CAC registers 39,074 business names in two months – Registrar

Corporate Affairs Commission (CAC) Head Office
Corporate Affairs Commission (CAC) Head Office

The Corporate Affairs Commission (CAC) registered about 39,074 business names between October and November 2018 under its new Business Incentive Strategy, the agency has said.

A statement sent by the commission to PREMIUM TIMES on Tuesday said its acting Registrar-General, Azuka Azinge, disclosed this at a customers/stakeholders’ forum in Lagos.

The forum is a periodic interaction between the management of the commission and its partners to enhance service delivery.

Under the new strategy, prospective business owners were offered a 50 percent reduction in cost from N10,000 to N5,000 to register their business names for a period of three months between October 1 and December 31, 2018.

The BIS was established to create a window for micro, small, and medium enterprises to formalise their businesses to allow them own corporate account with banks, have access to loans, grants and other government supports.

“During the initial three months of the BIS, registration activities increased tremendously,” the Registrar-General said.

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On the amendment of the Companies and Allied Matters Act, the CAC boss said the commission was confident the bill would be passed by the end of this month.

She said work was at an advanced stage to amend the CAMA in collaboration with the National Assembly to enhance the supervisory and regulatory powers of the commission.

The ultimate goal of the CAC, Ms Azinge said, was to make it a world-class companies’ registry, providing excellent registration and regulatory services.

She said the commission was working with the Presidential Enabling Business Environment Council to improve the business environment and make Nigeria a progressively easier place for business to start and thrive.

The CAC boss said the deployment of the user-friendly Company Registration Portal enabled customers to have online access to the services of the commission from the comfort of their offices and homes, using different electronic payment platforms.

Other reforms initiated to improve service delivery by the Commission include digitalisation of legacy records, full decentralisation of operations, and integration of the CRP to stamp duty portal of the Federal Inland Revenue Service, among others.

She said the objective of the reforms is to support the government’s efforts to encourage small businesses to formalise their businesses by registering them with the commission.

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