The Corporate Affairs Commission (CAC) has extended the initial deadline of 31st December,2018 for the registration of Business Name for N5,000
The new deadline is now March 31, 2019.
This initiative was approved by Vice-President Yemi Osinbajo in October for small-scale business to maximize the opportunity to register their business name.
CAC) announced the extension in a statement released on its Twitter page.
In October 2018, Yemi Osinbajo, Nigeria’s Vice President had announced that the federal government has approved a special window of 90 days from October 1 to December 31 to register businesses at N5000, down from as much as N10,000 previously.
“In an effort to deepen the benefits of its reform initiatives, the Corporate Affairs Commission has extended the reduction of cost of Registration of Business Names from N10,000 to N5,000 after the Name Reservation of N500, with effect from the 31st December, 2018 to 31st March 2019,” CAC said in a statement released on Twitter.
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 formalise their businesses which will enable them own corporate account 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 per cent 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 formalise their businesses.”
“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,” the commission emphasized.