Highlights of the 60-Day National Action Plan on Ease of Doing Business in Nigeria
Posted on Sun 26 Mar 2017
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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. |
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2 |
Promoters of new companies were unable to upload their documents online on CAC’s portal. |
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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. |
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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. |
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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. |
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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).