The new Companies and Allied Matters Act has been passed into law today by the Senate presided over by Dr Bukola Saraki, as businesses can now be registered from anywhere in the world.
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A statement released on Tuesday, revealed that the Nigerian Senate has passed into law the new Companies and Allied Matters Act (CAMA), which will make it possible to register a company from anywhere in the world.
According to TheCable, while speaking of the passage of the bill, Senate President Bukola Saraki, said that the passage of CAMA is a significant milestone in the 8th senate’s legislative agenda.
He said; “With the passage of CAMA, which is by far the biggest and one of the most far-reaching legislation ever passed in any legislature in our country, we have now put in place a regulatory framework to promote the ease of doing business and reduce regulatory hurdles.
“This is a pro-business law. This bill that we have just passed will show the audacity that we have to move Nigerian businesses into a new era of success and development.”
The statement revealed that the bill will “allow business owners to now register their businesses in a faster and more efficient way - using technology; remove all the unnecessary regulatory provisions - such as the requirement for annual general meetings and company secretaries; and reduce the minimum share capital for all companies and start-ups in Nigeria.”
The bill will also create a new form of legal identity for businesses in Nigeria, Limited Liability Partnership (LLP), which is expected to increase foreign investment and enable Nigerian register their businesses online.
“We are truly now walking the talk, 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,” Saraki concluded.