CAC To Introduce E-Stamping Of Document
By Victor Ernest With Agency Report.
The Registrar General of Corporate Affairs Commission, Bello Muhmud, says the commission will soon introduce electronic stamping of document to ease company registration.
Muhmud, who was represented by his Special Adviser, Garba Abubakar, at the media round-table held on Tuesday in Abuja, said the commission was partnering FIRS to introduce electronic stamping (e-stamping) of documents on the Company Registration Portal (CRP).
The registrar explained that the e-stamping would dispense with physical submission of documents which causes delay and facilitates one-stop on-line shop for company registration.
He added that the design and time-line for implementation has already been agreed with the FIRS and the e-stamping portal is expected to be deployed soon.
“It is expected that by the time the integration is completed, company registration in Nigeria can be carried out within a maximum of three hours,’’Muhmud said.
On the consolidation of registration form, he said it would be put to use as soon as the commission get approval from the ministry.
Muhmud said that this registration form was self explanatory adding that guidance by a lawyer would not be needed in filling the form.
On key reforms in the commission, Muhmud said that the Companies and Allied Matters Act (CAMA) had been in operation since 1990 without any substantial amendment.
He said that the commission had carried out an in house review of CAMA to bring it in line with global best practices in company regulation and administration.
According to him, some of the key features of the review will include the right of one person to form a private limited liability company.
There will also be provision for business rescue and recovery preceding to give temporary moratorium to financially distressed companies to adopt recovery measures under close regulatory supervision and the suspension of right to creditors to intervene during the period.
He said there would be review of fines and penalties in line with current economic realities.