For many entrepreneurs, the cost of registering a business, the administrative bottlenecks involved in the registration process and the cumbersome process of getting a TIN number make starting a business in Nigeria very tasking.
To ease the process of starting a business in Nigeria, the Nigerian Government through the Enabling Business Environment Secretariat (EBES), under the auspices of the Presidential Enabling Business Environment Council (PEBEC) and in partnership with the Corporate Affairs Commission recently introduced reforms that have enabled online business registration and TIN generation and also a reduction in the cost of business registration by 50%[i].
At the recent sensitisation meeting, EBES disclosed that the reforms include:-
- Deployment of a user-friendly Company Registration Portal (CRP), which will afford customers on-line and real-time access to services outside the commission while using different e-payment platforms.
- The commission has started operating 24 hours company registration process to ensure that business owners in Nigeria conveniently register their business online within 48 hours[ii].[iii]
Below is the step by step process of registering your business online:
1. Connect to the Company Registration Portal (CRP) using these links:
2. Create an account
a. Enter the "USER NAME" and "PASSWORD".
b. Click on "LOGIN"
d. Change your "PASSWORD".
a. Login using your profile details.
b. Select "NAME SEARCH".
c. Complete the forms displayed.
a. Login with your profile.
b. Click on "ACTION button" on the name already reserved.
c. Click on "DOWNLOAD OF NAME APPROVAL".
d. The system will download the document at the base of your computer system.
e. Click on the "OPEN" option, the approved availability will be displayed.
a. Reserve name.
b. Log in with your profile.
c. Select "REGISTRATION"
d. Select the classification that is "BUSINESS NAME, or COMPANY, or INCORPORATED TRUSTEE".
e. Enter the availability serial code.
f. Click on continue.
g. Enter the details of the "PROPRIETOR, DIRECTORS, TRUSTEES, SHAREHOLDERS, SECRETARY (depending on whether you are registering a BUSINESS NAME, COMPANY, or INCORPORATED TRUSTEE).
a. Select "REGISTRATION".
b. The system will display all the list of companies registered.
c. Under the "DOCUMENT" click on "DOWNLOAD DOCUMENTS". Or
d. Click on "ACTION" button.
e. Select "DOWNLOAD DOCUMENTS".
f. Print the document.
a. The documents already printed must be signed by the directors/subscribers
b. Go to the commission's web site "www.cac.gov.ng"
c. At the middle of the page extreme right select "DOCUMENT UPLOAD".
d. Enter the company/Business name/Incorporated Trustee "AVAILABILITY CODE".
e. Select the "ORIGINATING OFFICE" (THIS IS WHERE YOU WILL PICK UP THE CERTIFICATE).
f. Select "I AM NOT A ROBOT" then follow the instruction.
g. Click on "BEGIN".
h. Select the type of document to be attached one after the other and attach each one after properly identifying same.
i. After attaching all the documents click on submit.
After your documents are uploaded the Commission will rely on the uploaded documents to treat your application. The certificate will be generated by the Commission and all relevant documents will be certified.
Status of your Registration
After registration, you don't have to go to the Commission to follow up on the status of your application; you can check the status of your application on the portal. There is a column that reads "STATUS" on your profile. This will show the state or status of the application, it will show "NOT SUBMITED", or "SUBMITTED", or "PENDING APPROVAL", or "APPROVED" depending on stage the application is.
Also note that where the application is approved and certificate generated the Registration number will be displayed on the column for "REGISTRATION NUMBER".
When the status reads "APPROVED" and Registration number displayed, then you can approach the office where you had selected as the DROP OFF/PICK UP OFFICE or "ORIGINATING OFFICE" with the original copy of the document that you had earlier printed and uploaded. You should submit the originals in exchange for the certificate and CTC's.
Automatic Tax Identification Number (TIN) Generation:
Upon completion of company registration, TIN will be sent automatically to the email used for registration. This means that the need for a separate TIN application to the Joint Tax Board (JTB) has been dispensed because immediately a certificate of incorporation is generated in the CRP; a TIN will be issued and sent to customer's email address from the FIRS/JTB through the Integrated Stamp duty System (ISDS) Portal.
These reforms are to actualise the Nigerian Government's goal of improving the business environment in Nigeria. If you have plans to register a business, this is an exciting time for you as the costs and the bottlenecks involved have been drastically improved. Register your business online today and automatically generate your TIN number at the point of registration!
[i] Corporate Affairs Commission - The comprehensive step by step procedure for registration of Company/Business Name/Incorporated Trustees online can be found on the CAC website using this link http://new.cac.gov.ng/home/online-registrations/ Accessed October 2017
[i] PRESIDENTIAL ENABLING BUSINESS ENVIRONMENT COUNCIL (PEBEC) ENABLING BUSINESS ENVIRONMENT SECRETARIAT O C T O B E R 3 R D - D E C E M B E R 1 S T , 2 0 1 7 The National Action Plan 2.0 (NAP 2.0) http://pebec.gov.ng/wp-content/uploads/2017/10/National-Action-Plan-2.0-2017-2018-Reform-Cycle-1.pdf
[ii] CAC now registers companies in 48 hours' By Daily Nigerian -April 24, 2017 https://dailynigerian.com/business/cac-now-registers-companies-in-48-hours/ Accessed October 2017
[iii] CAC now registers companies in 48 hours ON APRIL 24, 2017 https://www.vanguardngr.com/2017/04/cac-now-registers-companies-in-48-hours-pebec/ Accessed October 2017