In the old days, registering a business in Nigeria was long and excruciating process. But it doesn’t have to be that way any more. Now that Corporate Affairs Commisison (CAC) has launched an online portal they claim will help your register your business in less than 24 hours.
The new online registration portal was commissioned by the Honourable Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, under a joint initiative with the Federal Ministry of Communications Technology. Dr. Aganga explained that the platform was developed with the aim of making business registration easy, accessible and cost efficient. “Nigerians will no longer have to incur extra costs and will not travel to the CAC’s office to register their businesses”, Dr. Aganga said.
Using this new service, intending business owners can process everything from name reservation to incorporation of business and, because platform processes payments via all major payment gateways — including Interswitch, Verve and American Express — anyone can now register a business from any part of the world, without actually having to visit a physical CAC office.
The Minister who live-demoed the service — it reportedly took him only 15 minutes to register an available business name — further explained that accredited CAC agents will also be able to carry out their business via the portal.
Also present at the commissioning was the Honourable Minister of Communications Technology, Mrs. Omobola Johnson, who proudly announced that the online portal was built entirely by a team of Nigerian developers. She shared her hopes that the platform would encourage increased participation of Nigerian companies in the ICT sector and also discourage unnecessary financial leakages in the registration process.
The CAC Company Registration portal is live at services.cac.gov.ng
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.