CAC, FIRS collaborate to make registration services cheaper, faster
The Corporate Affairs Commission (CAC) and the Federal Inland Revenue Services (FIRS) have initiated steps towards making business registration services more efficient, faster and cheaper.
This came to the fore when the Registrar-General of the CAC, Mahmud Bello, paid a courtesy visit on the Acting Executive Chairman of the FIRS, Babatunde Fowler, in his office recently.
CAC boss stressed the need for closer cooperation between the Commission and the FIRS, adding that there is the need for continuous improvement of the investment climate in the country.
Bello, who was accompanied on the visit by his Special Adviser, A. G. Abubakar, made a case for speeding up the electronic stamping interface for customers wishing to register their companies on the Company Registration Portal (CRP) of the Commission which should be accomplished by the end of this year.
He disclosed that the interface will enable customers to pay for stamp duties through the CRP and get the documents stamped, instead of taking the document to the FIRS office for stamping.
The effect of the collaboration between the two agencies will be the reduction in the period for incorporation of companies to one hour from the present 24 hours.
These measures he added will increase the level of competitiveness of the country and improve its rating in the World Bank Doing Business Report.
Responding, the acting FIRS boss expressed his conviction that with the collaboration, more direct investment will flow into the country, thereby contributing to the economic growth of the nation.