N5,000 Business Name Registration Cost Extended To March –FG


In the bid to make the business environment for entrepreneurs, the Federal Government has extended the window for registration of business names at the reduced cost of N5,000.00 by 90 days to end by March.

The cost of registration of business names is N10,000. However, Moses Adagusu, the Deputy Director, Public Affairs, Corporate Affairs Commission (CAC), in a statement, noted that the move was part of efforts by the Federal Government to deepen the benefits of government’s reform initiatives and as well as support for the growth of the Micro, Small and Medium Enterprises (MSMEs).

It would be recalled 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 , October 1,2018 to  December 31, 2018.

According to Adagusu, the BIS is aimed at creating a window for MSMEs to formalise their businesses, which will enable them own corporate accounts with banks, have access to loans, grants and other government interventions.

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, January 1, 2019 to  March 31, 2019 to enable more MSMEs formalise their businesses.

Following the commission’s request for extension, the Minister of Industry, Trade and Investment approved a three-month extension of the BIS for registration of MSMEs from January 1, 2019 to March 31, 2019.

Agusuu enjoined 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 N5000.

Members of the public can either; do it themselves online by logging on to the commission’s website: www.cac.gov.ng  or visit any of the commission’s offices nationwide.

Source: www.independent.ng

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