CAC Improves Processes for MSMEs in Nigeria Industry

Friday, August 23, 2019 /  3.00PM  /  Nifemi Taiyese  for Proshare WebTV / Header Image Credit: CAC and APKPure.com

In our review of major developments that shaped the Micro, Small and Medium Enterprises, MSMEs for the past week (August 19-23^rd, 2019), the Corporate Affairs Commission from its website announced a Pre-incorporation and Post-incorporation process that should improve the ease of doing business process for MSMEs. 

Other developments during the week include the following:

Unity Bank Hosts MSME Clinic

Unity Bank Plc one of Nigeria's Deposit Money Bank, DMBs, in partnership with Signal Alliance and Businessday hosted its maiden edition of the 'SME Clinic' as part of its commitment to promoting MSME development in Nigeria. 

According to Mr. Opeyemi Ojesina the Head of SME Segment, Unity Bank the SMEs remain a key focus of the bank, as they contribute over 40% to the Gross Domestic Product, GDP of Nigeria.

PwC, Genevieve Magazine Hold Workshop for MSMEs

Leading global professional services firm Price Waterhouse Coopers in partnership with Genevieve magazine organized a workshop for MSMEs in Nigeria on Thursday, August 22, 2019 in Lagos. 

It discussed the theme "Growing Your Business from Scratch to Cash" with the following featuring as speakers Mr Akin Alabi, Founder, Nairabet and author, Small Business Big Money, Tara Fela-Durotoye, CEO, House of Tara International, Kenneth Erikume, Partner, PwC Nigeria and Betty Irabor, Founder, Genevieve Magazine and author, Dust to Dew. 

CAC Updates Pre-Incorporation and Post-Incorporation Process for MSMEs, Others

As part of its mandate to improve the ease of doing business in Nigeria, the Corporate Affairs Commission has made adjustments to its pre and post-incorporation processes on its platform for business owners especially MSMEs. 

For the Pre-Incorporation phase, the following are key features to consider;

• Users will now have an option to check for conflicting names before making a name reservation to reduce the number of denied name reservations and the attendant costs.
• Users will no longer be directed to the Upload segment of the website but will now be prompted to upload signed incorporation documents as soon as the payment of filing fees and stamp duties are made.
• Certificates of Incorporation will now be printed by the accredited user.

For the Post-Incorporation phase the following are now key requirements;

• When a company is incorporated, the portal sends a notification to the company's registered email prompting it to create online profiles of accredited users who it intends to engage for purposes of its post-incorporation filings.
• The Company enters details of the users and their email addresses.
• Once this is completed, the accredited user receives an email with login details, which grants them access to the portal to process post-incorporation filings on behalf of that Company.

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