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7 Benefits Of The Senate's New Companies And Allied Matters Act - Business - Nairaland

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7 Benefits Of The Senate's New Companies And Allied Matters Act by Nobody: 10:50pm On May 15
Today, the 8th Senate made history with the passage of the repeal and re-enactment of the Companies and Allied Matters Act (CAMA), which is the biggest business reform bill in Nigeria in over 28 years.

Here are 7 things that you need to know about this Bill…

1. It will make Nigeria’s business environment as competitive as its counterparts around the world.


2. With CAMA, one person can now open and run a company. This is good for start-ups and young entrepreneurs.

3. It promotes the use of technology in the registration of businesses.

4. CAMA removes all the unnecessary regulatory provisions for small companies.

5. It reduces the minimum share capital for companies and start-up in Nigeria.

6. It creates another new category of legal identity for Nigerian businesses.

7. It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system.

https://twitter.com/NGRSenate/status/996387850965999617?s=20

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Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Nobody: 11:04pm On May 15
Benefits

2 Likes

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by dominique(f): 9:50am On May 16
I'm still yet to see how this will make the business environment more conducive. Have they reduced the excess taxes, levies and duties imposed on business people?

30 Likes

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by naijjaman(m): 9:54am On May 16
cheesy
OK
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by HIGHESTPOPORI(m): 9:55am On May 16
Good

2 Likes

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by DaniDani(m): 9:56am On May 16
If I can't register my business within two days without unnecessary bottleneck and bribe, then CAMA is still a bad Karna

11 Likes

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by olafunny(m): 9:56am On May 16
A senate of 109 members, or thereabout, acclaimed elites and political gurus, just made a breakthrough law on Businesses in 28yrs. I wouldn't say they deserve some accolades, but it's great to know they are still actively involved in the economic runnings.


PS: This won't stop Baba from relocating to Daura next year though.

5 Likes

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Jeel: 9:56am On May 16
The same Senate some folks are constantly abusing?

Great development
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Margy(f): 9:57am On May 16
Is it not Nigeria? Lemme watch and see!!

Dream killers!

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by myners007: 9:57am On May 16
j
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by lilfreezy: 9:58am On May 16
I hope this will end the monopolistic nature of the way we do business. I truly want competition, cos its the only one thing that drives innovation in a country. Not allowing a dangote to be producing everything in a country undecided

1 Like

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by hisgrace090: 10:00am On May 16
Nice move but fails to deal with multiple taxation.

1 Like

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by felo812000(m): 10:02am On May 16
good one
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by topearos(m): 10:03am On May 16
Good news.
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by fernandoc(m): 10:03am On May 16
I want to register my company asap. If you can help me indicate. Thanks
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Alphasoar(m): 10:03am On May 16
wink
One of the best Senate...

1 Like

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Alejoc(m): 10:03am On May 16
Informative!

Thanks for sharing Sir!
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Powerexpert: 10:03am On May 16
go to cac dot gov dot ng
HIGHESTPOPORI:
Good I need to register my company
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by hardywaltz(m): 10:09am On May 16
All these will still be frustrated by the Civil Servants

1 Like

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by bamasite(m): 10:09am On May 16
Let the watching game begin. Watching in 16D
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by IME1: 10:13am On May 16
fernandoc:
I want to register my company asap. If you can help me indicate. Thanks

I know someone
He's currently doing one for me too
Send me an email

Success
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by mufadem2012: 10:13am On May 16
2. With CAMA, one person can now open and run a company. This will encourage one -man show and fraud
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by balmofgilead: 10:17am On May 16
fernandoc:
I want to register my company asap. If you can help me indicate. Thanks
Hello.i am a lawyer and i stay in abuja.lets talk.
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by EmmyDJourno: 10:19am On May 16
Thank you, but work fast and give us stable electricity, and good transport system too
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by daveP(m): 10:19am On May 16
olafunny:
A senate of 109 members, or thereabout, acclaimed elites and political gurus, just made a breakthrough law on Businesses in 28yrs. I wouldn't say they deserve some accolades, but it's great to know they are still actively involved in the economic runnings.


PS: This won't stop Baba from relocating to Daura next year though.


Actively involved you say?


This law was passed, Abi na Act, it was passed cos 100of them are going to benefit largely from it. That's the only reason they sit and take time to adjust and amend things.
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by phoenix90(m): 10:19am On May 16
This is the kind of enlightening topics that should be making Frontpage on Nairaland. This is a major breakthrough for startups. The Nigerian senate has won many enterpreneural hearts with this move. Ride on Ngrsenate.

4 Likes

Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by mekaboy(m): 10:22am On May 16
Until Nigeria is restructured, nothing can bring competition.
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by engwari(f): 10:28am On May 16
fernandoc:
I want to register my company asap. If you can help me indicate. Thanks
idahtee can help
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Abbeyme: 10:32am On May 16
Is this saying CAMA is efficiently replacing CAC?
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by jamesbond22(m): 10:34am On May 16
75% OF NIGERIA BUSINESSES DO HAVE A COOPERATE ACCCOUNT IN ANY BANK ( Research Report) HOW WOULD THEY? WHEN THEY ARE NOT REGISTERED !!! GET YOUR BUSINESS NAME REGISTERED AND INCORPORATED ! ALSO FOR YOUR LTD, NGO, CHURCHES,MOSQUES, CLUBS,ASSOCIATIONS,.ALSO FILLING OF ANNUAL RETURNS,TAX IDENTIFICATION NO (TIN), BUSINESS PROPOSAL, COMPANY NAME SEARCH, AND OTHERS. ITS CHEAP,FAST AND AUTHENTIC.
BBM PIN: DCC3F2B5 CALL/WHATSAPP 080-2398-9731, 080-3579-7024,080-5731-4135
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by contigiency(m): 10:44am On May 16
That is a good one. That act is been long overdue for repealing.
Re: 7 Benefits Of The Senate's New Companies And Allied Matters Act by Hemanwel(m): 11:01am On May 16
Abbeyme:
Is this saying CAMA is efficiently replacing CAC?
Not so bro! CAMA is an Act; a Statute. It contains all the laws/regulations guiding the operational activities of companies/one man businesses in Nigeria.

CAC, on the other hand, is the government agency charged with the responsibility to register companies and businesses. You dig??

4 Likes

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