Osinbajo:
chairs the Presidential Enabling Business Environment Council, PEBEC:
days to register business names by CAC cut to two
Besides, 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.
These are among
highlights of a report presented at a Presidential Enabling Business
Environment Council, PEBEC, earlier today at the Presidential Villa,
marking the end of the 60-day Action Plan on Ease of Doing Business in
Nigeria reforms.
The Council established
by President Muhammadu Buhari is chaired by Vice President Yemi
Osinbajo, SAN. But today’s meeting was chaired by Transportation
Minister Rotimi Amaechi, one of the several federal ministers who are
Council members as the Vice President was busy with the work of the
Presidential Investigative Panel.)
Other Ministers at
today’s meeting included Foreign Affairs Ministers Geoffrey Onyeama,
Minister of State for Industry Trade & Investment Aisha Abubakar,
and her counterpart in Budget & National Planning Zainab Ahmed.
Other government dignataries at the meeting included the Head of
Service, Mrs Winifred Oyo-Ita, and several heads of MDAs. The report was
presented by Dr. Jumoke Oduwole, Senior Special Assistant to the
President on Trade & Investment.
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 actualized 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.
According to the report, the PEBEC listed “Dealing with construction
permits, Getting electricity, Registering Property, Getting Credit and
Paying Taxes,” as some of the areas where the council 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.
On Trading across
Borders, some of the completed reforms include palletisation of imports,
advanced cargo manifests, reduction in documentation requirements and
scheduling of Joint Physical Examination by the Customs Service.
The National Action Plan
contained initiatives and actions implemented by responsible Ministries,
Departments and Agencies (MDAs), the National Assembly, a number of
State Governments, as well as some private sector stakeholders.
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.”
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