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The costs and time required for legally registering a new business is still higher than necessary – despite considerable improvements recorded by the stakeholders. This problem is more severe in centers farther from Abuja such as Abia. In fact, it is only since the beginning of this Project that the Corporate Affairs Commission has opened an office in Abia. The CAC also has an office an office in Kaduna. It is the sub-component's onjective to link up these offices online along with FIRS offices for the purpose of integrating business and tax registrations.
This subcomponent is intended to integrate the operations of the Federal Inland Revenue Service, the Corporate Affairs Commission, and possibly by extension with the Nigerian Investment Promotion Commission’s One Stop Investment Center to permit rapid new company registration. With the assistance of Registry Advisers Ltd of the United Kingdom, a common set of procedures and forms were developed and appropriate hardware installed. A Memorandum of Understanding was signed between the three agencies. Unfortunately, a considerable delay has occurred because of disagreements concerning the handling of the software linkages required.
For information about this component contact Mr. Chukwudi Odili, Investment Climate Specialist at codili@msme-nigeria.org
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