Nigeria Registers 38,419 New Companies 2014, Says CAC

The Corporate Affairs Commission, CAC, has announced that the commission has registered a total of 38,419 new companies/businesses nationwide in the first quarter of 2014.

According to the statement signed by the commission’s Director of Public Affairs, Williams Churchill, the figure comprises 19,057 limited liability companies, 17,399 business names and 1,963 incorporated trustees popularly known as non-governmental organisations, NGOs.

It stated that the commission has relaxed its registration processes and procedures, making it possible for applicants to register their companies/businesses directly without passing through lawyers, chartered accountants and chartered secretaries.

“The commission has simplified its processes and procedures. Investors and entrepreneurs desirous of tapping from Nigeria’s abundant investment opportunities can now incorporate their companies with ease.

“The restriction that only lawyers, chartered accountants and chartered secretaries could register companies with the CAC has been removed.

“Under the new regulation, the first director or subscriber can now register their companies directly.’’

The commission however introduced a new requirement that makes it mandatory for company directors/business owners to present recognise forms of identification in the registration process.

Information page of international passport, driver’s licence or national identity card were listed as list of identification forms for all new registration and post registration services.