CAC Cut Business Name Registration To 48 Hours - New Guidelines

Corporate Affairs Commission Issues New Guidelines For Ease Of Business: "Name reservation/availability time is cut to 48 hours, correction of availability to 24hrs, while consent for restricted names, limited by guarantee & incorporated trustees will be done in 5 working days.”

The Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar who stated this during a chat with the News Agency of Nigeria NAN and A50 Radio & TV added that the CAC was working assiduously to put smile in the faces of customers and the public by the end of October, two months before its earlier announced target of December, 2020.

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He stressed that despite the challenges of Covid-19 which forced the CAC to tinker with the way it conduct business, the Commission made progress and was poised to live up to its newly released revised service timelines for the Covid-19 period. The CAC, he said was committed to amongst others register companies in 48hrs, approve names same day and ensure 5-day completion for other post incorporation services not available electronically.

Moving forward, the RG said the Commission will soon be at par with the best Registries in the world where customers will sit in the comfort of their rooms or offices and transact business with the Commission without visiting the CAC or sending any document through any designated courier company.

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Speaking on CAMA, 2020 which the RG said was aimed at achieving 3 key objectives: entrench the Ease of Doing Business Initiatives of the Federal Government, ensure greater disclosure and strengthen the Legal framework, he enjoined Nigerians to read and properly understand the new law in order to take advantage of its provisions drafted in accordance with Open Government Partnership (0GP) and Extractive Industries Transparency Initiative (EITI) agreements.

Alhaji Garba Abubakar therefore used the forum to advise Nigerians to take advantage of the diversity to advance peace, unity and progress in order to make Nigeria one of the best business destinations in the world.