You can still register your business for N5,000

The Corporate Affairs Commission (CAC), has extended its cost reduction period of business registration till Saturday, March 31, 2019. CAC made this announcement via its Twitter handle.

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

— CAC Nigeria (@cacnigeria1) January 3, 2019

after the Name Reservation of N500, with effect from the 31st December, 2018 to 31st March, 2019.
The Business Incentive Strategy is aimed at creating a window for Micro, Small and Medium Enterprises (MSMEs) to formalize their businesses,

— CAC Nigeria (@cacnigeria1) January 3, 2019

Members of the public are enjoined to take advantage of this window, to register their Business Names at the reduced cost of N5, 000 after the Name Reservation of N500.

— CAC Nigeria (@cacnigeria1) January 3, 2019

Following this move, those who tend to register business names would not just enjoy the cost reduction from N10,000 to N5,000 but will also be privileged to be beneficiaries of the period extension.

Why CAC extended the reduction cost deadline

The move to extend the reduction cost deadline, according to the Corporation, is to deepen the benefits of its reform initiatives.

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More so, the extension aims at enabling more micro, small and medium enterprises (MSMEs) to formalize their businesses, which will enable them to own corporate account with banks, have access to loans, grants and other government interventions.

It would be recalled that as part of efforts to enhance the ease of doing business in Nigeria, the commission announced some far-reaching decisions, part of which is the company incorporation in 24 hours policy.

The commission had also concluded plans in February 2018, to close manual registration of businesses and corporations in all its remaining locations nationwide. CAC’s Head of Public Affairs, Godfrey Ike, disclosed this during a two-day strategic management planning retreat. He said the action became necessary to enable the commission to extend its online services across the country.

It was reported that the Federal Government approved a 90-day special window for Nigerians to register their businesses at a reduced cost of N5,000. This was disclosed by the Vice President, Prof. Yemi Osinbajo.

In a statement released by Laolu Akande, Osinbajo’s spokesman, Osinbajo was quoted to have made the announcement at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu.

About CAC

The Corporate Affairs Commission (CAC) was established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.

The establishment of the CAC as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism.

Source: Nairametrics

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