Business registration now takes 24-hours

The Nigeria government has achieved great milestone in its pursuit of ensuring greater ease of doing business in Nigeria. The government announced the reduction of days required for business registration to 2 days (48 hours) and number of forms required to just one (form 1.1).

This resolutions and decisions was part of the report given by the Presidential Enabling Business Environment Council (PEBEC) meeting at the end of the 60-day action plan on Ease of Doing Business in Nigeria reforms held in the Presidential Villa on Monday, April 26, 2017.

The council had also set 24-hours timeline for company registration from the day application form is completed and all required documents made available while prospective business owners can now search the Corporate Affairs Commission's portal (www.cac.gov.ng) for availability of name to avoid duplication of names.

According to excerpts of the council’s report made available to journalists last night by the Vice-President’s Media Aide, Mr. Laolu Akande, the council has ensured integrated FIRS e-payment solution into CAC portal to enable e-stamping has been introduced while the CAC internal lawyers are required to certify company incorporation forms and conduct statutory declaration of compliance for a fixed fee of just N500.

The report also highlighted that “dealing with construction permits, getting electricity, registering property, getting credit and paying taxes as some of the areas where the council has recorded progress in the past 60 days.”

Other reforms introduced by the council as hinted during the PEBEC/NESG Breakfast Meeting held in Lagos on Friday, April 21, 2017, extend to areas such as entry and exit of people, trading across borders, getting credit, paying taxes and registration of property.