By Yinka Kolawole
The Presidential Enabling Business Environment Council (PEBEC) in collaboration with the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS) have embarked on a deliberate effort to make doing business much easier for small and medium enterprises (SMEs) in Nigeria.
The long processes and bottlenecks in starting a business used to be a real hassle, but most of that has been eliminated and the process is now much simpler.
Some of the reforms SMEs can take advantage of for simple steps towards starting a business in Nigeria include the following.
Business name in 4 hours
Within 4 hours, you can take the first step in actualizing your dreams. You can reserve your business name online within 4 hours on the Corporate Affairs Commission’s website from the comfort of your home or office for just N500. SMEs can reserve a business name on the CAC Companies Registration Portal (CRP) within four hours if they submit the request before 2pm on a working day.
Register business in 24 hours
You no longer have to pay a physical visit to the CAC to register a business.
As a business owner, you can register online via the Company Registration Portal (CRP) of CAC. The steps are easy. So you do not necessarily need to engage an agent to help you register your business unless you choose to.
One registration form
The era of filling and submitting several documents and forms as a requirement during registration is now over. All you need is a single form, as all incorporation documents have been merged into a single CAC Form 1.1; thus saving you over N4,000 on documentation alone.
Automatic generation of TIN
Gone are the days when you physically have to visit the Federal Inland Revenue Service (FIRS) to get your Tax Identification Number (TIN). Now after the registration on the CRP, the TIN will be automatically generated and sent by FIRS to the company director via email.
There are more reforms to help you start a business with ease. You can learn more by visiting www.reportgov.ng,
With the implementation of the PEBEC reforms, starting a business has been made easier for entrepreneurs.