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CAC Reduces Business Registration to 48 hours

By Modupe Gbadeyanka

The process of registering businesses in Nigeria has been streamlined by the Corporate Affairs Commission (CAC) to improve the ease of doing business in the country.

The duration has been reduced to two days from 10 days it used to take to complete the process.

This 48-hour duration takes effect from when an application form is completed and all the required documents submitted to the CAC.

Few months ago, the Presidency set up a Presidential Committee on Ease of Doing Business and was given two months to come up with recommendations on how to improve the process of carrying out business operations in the country.

In its report submitted on Monday in Abuja at the Presidential Enabling Business Environment Council (PEBEC) meeting, the panel recommended the reduction of the process of business registration in Nigeria, which has now be adopted.

Also, business owners can now search on the CAC online platform, www.cac.gov.ng, for name search to avoid duplication of names.

Furthermore, the use of the services of lawyers is no longer necessary for the registration of business names. However, prospective business owners can hire one if they desire.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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