The ambassador for the Corporate Affairs Commission (CAC), Michael Nwabufo, announced that business registration in Nigeria can now be completed within 24 hours through a newly introduced special registration portal. This innovative platform aims to streamline the registration process, making it quicker and more convenient for business owners across the country. Speaking to newsmen in Lagos on Monday, Nwabufo urged business owners to take advantage of this new system and meet the July 7 deadline for mandatory business registration set by the CAC and the Central Bank of Nigeria (CBN).
According to Nwabufo, the portal enables businesses to register and receive documentation within a day, a significant improvement over the traditional process that often took weeks or even months. “There is a crucial deadline for agents and Fintech companies to register their businesses. Compliance is mandatory under new regulations aimed at enhancing transparency and accountability within the financial sector. The deadline ends on July 7,” Nwabufo explained. To facilitate this rapid registration process, the commission has introduced the Special Registration Portal (SRP), a new system that enables businesses to complete their registration directly through their mobile banking apps. This Innovation streamlines the process, making it quicker and more convenient for agents to comply with the regulatory requirements.
Benefits of business registration and the role of CAC in supporting SMEs.
Nwabufo emphasized the importance of this system, noting that it not only speeds up registration but also integrates seamlessly with existing banking infrastructure. Business owners can access further information and the portal by visiting the official CAC website or consulting their banking app. Emphasizing the importance of business registration in Nigeria, Nwabufo stated that it fosters uniqueness and trust among entrepreneurs. Registered businesses enjoy several advantages, including legal recognition, protection of business names, and access to financial services and government support.
Furthermore, Nwabufo highlighted a partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria and the CAC, aiming to register over five million new businesses nationwide within a year. This initiative is expected to boost Economic Growth and create more opportunities for entrepreneurs. Nwabufo thanked the Registrar-General of the commission, Hussaini Magaji, for his continuous efforts in ensuring the Nigerian business space is safe and secure. He also commended Magaji for his unwavering support for small and medium-sized enterprises (SMEs).
Steps to register a business name in Nigeria.
Also, the ambassador remarked that the CAC has been one of the top-performing government parastatals in the past year, scoring 53.36 percent in the Efficiency Compliance Ranking, 65.12 percent in Overall BFA Performance, and the highest score on the ReportGov.NG platform with 67.86 percent, indicating full compliance. Meanwhile, registering a business in Nigeria involves several steps, which have been significantly streamlined by the introduction of the SRP. The first step is to check the availability of the desired business name. This can be done online through the commission’s portal.
Once the business name is approved, the next step is to complete the pre-registration form, also known as Form 1.1. This form requires detailed information about the business, including the type of business, business address, and details of the owners or directors. After completing the pre-registration form, the applicant needs to pay the applicable filing fees. The payment can be made online through the portal or at designated banks. The following documents are required for submission: completed pre-registration form (CAC Form 1.1), memorandum and articles of association, recognized form of identification for the directors and shareholders, payment receipt of the filing fees, and stamp duty certificate.
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Finally, the documents are submitted and verified, the CAC issues the Certificate of Incorporation. This certificate serves as legal proof that the business is registered and recognized by the Nigerian government. After receiving the Certificate of Incorporation, the business must comply with post-incorporation requirements, which include: registration for Tax purposes with the Federal Inland Revenue Service (FIRS), obtaining a Tax Identification Number (TIN), opening a corporate bank account, registering for Value Added Tax (VAT) if applicable, and filing annual returns with the CAC.