The Corporate Affairs Commission says it is aiming to achieve the registration of a business in less than four hours on a daily basis.
The commission feels this will help improve the country’s ease of doing business thereby encouraging investments at this time of recession.
The ability of would be business owners to access business registration services via the internet, is part of government’s efforts at making business ownership less stressful.
The Corporate Affairs Commission feels this has yielded tremendous results in the number of new businesses registered.
It is now stepping up its game to allow even faster service delivery.
The Companies and Allied matters act has already been amended and awaits assent by relevant authorities.
The review includes rights of individuals to own a private limited liability company, provision for business rescue and recovery proceedings for financially distressed companies and a change in fines to reflect
current economic realities.
The commission’s services were recently criticized by protesting staff of being poor despite huge funds expended on technology but CAC denies this allegation.
The commission believes its reform efforts in support of the country’s business environment will help Nigeria attain global competitiveness.
This will assist in pushing up its rating in the World bank’s doing business report to be released soon