CAC registers 69,000 companies between October and December 2018 – With the reduction of business registration fee from N10,000 to N5,000 between October 1st and December 31, 2018, the Corporate Affairs Commission (CAC) has registered over 69,000 companies.
Disclosing this at a media roundtable in Abuja at the weekend, the Acting Registrar-General of CAC, Lady Azuka Azinge said that the Business Incentive Strategy (BIS), a policy of the organization put in place to improve business registration had given rise to high registration entries.
According to her, “within two months, 69,000 entities have been registered, notwithstanding that the cost of registration is lower” adding that, “people are asking for an extension of time and we have written to the Minister for approval because a lot of groups, companies and individuals have commended the initiative.”
Business Incentive Strategy policy was supposed to last for three months. Aside BIS, Azinge said post-registration services were now partially automated, “to enable state offices to fast-track the processing of post-registration applications.”
She further revealed that in order to ease business registration, “the commission recently dispensed with proficiency requirement for registration of all forms of businesses. Under the new arrangement, members of the public do not have to submit proficiency certificate to the commission for registration of companies, Business Name and Incorporate Trustees.”
The Registrar stated that the commission is “resolute in reviewing it’s processes regularly. In that regard, work was at an advanced stage to amend it enabling law, the Companies and Allied Matters Act (CAMA) in collaboration with the National Assembly.”
She said that the CAMA amendment Bill had been passed by the Senate in July, 2018 and was before the House of Representatives for passage, after which it will be assented to by the President.