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FG Cuts Business Registration Fee By 50%

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The Federal Government’s approved a 90-day special window for business registration at a reduced rate of N5000 only.

Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity in a signed statement, Office of the Vice President, said that Prof. Yemi Osinbajo made the announcement in Enugu.

According to the Vice President, the special window of 90 spanned from Oct. 1 to Dec. 31.

He made this announcement at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu

He said that the gesture was to further ease the process of registering MSMEs in the country.

It was observed during some of the earlier editions of the MSMEs Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.

“The practice since we began the MSMEs clinics is that most agencies offer price reductions, especially for registration, and all other pre-investment approvals, during the Clinics.

“So, I am pleased to announce that the Federal Government, through the Corporate Affairs Commission, has approved a special window of 90 days from Oct. 1 to Dec. 31 to register businesses at a considerably reduced rate of N5000 only, down from as much as N10,000 previously.

“This will afford more MSMEs an opportunity to formalise their businesses.” he said.

Speaking on other initiatives by the Federal Government designed to consolidate the gains of the MSMEs Clinics, Osinbajo said that the Federal Government would be establishing shared facilities for MSMEs.

He said that the facilities would be based on a partnership between the Federal Government, interested States, Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of efforts at deepening the impact of the Clinics.

“The purpose of these shared facilities is to have a fully-equipped place with machinery and equipment required for various trades and businesses. MSMEs can then do their businesses at those locations at a reasonable cost.

“This way, MSMEs are spared the financial burden of having to buy their own equipment in order to be able to do business.

“Where possible, these shared facilities would have been pre-certified by relevant agencies, removing the need for MSMEs to pursue these certifications by themselves.’’

He also announced the Federal Government’s willingness to partner with State governments in establishing more One-Stop Shops, to further enhance business registration and facilitate seamless interaction between owners of small businesses and the relevant regulatory agencies.

Earlier in his remarks, Gov. Ifeanyi Ugwuanyi of Enugu state said the State government had already keyed into some of the social investment programmes initiated by the Federal Government.

The governor expressed appreciation to the Federal Government for inaugurating the National MSMEs Clinics in the state as it would greatly improve the lives of many youths, especially those seeking employment opportunities.

 
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