Nigerian Senate on Tuesday moves a step forward with the repeal of the old and passage of the new Companies and Allied Matters Act (CAMA). It will be so especially when the president signs it into law.
Below are 7 important changes to know about the new CAMA:
“It will make Nigeria’s business environment as competitive as its counterparts around the world.
“With the new provisions in CAMA, one person can now open and run a company. This is good for start-ups and young entrepreneurs.
“It promotes the use of technology in the registration of businesses.
“New CAMA removes all the unnecessary regulatory provisions for small companies.
“It reduces the minimum share capital for companies and start-up in Nigeria.
“It creates another new category of legal identity for Nigerian businesses.
“It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system.”