CAMA: SENATE PASSES MOST COMPREHENSIVE PRO-BUSINESS REFORM BILL
The new Bill, once it is passed and signed into law, will help to make Nigeria’s business environment as competitive as its counterparts around the world; allow business owners to now register their businesses in a faster and more efficient way — using technology; removes all the unnecessary regulatory provisions — such as the requirement for ‘annual general meetings’ and ‘company secretaries’; and reduces the minimum share capital for all companies and start-ups in Nigeria — which will encourage more investments and create new jobs.
CAMA will also create the ‘LLP’ (Limited Liability Partnership) which is a new form of legal identity for businesses in Nigeria that is targeted at increasing foreign investment in the country; as well as guarantees that Nigerians will be able to register their businesses from anywhere in the country through the e-Registration system that the Senate’s amendment gives legal backing.
“We are truly now walking the talk,” the President of the Senate said, “With the passage of CAMA, we are saying to the rest of the world that Nigeria is ready for business and the government of Nigeria is ready to support small scale industries to promote innovations, and encourage enterprise.
“It will not have been done without the effort of all my colleagues. I thank you for this great day in showing that truly the National Assembly is here in support of Nigerians to create an environment that enables them to be able to create business and seek opportunities,” he said.
