The Corporate Affairs Commission (CAC) says the Federal Government has extended the window for registration of business names at the reduced cost of N5, 000.00 by three months (January 1 to March 31, 2019).
The Commission said the initiative is to support the growth of the Micro, Small and Medium Enterprises (MSMEs) sector by ensuring formalisation of such businesses to enable them own corporate account with banks and have access to government interventions.
This was contained in a statement made available to The AUTHORITY in Abuja over the weekend and signed by Moses Adaguusu, the Deputy Director, Public Affairs of the Commission.
The statement read in part: “It will 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 (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.
“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 formalize their businesses.
“Following the Commission’s 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.”