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

Benefits

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?

OK

Good

If I can't register my business within two days without unnecessary bottleneck and bribe, then CAMA is still a bad Karna

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.

The same Senate some folks are constantly abusing?

Great development

Is it not Nigeria? Lemme watch and see!!

Dream killers!

j

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

Nice move but fails to deal with multiple taxation.

good one

Good news.

I want to register my company asap. If you can help me indicate. Thanks

One of the best Senate...

Informative!

Thanks for sharing Sir!

go to cac dot gov dot ng

HIGHESTPOPORI:
Good I need to register my company

All these will still be frustrated by the Civil Servants

Let the watching game begin. Watching in 16D

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

2. With CAMA, one person can now open and run a company. This will encourage one -man show and fraud

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.

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.

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.

Until Nigeria is restructured, nothing can bring competition.

fernandoc:
I want to register my company asap. If you can help me indicate. Thanks

idahtee can help

Is this saying CAMA is efficiently replacing CAC?

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

That is a good one. That act is been long overdue for repealing.

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??