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N5000 for biz name registration boosting economy – CAC

The Corporate Affairs Commission (CAC) has said that the reduction of fee for business name registration from N10,000 to N5,000 has boosted the volume of business name registration of small and medium enterprises.

The acting Registrar-General of CAC, Lady Azuka Azinge, said this yesterday in Lagos during a customers/stakeholders’ forum.

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Lady Azinge said through the implementation of its Business Incentive Strategy (BIS), it had been able to register 39,074 business names between October and November 2018.

The forum is a periodic interactive session between the management of the commission and its stakeholders to enhance service delivery.

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“Only recently, the commission extended the BIS to encourage small businesses formalise their business by registering same with the commission,” she said.

On the amendment of the Companies and Allied Matters Act, the CAC boss said the commission is optimistic that it would be passed this month.

She added, “Work is at advanced stage to amend the CAMA in collaboration with the National Assembly. The amendment is aimed at enhancing the commission’s supervisory and regulatory powers.

“The ultimate goal of the commission is to make CAC a world class company registry providing excellent registration and regulatory services.”

She explained also that the commission is 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 noted that the deployment of the user-friendly Company Registration Portal has enabled customers to have on-line access to the services of the commission from the comfort of their offices and homes using different electronic payment platforms.

She gave other reforms being implemented by the commission to include digitalization of legacy records, full decentralization 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 government’s efforts to encourage small businesses to formalize their businesses by registering them with the commission.

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