FG’s reform reduces business registration from 10 to 2days

Following reforms by the Presidential Enabling Business Environment Council (PEBEC) the period for the registration of new businesses in the country has been reduced from 10 to two days.

This was contained in a report card announced by PEBEC on Monday on the 60-Day National Action Plan on Ease of Doing Business which was implemented from February 21, 2017 to April 21, 2017.

The report which highlighted 31 completed reforms across the council’s eight priority indicators was unveiled at PEBEC’s monthly meeting at the Presidential Villa, Abuja.

A statement from PEBEC secretariat which disclosed the reforms said that the “Report Card is in keeping with PEBEC’s promise to be accountable to Nigerians for the targets set and promises made, adding that “completed reforms are being closely monitored to ensure diligent implementation with minimal disruption, and pending reforms are being escalated to ensure completion in the coming weeks.”

Besides reduction of days required for the registration of new businesses in Nigeria from 10 to 2 days, there is also now a 24-hour timeline for company registration from when application form is completed and all required documents made available.

The reform has also made it possible for prospective business owners to 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.

According to the report, CAC has 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.

Other aspects of the reforms now actualised in the last 60 days include the Integrated FIRS e-payment solution into CAC portal to enable e-stamping while the reform empowers CAC internal lawyers to certify company incorporation forms and conduct statutory declaration of compliance for a fixed fee of N500.

The report further listed “Dealing with construction permits, Getting electricity, Registering Property, Getting Credit and Paying Taxes,” as some of the areas where PEBEC has recorded progress in the past 60 days.

The report also highlighted the completed reforms on the “Entry and Exit of People,” indicator which includes Simplified Visa-on-Arrival process, Infrastructural improvements at the Abuja airport, and the new Immigration Regulation 2017.

It also indicated that the completed reforms are being closely monitored to ensure diligent implementation with minimal disruption while pending reforms are being escalated to ensure completion in the coming weeks.

Read also: World Bank projects 2.6% growth for Nigeria in 2017

The Council emphasised that with the conclusion of implementation of the Action Plan, the next phase would involve “deepening existing reforms; completing and implementing pending initiatives; engaging with the public; validating completed reforms and kicking-off medium-term reforms.”

The Council would also kick-start “sub-national reforms across Nigeria’s 36 states; trading within Nigeria; kick-off of initiatives and reforms improving business processes and regulations within Nigeria; and ease of movement of goods within and across regions in Nigeria.”

PEBEC, chaired by Vice President Yemi Osinbajo (SAN) was established by President Muhammadu Buhari to look at how business could be done with ease in the country.

Following Osinbajo’s absence, the Monday meeting was chaired by Transportation Minister Rotimi Amaechi, a council member of PEBEC. In attendance were Foreign Affairs Ministers Geoffrey Onyeama, Minister of State for Industry Trade and Investment Aisha Abubakar, and her counterpart in Budget and National Planning Zainab Ahmed among other dignitaries.

 

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