The Role of Corporate Affairs Commission in Encouraging Entreprenuership in Nigeria. A Case Study of the 50% Reduction in Registration Fee From January –august 2019.

Chapter One of The Role of Corporate Affairs Commission in Encouraging Entreprenuership in Nigeria. A Case Study of the 50% Reduction in Registration Fee From January –august 2019.

 

INTRODUCTION

BACKGROUND OF THE STUDY

The corporate affairs commission has in recent times provided strong motivation for the starting of new businesses and the registration of existing ones which were not registered due to financial constraint and bureaucracies. This is made possible

With the reduction of registration fees by 50%. The Corporate Affairs Commission (CAC) of Nigeria was instituted in 1990 under the Companies and Allied Matters Act no 1 (CAMA) 1990but was reformed under the Act cap C20 Laws of federation of Nigeria.It is a body autonomous charged with the responsibility to monitor and regulate the formation and management of companies in Nigeria. The commission is headed by a Registrar-General whose activities were carried on under the Companies Act 1968.(CA 1948)before the enactment of CAMA. The services of the Commission are categorized in parts: PART A – Registry PART B – Registration of Business Names PART C – Registration of Incorporated Trustees (NGO’s) .The concept of Entrepreneurship  is centered on the training and acquisition of skills and knowledge which leads to the identification of new business opportunity. Entrepreneurship leads to the realization of new business opportunities.  The primary type of entrepreneurship is the starting of a new business. Entrepreneurship focuses on creativity and innovation, which is considered as a requirement for new venture development.  Enterprise is the conversion of new ideas and opportunities into a business venture and entrepreneurship is defined as the development of skills for the starting and running of a new business. The study seeks to appraise the role of corporate affairs commission in encouraging entrepreneurship in Nigeria. A case study of the 50% reduction in registration fee from January- August 2019.

 

 STATEMENT   OF   THE PROBLEM

The promotion of entrepreneurship is faced with many challenges which include the registration of entrepreneurship businesses as corporate entities. Many entrepreneurial ventures operate informally without proper management. They are neither accountable to themselves nor to the nation as such the purpose for the set up of many of this businesses is defeated. Also they serve no useful purpose to the government in the derivation of taxes. Consequently the corporate affairs commission in a move to ameliorate these challenges reduces the registration fee of businesses by 50%. The problem confronting the study is to appraise the  role of corporate affairs commission in encouraging entrepreneurship in Nigeria. A case study of the 50% reduction in registration fee from January- August 2019

 

 

 

OBJECTIVE   OF THE STUDY

The Main Objective of the study is to appraise the role of corporate affairs commission in encouraging entrepreneurship in Nigeria. A case study of the 50% reduction in registration fee from January- August 2019; The specific objectives include

1 To determine the relevance of entrepreneurship in Nigeria.

2 To determine the role of corporate affairs commission.

    3 To determine the role of corporate affairs commission in encouraging entrepreneurship in Nigeria. A case study of the 50% reduction in registration fee from January- August 2019

 

RESEARCH QUESTIONS

1 What is the relevance of entrepreneurship in Nigeria?

2 What is the role of corporate affairs commission?

3 What is the role of corporate affairs commission in encouraging entrepreneurship in Nigeria?

4 What is the effect of the 50% reduction in registration fee from January- August 2019 on the growth of entrepreneurship in Nigeria?

 

 

 

STATEMENT OF THE HYPOTHESIS

The statement of the hypothesis for the study is stated in Null as follows

HO   The level of entrepreneurship in Nigeria is low.

HO   The effect of the 50% reduction in registration fee from January- August 2019 on the growth of entrepreneurship in Nigeria is low.

 

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SIGNIFICANCE OF THE STUDY

The study proffers an appraisal of the role of corporate affairs commission in encouraging entrepreneurship in Nigeria. A case study of the 50% reduction in registration fee from January- August 2019. It provides relevant data for the effective formulation and implementation of policies to enhance the realization of envisaged objective.

 

 

SCOPE OF THE STUDY

The study proffers an appraisal of the role of corporate affairs commission in encouraging entrepreneurship in Nigeria. A case study of the 50% reduction in registration fee from January- August 2019.

 

 LIMITATION OF THE STUDY

The study was confronted with logistics and geographical factors.

 

 

DEFINITION OF TERMS

 

CORPORATE AFFAIRS COMMISSION DEFINED.

The Corporate Affairs Commission (CAC) of Nigeria was instituted in 1990 under the Companies and Allied Matters Act no 1 (CAMA) 1990but was reformed under the Act cap C20 Laws of federation of Nigeria.It is a body autonomous charged with the responsibility to monitor and regulate the formation and management of companies in Nigeria. The commission is headed by a Registrar-General whose activities were carried on under the Companies Act 1968.(CA 1948)before the enactment of CAMA. The services of the Commission are categorized in parts: PART A – Registry PART B – Registration of Business Names PART C – Registration of Incorporated Trustees (NGO’s) .The concept of

 

ENTREPRENUERSHIP DEFINED.

Entrepreneurship is centered on the training and acquisition of skills and knowledge which leads to the identification of new business opportunity. Entrepreneurship leads to the realization of new business opportunities.  The primary type of entrepreneurship is the starting of a new business. Entrepreneurship focuses on creativity and innovation, which is considered as a requirement for new venture development.

 

 

CERTIFICATION DEFINED

Certification is a process of giving recognition to an individual for passing a prescribed examination.

 

LICENSURE DEFINED

This is the permission granted an individual to practice a designated professions.

 

ACCREDITATION DEFINED

The s the granting of right of recognition to an institution program.