The Federal Government, has extended the window for registration of Business Names at the reduced cost of N5,000.00 by 90 days.
This reduction, it said, is in furtherance of the Corporate Affairs Commission’s effort to deepen the benefits of its reform initiatives and as support for the growth of the Micro, Small and Medium Enterprises (MSMEs).
Recall, that the Commission under its Business Incentive Strategy (BIS), had reduced the cost of Business Name registration from N10,000 to N5,000 for a period of three months (1st October. to 31st December 2018).
The BIS is aimed at creating a window for MSMEs to formalize their businesses which will enable them own corporate account with banks, have access to loans, grants and other government interventions.
According to a statement by the CAC Deputy Director, Public Affairs Moses Adaguusu, upon the expiration of the initial three months window, the Commission received several requests from States and other agencies seeking extension of the 50% Fee Reduction promo.
Adaguusu, noted that 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 Commissions 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.
“Members of the public are enjoined to take advantage of the extension to register their Business Names at the reduced cost of N5,000 after the name reservation of N500.
“Members of the public can either; do it themselves online by logging on to the Commissions website: www.cac.gov.ng or visit any of the Commissions Offices nationwide”, the statement ended.