The Federal Government has extended the window for registration of business names at the reduced cost of N5,000.00 by 90 days, to end by March.....
Moses Adaguusu, the deputy director, Public Affairs, Corporate Affairs Commission, in a statement, noted that the move was 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).
It is 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).
According to Aguusu, 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% 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 Minister of Industry, Trade and Investment approved a three months extension of the BIS for registration of MSMEs from 1 January to March 2019.
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