Tuesday , 4 October 2022

FG extends Business Name Registration till March

AFTER the initial reduction for registration of Business Names by 50 % to the tune of N5,000.00 till December 31, Federal Government has extended the window for registration by 90 days, to end by March.

Deputy Director, Public Affairs, Corporate Affairs Commission, Moses Adaguusu made this known in a statement, noting that the move is part of efforts 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).

According to Adaguusu, 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.

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 Commissions 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.

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.

Members of the public can either; do it themselves online by login on to the Commissions website: www.cac.gov.ng or visit any of the Commissions Offices nationwide.

Recall 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)

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