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[LAGOS]–The Corporate Affairs Commission, CAC, has consolidated the forms required to register a business in Nigeria and therefore reduced the number of the forms from seven to one.

The Special Adviser to the Commission’s Registrar General, Garba Abubakar, who made this statement at the Lagos Stakeholders Forum of Enabling Business Environment Secretariat held on Friday was quoted in a statement released by the on Sunday by EBES.

The  commission further revealed that the single form, which has been deployed this week, contains all the information intending business owners need to register their businesses and that it is available for download at the commission’s website.

Abubakar, who  was further quoted to have said that the essence of the new process is to reduce cost and time used for business registration, also noted that the commission would ensure that business owners are able to upload documents electronically as part of its deliverables in the 60-day National Action Plan on Ease of Doing Business in Nigeria.

Some other reform initiatives announced at the EBES forum include the CAC upcoming reform that would allow business owners to get e-stamps for stamp duties without the need to visit the offices of the Federal Inland Revenue Service.

In similar development, FIRS has revealed that Tax Identification Numbers could now be obtained when registering business organisations at the CAC without having to visit its offices.

It should be recalled that an expert, KPMG Adewale Ajayi, recently, advised the federal government to  synergize the CAC and FIRS to work together, such that when a company registers as a corporate body with the CAC, it will automatically have a tax number.

Copyright 2017 The Page. Permission to use quotations from this article is granted subject to appropriate credit being given to as the source.



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