One challenge most new entrepreneurs face is the tiring process of having their business name registered. The process takes days, requiring moving of tons and tons of documents to the office of the Corporate Affairs Commission.
But things are changing, and there’s good news for business people!
A reform agenda of the Buhari administration has reduced the number of days required for the registration of new businesses in Nigeria by the Corporate Affairs Commission, CAC, from 10 to 2.
In addition, there is also now a 24-hour timeline for company registration from when application form is completed and all required documents made available.
Also, prospective business owners can now search on Corporate Affairs Commission (CAC) portal (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names, while company registration no longer requires lawyers as it is now optional for SMEs to hire lawyers to prepare registration documents.
CAC also introduced single incorporation form (CAC1.1) to save time and reduce costs while the agency has introduced document upload interface on its website to enable e-submission of registration documents.
So, if you’re yet to register your business name due to the stress and hassles that comes with it, you can go for it now!