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CAC moves to improve processes for MSMEs

By Yinka Kolawole

The Corporate Affairs Commission (CAC), as part of its mandate to improve the ease of doing business in Nigeria, has announced a pre-incorporation and post-incorporation process aimed specifically at  improving the ease of doing business process for Micro, Small and Medium Enterprises (MSMEs).

File: Participants at Vanguard Economic Forum Series on MSMEs

For the pre-incorporation phase, CAC noted on its website that the following are key features to consider: Users will now have an option to check for conflicting names before making a name reservation to reduce the number of denied name reservations and the attendant costs.

Also, users will no longer be directed to the Upload segment of the website but will now be prompted to upload signed incorporation documents as soon as the payment of filing fees and stamp duties are made.

In addition, Certificates of Incorporation will now be printed by the accredited user.

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The Commission said that for the post-incorporation phase the key requirements are: When a company is incorporated, the portal sends a notification to the company’s registered email prompting it to create online profiles of accredited users who it intends to engage for purposes of its post-incorporation filings.

The Company will then enter details of the users and their email addresses.

Once this is completed, the accredited user receives an email with login details, which grants them access to the portal to process post-incorporation filings on behalf of that Company.

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