FG extends N5,000 reduced business names registration by 90 days

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By Miriam Humbe

The Federal Government through the Small and Medium Enterprises (MSMEs) has extended the window for registration of business names at the reduced cost of N5,000.00 by 90 days.
It will be recalled that the Corporate Affairs Commission, CAC, 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).
A statement issued during the weekend by the Deputy Director, Public Affairs, Moses Adaguusu, explained that BIS was 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.
He further explained that 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.
“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 Minister of Industry, Trade and Investment graciously approved a
three months extension of the BIS for registration of MSMEs from 1st January to 31 March, 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 the public to log on to the Commission’s website: www.cac.gov.ng or visit any of the its offices nationwide.

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