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The Corporate Affairs Commission, CAC has introduced a new design for the Certificate of Incorporation for businesses in Nigeria. The CAC certificate will now have the Tax Identification Number, TIN attached to it.
Taxpayers, companies and business owners usually need a 14-digit TIN number to operate and had to wait at least two weeks after registration to get it.
However, that method is phasing out and applications for the TIN number is moving away from the Federal Inland Revenue Service (FIRS).
The CAC employs the Certificate of Incorporation for company validation as well as for business owners rights.
It said merging the TIN number with Certificate of Incorporation is one of its “Ease of Doing Business” strategy.
Aside from the time it saves, the new method will back up loans and credit facilities applications for business.
The TIN number is also a requisite to operate corporate bank accounts according to 2011 Central Bank of Nigeria directives to businesses.
Incorporating the TIN will streamline business creation processes and corporate account creation. The FIRS will also achieve accuracy in business registration from the new method.
Parts of the statement by the CAC reads:
“This is to inform our esteemed customer that as part of the Ease of Doing Business Initiative, Certificates of Incorporation of Companies registered under Part A of CAMA will henceforth carry Tax Identification Numbers issued by the Federal Inland Revenue Service (FIRS)”.
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