The Federal Government through the Corporate Affairs Commission (CAC) has extended the window for registration of business names at the reduced cost of N5,000 by 90 days.
It will be recalled that the Commission under its Business Incentive Strategy (BIS), had earlier reduced the cost of Business Name registration from for a period of three months (October 1 to December 31, 2018).
Naija News however learnt that the extension was as result several requests from states and other agencies seeking extension of the 50% fee reduction promo.
Members of the public are enjoined to take advantage of this window, to register their Business Names at the reduced cost of N5, 000 after the Name Reservation of N500.
— CAC Nigeria (@cacnigeria1) January 3, 2019
The Deputy Director, Public Affairs of the commission, Moses Adaguusu, who also explained further on the need for Small and Medium scale entrepreneur to register their business said that BIS was aimed at creating a window for MSMEs to formalise their businesses to enable them own corporate account with banks, access to loans, grants and other government interventions.
“In view of the benefits of BIS coupled with the demand for extension by stakeholders it became imperative for the Federal Government to further extend the period by another three months (1st January-31st March, 2019) to enable more MSMEs formalize their businesses.
“Following the Commission’s request for extension, the Honourable Minister of Industry, Trade and Investment graciously approved a three months extension of the BIS for registration of MSMEs from 1st January to March, 2019″.
I appreciate the efforts being made by the FG to increase the ease of doing business in the country. Especially in the reduction of cost of business registration by the CAC. SMEs should take the advantage of the extension of business registration.
— Onuoha Goodluck Uba (@goodluck_uba) January 3, 2019
He urged members of the public to take advantage of the extension to register their Business names at the reduced cost of N5,000 after the name reservation of N500.
He advised that the public can do it themselves online by login on to the Commission’s website.