May 22, 2019
News

FG Approves Extra 90 Days for Business Name Registration

The Federal Government has directed the Corporate Affairs Commission to further extend the grace period for the registration of small and petty businesses in the country at a reduced cost of 50% by three months

This is to give opportunity to Micro, Small and Medium Scale Enterprises (MSMEs) who could not register their businesses in the first and second phases of the Business Incentive Strategy (BIS),

Vice President, Professor Yemi Osinbajo, directed the Corporate Affairs Commission to further extend the window for registration of Business Names at the reduced cost of N5,000.00 by 90 days.

The Ag. Registrar General, Corporate Affairs commission, Lady Azuka Azinge who disclosed this to newsmen in Abuja over the weekend said the move was in line with President Muhammadu Buhari-led administration’s drive to support and encourage ownership of MSMEs for the economic growth and development of the country.

The CAC under its Business Incentive Strategy (BIS), had reduced the cost of Business Names registration from N10,000 to N5,000 for a period of three months from 1st October to 31st December 2018.

Upon expiration of the initial three months window, the Commission received several requests from Stakeholders and the public, and extended same for another period of three months from1st January to 31st March 2019 due to popular demand.

Lady Azinge stated that the third extension will deepen the success achieved in the first and second phases and will run from Monday, 13th May to 13th August, 2019.

She enjoined members of the public to take advantage of the further extension to register their Business Names at the reduced cost of N5,000.

In a related development, Lady Azinge revealed that the companies and Allied Matters Amendment Bill had since been passed by the National Assembly and was awaiting Presidential Assent.

Victoria Chimeize

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