Highlights of the 60-Day National Action Plan on Ease of Doing Business in Nigeria

S/No Identified Challenges Reforms (Ongoing & Completed) Results

1

Promoters of new companies were exposed to risk of reserving company names which were similar to names of already registered companies; thereby wasting time and resources in the process.

To operationalise name searches on CAC’s online portal.

  • Twelve (12) hour timeline for name reservations which would be included in the updated Companies Regulations scheduled to be published by the CAC within the next thirty (30) days.

  • Introduction of twenty-four (24) hour timeline for determination of applications for consent to use restricted names.

2

Promoters of new companies were unable to upload their documents online on CAC’s portal.
  • Enabling online submission of registration documents.

  • Improving reliability of CAC online portal.

  • Upload functionality is now available on the CAC online portal to enable e-submission of registration documents.

  • Physical visits to CAC locations will be eliminated.

3

Frequency in downtime of CAC portal/servers, thereby preventing business owners from registering their businesses in a timely and efficient manner.

Improving reliability of CAC online portal through relocation of servers from CAC premises.

  • Uptime expected to be greater than 99%.

  • Increased confidence in CAC online process.

4

Business owners hoping to start a business had to fill seven (7) forms to facilitate incorporation process.

Consolidation of incorporation forms into one (1) single form.

  • Introduction of a single form for incorporation.

  • Simplified application process.

  • Consequential reduction of statutory fees payable for e-registration of companies.

5

Business owners currently go through stress and delays in making payment of stamp duties to the FIRS via a different payment system and also have to make physical submissions of documents for stamping.

Integration of FIRS e-payment solution into CAC online portal.

Quick and convenient e-payment and e-stamping solutions have been integrated into CAC online portal.

6

Previously there were multiple CAC websites, which created confusion as to which website to visit for current information on processes for registration of companies.

  • Harmonisation of CAC websites into a single website.

  • Improvement on content and upgrade of design of the website.

  • Clarity of applicable website.

  • Improved content and layout has made website more user friendly.

The overall impact which the above reforms are expected to have is to reduce the “number of days” required for registering companies from ten (10) days to one (1) day (24 hours).


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