, as the Vice President was busy with the work of the Presidential Investigative Panel set up for two top government officials.According to the report, CAC has introduced single incorporation form (CAC1.1) to save time and reduce costs. Document upload interface on its website has also been introduces; this is to enable e-submission of registration documents.Other aspects of the reforms actualized in the last 60 days include the Integrated FIRS e-payment solution into CAC portal to enable e-stamping while the reform empowers CAC internal lawyers to certify company incorporation forms and conduct statutory declaration of compliance for just N500.”˜Dealing with construction permits’, “getting electricity” , “registering property”, getting credit and paying taxes,” as some of the areas where the council recorded progress in the past 60 days, as stated in the report.The report also highlighted the completed reforms on the “Entry and Exit of People,” indicator which includes Simplified Visa-on-Arrival process, Infrastructural improvements at the Abuja airport, and the new Immigration Regulation 2017.The completed reforms would be closely monitored to ensure diligent implementation with minimal disruption while pending reforms were being escalated to ensure completion in the coming weeks.On Trading across Borders, some of the completed reforms include palletisation of imports, advanced cargo manifests, reduction in documentation requirements and scheduling of Joint Physical Examination by the Customs Service.The National Action Plan contained initiatives and actions implemented by responsible Ministries, Departments and Agencies (MDAs), the National Assembly, a number of State Governments, as well as some private sector stakeholders.The next phase would be on “deepening existing reforms; completing and implementing pending initiatives; engaging with the public; validating completed reforms and kicking-off medium-term reforms,” according to Dr. Oduwole.“The Council would also begin sub-national reforms across Nigeria’s 36 states; trading within Nigeria; initiatives and reforms improving business processes and regulations within Nigeria; and ease of movement of goods within and across regions in Nigeria,” the report read.

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