The Corporate Affairs Commission (CAC) has partnered the Federal Inland Revenue Service (FIRS) with a view to ensuring integration of stamping module into the commission’s company registration portal (CRP).
The aim is to create a seamless registration process and further reduce time and cost of registration of companies and other post incorporation process in the country.
The commission in discharging its responsibility has evolved through several stages or era in its existence up till where it is today. The different portals include CRP. Due to the numerous limitations of the content pinnacle software, the commission decided to initiate the process of developing any other software which will not only eliminate all the limitations, but will also place the commission in its rightful place as a world-class companies’ registry true to its mission statement.
With this software the commission’s customers do not have to physically visit the commission any longer as they can apply for any of the services online and in real time at any time of the day and any day of the week from the comfort of their homes or offices.
Since the launch of the CRP on the 2nd of February 2015, the commission has commenced full online services for name reservation and registration across the three parts, part A- companies, part B- Business names and part C- Incorporated Trustees.
The name reservation and registration are now done online, in other words where ever you are seated you can log on to the portal complete the name reservation request form and make payment without you having to step out of the room. If you already have a name reserved, you can apply and make payment for registration of a limited liability company, business names, and incorporated trustees while seated in your house or office.
Though customers still have to download the incorporation documents for signing by the subscribers, directors before they subsequently submit the same to the commission. This is a temporary arrangement and it is expected to end when document archival system is fully introduced in the portal.
All post-incorporation activities have been developed and will be deployed any moment from now, which will make it possible for all post-incorporation activities to be treated electronically through the portal without the applicant leaving his comfort zone. This is an innovation to the previous application where no pre or post-incorporation activity could be initiated by customers on-line.
As at 14th August 2015 the following transaction have been done directly on the new portal. Account creation, public users -25,217, accredited customers – 860, name search- 67,190, registration: Limited liability companies 5,977, business names, 2,751, Incorporated Trustees – 456.
The CRP has brought so much relief to all stakeholders including the companies, some of the advantages of the reliefs include: Creation of account for each company. The commission is making arrangement to create log in details for each company that is registered by it. This log in details will ensure that only authorised persons have access to the company’s profile to enable them make changes in the company details in the portal.
Such changes include, change of directors, appointment of secretary, increase in share capital etc. such changes can only be done using the company’s log in details except where the company decided to engage an accredited agent who will use his log in details. This will prevent corporate hijack and ensure that only the rightful people are enabled to make changes to the company’s record.
The on-line and real time payment gives the customer the luxury of making online real time payment for services. Full deployment of all post-incorporated activities is a departure from what content pinnacle was able to do. The content pinnacle only allowed for few post-incorporation activities electronically while other vital applications that ordinarily must go together were still done manually. Even then the customer couldn’t initiate such transaction himself directly.