The corporate Affairs Commission which is the statutory body responsible for business registrations and related affairs has slashed the cost of business registration to five thousand naira excluding a five hundred Naira cost for business name reservation starting from December 31st,2018 to March 31st, 2019.
In a public notice through its official tweeter handle, the CAC tweets:
"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."
The report says the strategy is to enable Micro, Small and Medium enterprises to make their businesses formal and enjoy other benefits associated with it. It also enjoined members of the public to take advantage of the opportunity.
"The Business Incentive Strategy is aimed at creating a window for Micro, Small and Medium Enterprises (MSMEs) to formalize their businesses, which will enable them own corporate account with Banks, have access to Loans, grants and other government interventions.
"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."
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