As we all know, establishing and running a business in Nigeria is not for the faint-hearted. From high interest rates to bureaucratic structures, the challenges never end and many businesses have had it tough for years. Fortunately, recently, the revised Companies and Allied Matters Act (CAMA) bill was signed and is expected to enhance the ease of doing business in Nigeria. This is a step in the right direction and as a business owner; you should take advantage of it. Below are three major areas where the act was revised and how the CAMA 2020 bill can improve your business.
Easier registration is how the CAMA 2020 bill can improve your business. Before now, businesses needed at least two people to start up a business. With the new bill, a single man or shareholder can register a company and this is especially good for young entrepreneurs and start-up companies. To further ease registrations, you can now register their business from anywhere in the country through the e-registration portal.
Reduced Filing Fees
Another interesting layer of the amended bill is the reduced fees for filing and registrations. Now you don’t need to gather extremely huge sums of money just to register your business. This will help your business save money for operations and other things that are important for its growth and survival. So, reduction in filing fees is how the CAMA 2020 bill can improve your business.
Reduced Compliance Requirements
The new act has reduced the compliance requirements for small businesses. Now, your company can have only a single director and it isn’t mandatory to appoint a company secretary and statutory auditor, especially when you haven’t carried out any business yet.
With the new amendments in the CAMA bill, you can expect that doing business in Nigeria will gradually get easier. Now, all you need to do is get up, take advantage of these new opportunities, and make some money moves. Now that you know how the CAMA 2020 bill can improve your business, go ahead to register your business and take advantage of this revised CAMA bill if you haven’t done so.