Key Reforms To Company Registration Procedures

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According to information made available by the Presidential Enabling Business Environment Council (PEBEC), the Corporate Affairs Commission has stopped receiving manual applications in Abuja, Enugu, Kano, Kaduna and Port-Harcourt.

This means that all applications would need to be submitted via the online registration portal. It is expected that this will be cheaper, faster and convenient for businesses.

Applicants processing new registration in these locations are to complete the application forms and pay the registration fee as well as Stamp Duty (where applicable) on the Company Registration Portal (CRP) and thereafter upload all necessary and duly executed documents through the Corporate Affairs Commission (CAC)’s upload interface.

Efforts are being made to ensure close to zero downtime of the portal.

The following numbers of CAC customer service personnel may be contacted for help or feedback on the online registration.

James +234-818-229-8971;

Jolomi +234-818-229-9016;

Eze +234-908-740-1600;

Stellamaris +234-908-740-1599 and

Joke +234-908-740-1598

Various reforms completed by the CAC over the last few months include:

  1. Automatic generation of Tax Identification Number (TIN): Upon completion of company registration, TIN will be sent automatically to the email used for registration.
  2. Public search window: This makes it possible to see which company names are available for registration.
  3. Electronic stamp duty: It is now possible to get e-stamp registration documents when registering a company.
  4. Document upload functionality: This allows applicants to upload and submit all documents including those requiring signatures online without the need for applicants to submit hard copies to the CAC.
  5. Consolidated form (CAC forms 1-7 to CAC 1.1): The CAC form online has been streamlined to remove any unnecessary information request in order to make the registration process faster.
  6. Certification of registration documents: Direct applicants are no longer required to sign the declaration of compliance before a Commissioner for Oaths or Notary Public.

The efforts to simplify company registration are commendable. We hope these initiatives will be extended to ongoing compliance requirements by existing companies sooner rather than later.

 

 

 

 

(Mondaq)

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