Federal Government has directed the Corporate Affairs Commission (CAC) to extend registration of small and petty businesses in the country at a reduced cost of 50% by three months.
The order which was given by Vice President Prof. Yemi Osinbajo, directed the Corporate Affairs Commission to further extend the window for registration of Business Names at the reduced cost of N5,000.00 by 90 days.
The Ag. Registrar General, Corporate Affairs commission, Lady Azuka Azinge who disclosed this to newsmen in Abuja over the weekend said the move was inline with President Muhammadu Buhari led administration’s drive to support and encourage ownership of MSMEs for the economic growth and development of the country.
The CAC under its Business Incentive Strategy (BIS), had reduced the cost of Business Names registration from N10,000 to N5,000 for a period of three months from 1st October to 31st December 2018.
Upon expiration of the initial three months window, the Commission received several requests from Stakeholders and the public, and extended same for another period of three months from1st January to 31st March 2019 due to popular demand, particularly from State Governments, Lady Azinge stated that the third extension will deepen the success achieved in the first and second phases and will run from Monday, 13th May to 13th August, 2019.
She urged members of the public to take advantage of the further extension to register their Business Names at the reduced cost of N5,000.