CAC Cancels Proficiency Requirements For Registration Of Businesses

Under the new arrangement, members of the public do not have to submit proficiency certificate to the Commission for registration of companies,business names , and incorporated trustees. Acting registrar-general of the commission, Lady Azuka Azinge,dropped this hint during a media interaction in Abuja,at the weekend. The CAC boss explained that the Commission was now repositioned to provide excellent services by simplifying the processes of business registration and other services. Accordingly, Azinge said the CAC recently launched a Business Incentive Strategy (BIS) to encourage small businesses formalise by registering with the Commission. Under the BIS, she said, the cost of business registration has been reduced from N10,000 to N5,000 for a period of three months, starting from October 1, 2018, to enable small businesses register their businesses. She said since the reduction of the business registration fee , the Commission has registered over 69,000 companies, adding that “people are asking for an extension of time and we have written to the minister for approval because a lot of groups, companies and individuals have commended the initiative.”Primarily , she would properly bring operators in the micro, small and medium enterprises (MSME) sector of the economy within the tax net. She further disclosed that the Company and Allied Matters Act (CAMA) amendment bill which was passed by the senate in July 2018, was now before the house of representatives for passage, after which it would be assented to by the President. Azinge said the amendment to the CAMA, which established the CAC, became necessary to bring it in line with global best practices. Azinge also said there were plans by the Commission to deploy application that would ensure self – generation of certificates in no distant time. She further added that post registration services were now partially automated to enable State offices fast track the processing of post registration applications,]]>