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Starting a Business

This measures the paid-in minimum capital requirement, number of procedures, time and cost for a small- to medium-sized limited liability company to start up and formally operate in economy’s largest business city.

  COMPLETED REFORMS IMPACT
1 Registration of a company at the Corporate Affairs Commission (CAC) through the online company registration portal (CRP) within 24 hours Reduces this procedure from 10 days to 1 day
2 Electronic Reservation of a unique company name Business owners can now undertake reservations of unique company names in less than 24hrs
3 Simplification of preparation of the requisite incorporation documents and automation of payment of stamp duty Reduction in numbers of days from 1-3 days to less than 24 hrs.
4 Signing the declaration of compliance by staff of the Corporate Affairs Commission (CAC) Business owners do not have to engage a lawyer to undertake this process or pay for services of a notary public.
5 Payment of registration fees through the online company registration portal (CRP)- Cost Reduction on Government Fee N4,000 ($11) is saved based on fewer registration documents as the incorporation documents have now been consolidated into a single CAC Form 1.1
6 Electronic Registration of companies by general users using the company registration portal (CRP)- Elimination of cost of hiring a lawyer This reform has eliminated the need for business owners to engage a lawyer for registering companies at the CAC; thereby eliminating  the cost of  N60, 000 (app $200) previously recorded for procuring the services of a lawyer.
7 Elimination of requirement for company seal for business registration The automation of this process dispenses with the need for physical submission of applications at the tax office; thereby eliminating the requirement to fabricate a common seal for company tax registration.
8 Automatic generation of tax identification numbers (TIN) by the Federal Inland Revenue Service (FIRS) upon completion of registration  This eliminates the necessity for a business owner to visit FIRS office in order to obtain a TIN. 
9 Non-requirement of physical inspection of business premises in Kano State Physical inspection of business premises is no longer undertaken in Kano State as part of the process for Business Premises Registration

To read more click here to visit WB website

Share this page:

Starting a Business

This measures the paid-in minimum capital requirement, number of procedures, time and cost for a small- to medium-sized limited liability company to start up and formally operate in economy’s largest business city.

  COMPLETED REFORMS IMPACT
1 Registration of a company at the Corporate Affairs Commission (CAC) through the online company registration portal (CRP) within 24 hours Reduces this procedure from 10 days to 1 day
2 Electronic Reservation of a unique company name Business owners can now undertake reservations of unique company names in less than 24hrs
3 Simplification of preparation of the requisite incorporation documents and automation of payment of stamp duty Reduction in numbers of days from 1-3 days to less than 24 hrs.
4 Signing the declaration of compliance by staff of the Corporate Affairs Commission (CAC) Business owners do not have to engage a lawyer to undertake this process or pay for services of a notary public.
5 Payment of registration fees through the online company registration portal (CRP)- Cost Reduction on Government Fee N4,000 ($11) is saved based on fewer registration documents as the incorporation documents have now been consolidated into a single CAC Form 1.1
6 Electronic Registration of companies by general users using the company registration portal (CRP)- Elimination of cost of hiring a lawyer This reform has eliminated the need for business owners to engage a lawyer for registering companies at the CAC; thereby eliminating  the cost of  N60, 000 (app $200) previously recorded for procuring the services of a lawyer.
7 Elimination of requirement for company seal for business registration The automation of this process dispenses with the need for physical submission of applications at the tax office; thereby eliminating the requirement to fabricate a common seal for company tax registration.
8 Automatic generation of tax identification numbers (TIN) by the Federal Inland Revenue Service (FIRS) upon completion of registration  This eliminates the necessity for a business owner to visit FIRS office in order to obtain a TIN. 
9 Non-requirement of physical inspection of business premises in Kano State Physical inspection of business premises is no longer undertaken in Kano State as part of the process for Business Premises Registration

To read more click here to visit WB website

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