By Isaac Aimurie
The nation’s business landscape is getter less bumpy with ongoing reforms initiated by the various government agencies.
A few days ago, the Corporate Affairs Commission (CAC) said it registered 20,800 companies in four months
According to a statement issued by the Ministry of Trade and Investment, “The total number of new companies registered within 24 hours since the commencement of the 24-hour start-to finish business registration by the CAC, currently stands at 10,723.
“This is contained in CAC’s latest report titled ‘Statistics For New Registration Services For Abuja and Lagos Offices,’ released to the Ministry of Trade and Investment, on Tuesday in Abuja,” the Trade Ministry said.
Senior Special Assistant on Corporate Communications to the Trade and Investment Minister, Yemi Kolapo, explained that a breakdown of the report showed that the total number of applications for business registration received by the CAC within the last four months was 20,800.
“Of this number, Abuja Head Office received 19,919 applications, while Oregun and Yaba Offices received 653 and 228 applications respectively.”
According to the report, the total number of applications processed within 24 hours in CAC’s Abuja Head Office was 10,292 while the Oregun and Yaba, Lagos offices processed 398 and 33 applications respectively.
The report also showed that the total number of applications processed outside 24 hours but within 72 hours were 8,759. Of this number, the Abuja office accounted for 8,416, Yaba 150 and Oregun 193.
The report, however, stated that the total number of applications that were pending after three days stood at 1,318 with the Abuja office accounting for 1,211 applications, the Oregun and Yaba offices had 62 and 45 applications respectively.
The Registrar-General, CAC, Mr. Bello Mahmud, said it was important, in line with the directive of the Minister of Trade and Investment, Mr. Olusegun Aganga, to let the public know that the 24-hour registration service was working and also revealed common errors that had made some applications fall out of the 24-hour deadline.
Explaining the reasons some applications were not processed within the CAC’s 24-hour start-to finish timeline in the period under review, Mahmud said many customers failed to comply with “laid down requirements for business registration,” stressing that the corporation could only deliver after filing, when all requirements had been fulfilled.
He said, “Customers have a responsibility to ensure that all necessary requirements are met before filing their applications. The CAC only processes applications that have complied in all respect with laid down requirements. The applications processed outside 24 hours but within 72 hours were the ones that had been queried for non-compliance with laid down requirements.
“Such applications pending after 72 hours were applications queried for non-compliance and in which the applicant did not comply with the query within 72 hours of filing. On January 2, 2013, the Companies Regulations 2012 came into effect, which makes it mandatory for directors and subscribers to submit the recognised form of identification as part of the requirements for registration.”
But the Registrar-General said the majority of applicants had not been complying with the requirements, despite the notice to that effect.
“That was responsible for the large number of queried applications in January 2012,” he noted.
Mahmud, however, stressed that the CAC would continue to improve its processes and procedures to enhance customers’ satisfaction in line with its objective of becoming a world class Companies Registry.
He said, “In order to improve on service delivery, we have deployed state-of-the-art information and communications infrastructure in our offices. We have also given our staff, who have been very committed and hardworking, the directive to work on shifts arrangement pending when we will be able to upgrade our existing software.”
He noted, “In our drive to reduce cost of starting a business in line with the Ministry of Trade and Investment’s investment climate reform programme, applications for registration of companies under Part A can now be presented directly to the commission by one of the directors or subscribers similar to what obtains in the case of business names and incorporated trustees.
“Before January 2013, only lawyers, chartered accountants and chartered secretaries were eligible to present such applications to the commission,” he added.
The trade and investment minister had directed the CAC to open a complaints register where applicants who found it difficult to register their businesses within 24 hours, after filing, could lay their complaints.
Aganga also directed that another register be opened in his office at the Ministry of Trade and Investment to monitor progress in line with the determination to create a friendlier business environment.
No doubt, the ease with which businesses are registered in any country to a large extent affects investors’ attitude towards doing business in that country.
The good news coming from the CAC, if sustained, will impact greatly on other sectors of the economy. More jobs will be created, formal productive activities will increase and the nation’s tax administration office, the Federal Inland Revenue Service (FIRS) is fully equipped to guide these new companies on tax issues and ultimately, taxes from these companies will boost the nation’s tax revenue.
For example, owners of the newly registered companies will want to know how to file their returns, assessment procedures, amongst other tax related issues, information the FIRS staff at their various offices across the country will oblige these business owners on requests. Moreso, it is their right to:
Be given a Taxpayer Identification Number (TIN), free of charge immediately on request, failing which reason will be provided.
Object to a disputed tax assessment as specified by tax laws.
Appeal against a notice of refusal to amend an assessment as specified by tax laws.
Be issued a Tax Clearance Certificate (TCC) or notice of denial within two (2) weeks of your application, free of charge.
Be sure of the identity of any person claiming to be an official of the FIRS.
Also, it is FIRS duty to:
Educate you on how to comply with the tax laws and procedures
Provide you with an accurate and up to date information.
Provide you with prompt professional guidance and impartial treatment.
Provide you with timely response to your enquiries and complaints.
Treat your tax affairs with confidentiality within the ambits of the law.
It is the obligation of the new business owners to:
Register as a taxpayer and obtain a Taxpayer Identification Number (TIN).
Assess yourself to tax.
Make full and voluntary disclosure of your income made within and outside Nigeria.
Declare and pay in full taxes assessed on or before the due dates, through collecting banks, into approved government accounts, and obtain e-tickets
File returns of taxes on or before the due dates as specified in the tax laws.
Keep accounting books and records of your business
Cooperate with any authorised officer of the FIRS while on official FIRS business.
A few days ago, the Corporate Affairs Commission (CAC) said it registered 20,800 companies in four months
According to a statement issued by the Ministry of Trade and Investment, “The total number of new companies registered within 24 hours since the commencement of the 24-hour start-to finish business registration by the CAC, currently stands at 10,723.
“This is contained in CAC’s latest report titled ‘Statistics For New Registration Services For Abuja and Lagos Offices,’ released to the Ministry of Trade and Investment, on Tuesday in Abuja,” the Trade Ministry said.
Senior Special Assistant on Corporate Communications to the Trade and Investment Minister, Yemi Kolapo, explained that a breakdown of the report showed that the total number of applications for business registration received by the CAC within the last four months was 20,800.
“Of this number, Abuja Head Office received 19,919 applications, while Oregun and Yaba Offices received 653 and 228 applications respectively.”
According to the report, the total number of applications processed within 24 hours in CAC’s Abuja Head Office was 10,292 while the Oregun and Yaba, Lagos offices processed 398 and 33 applications respectively.
The report also showed that the total number of applications processed outside 24 hours but within 72 hours were 8,759. Of this number, the Abuja office accounted for 8,416, Yaba 150 and Oregun 193.
The report, however, stated that the total number of applications that were pending after three days stood at 1,318 with the Abuja office accounting for 1,211 applications, the Oregun and Yaba offices had 62 and 45 applications respectively.
The Registrar-General, CAC, Mr. Bello Mahmud, said it was important, in line with the directive of the Minister of Trade and Investment, Mr. Olusegun Aganga, to let the public know that the 24-hour registration service was working and also revealed common errors that had made some applications fall out of the 24-hour deadline.
Explaining the reasons some applications were not processed within the CAC’s 24-hour start-to finish timeline in the period under review, Mahmud said many customers failed to comply with “laid down requirements for business registration,” stressing that the corporation could only deliver after filing, when all requirements had been fulfilled.
He said, “Customers have a responsibility to ensure that all necessary requirements are met before filing their applications. The CAC only processes applications that have complied in all respect with laid down requirements. The applications processed outside 24 hours but within 72 hours were the ones that had been queried for non-compliance with laid down requirements.
“Such applications pending after 72 hours were applications queried for non-compliance and in which the applicant did not comply with the query within 72 hours of filing. On January 2, 2013, the Companies Regulations 2012 came into effect, which makes it mandatory for directors and subscribers to submit the recognised form of identification as part of the requirements for registration.”
But the Registrar-General said the majority of applicants had not been complying with the requirements, despite the notice to that effect.
“That was responsible for the large number of queried applications in January 2012,” he noted.
Mahmud, however, stressed that the CAC would continue to improve its processes and procedures to enhance customers’ satisfaction in line with its objective of becoming a world class Companies Registry.
He said, “In order to improve on service delivery, we have deployed state-of-the-art information and communications infrastructure in our offices. We have also given our staff, who have been very committed and hardworking, the directive to work on shifts arrangement pending when we will be able to upgrade our existing software.”
He noted, “In our drive to reduce cost of starting a business in line with the Ministry of Trade and Investment’s investment climate reform programme, applications for registration of companies under Part A can now be presented directly to the commission by one of the directors or subscribers similar to what obtains in the case of business names and incorporated trustees.
“Before January 2013, only lawyers, chartered accountants and chartered secretaries were eligible to present such applications to the commission,” he added.
The trade and investment minister had directed the CAC to open a complaints register where applicants who found it difficult to register their businesses within 24 hours, after filing, could lay their complaints.
Aganga also directed that another register be opened in his office at the Ministry of Trade and Investment to monitor progress in line with the determination to create a friendlier business environment.
No doubt, the ease with which businesses are registered in any country to a large extent affects investors’ attitude towards doing business in that country.
The good news coming from the CAC, if sustained, will impact greatly on other sectors of the economy. More jobs will be created, formal productive activities will increase and the nation’s tax administration office, the Federal Inland Revenue Service (FIRS) is fully equipped to guide these new companies on tax issues and ultimately, taxes from these companies will boost the nation’s tax revenue.
For example, owners of the newly registered companies will want to know how to file their returns, assessment procedures, amongst other tax related issues, information the FIRS staff at their various offices across the country will oblige these business owners on requests. Moreso, it is their right to:
Be given a Taxpayer Identification Number (TIN), free of charge immediately on request, failing which reason will be provided.
Object to a disputed tax assessment as specified by tax laws.
Appeal against a notice of refusal to amend an assessment as specified by tax laws.
Be issued a Tax Clearance Certificate (TCC) or notice of denial within two (2) weeks of your application, free of charge.
Be sure of the identity of any person claiming to be an official of the FIRS.
Also, it is FIRS duty to:
Educate you on how to comply with the tax laws and procedures
Provide you with an accurate and up to date information.
Provide you with prompt professional guidance and impartial treatment.
Provide you with timely response to your enquiries and complaints.
Treat your tax affairs with confidentiality within the ambits of the law.
It is the obligation of the new business owners to:
Register as a taxpayer and obtain a Taxpayer Identification Number (TIN).
Assess yourself to tax.
Make full and voluntary disclosure of your income made within and outside Nigeria.
Declare and pay in full taxes assessed on or before the due dates, through collecting banks, into approved government accounts, and obtain e-tickets
File returns of taxes on or before the due dates as specified in the tax laws.
Keep accounting books and records of your business
Cooperate with any authorised officer of the FIRS while on official FIRS business.
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