The Corporate Affair Commission of Nigeria has announced the extension of the 50% discount on business name registration in Nigeria from N10,000 to N5,000 which began last year, 2018.
Recalled that the federal government of Nigeria last year gave a directive for the 50% slash in business name registration to allow more people to be able to afford registration.
The initial deadline was 31st December, 2018. However the deadline has now been shifted to 31st March, 2019.
The notice seen on the CAC website reads:
PUBLIC NOTICE – EXTENSION OF REDUCTION OF COST OF BUSINESS NAMES REGISTRATION BY 50% 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 31December, 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, 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.Dated this 31 Day of December, 2018Signed:MANAGEMENT