CAC says extension of 50% reduction in business name registration fee to incentivise SMES

CAC says extension of 50% reduction in business name registration fee to incentivise SMES

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The Corporate Affairs Commission (CAC) on Saturday said it has extended for the third time the window for registration of Business Names at the reduced cost of N5,000.00 by 90 days.

 

The Commission said the extension was prompted by the need to provide 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).

 

Azuka Azinge, the Acting Registrar-General of the Corporate Affairs Commission, disclosed in a statement in Abuja.

 

Recall, the Commission 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 (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 (1st January to 31st March 2019) due to popular demand, particularly from State Governments

 

The Acting Registra General 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.

 

Members of the public can either do it themselves online by login on to the Commission’s website: www.cac.gov.ng  or visit any of the Commission’s offices nationwide.

 

Also, Lady Azinge revealed that the Companies and Allied Matters Amendment Bill had since been passed by the National Assembly and was awaiting Presidential assent.

 

According to  Azinge, the amendment is aimed at enhancing the Commission’s supervisory and regulatory powers.

 

Specifically, the amendment seeks to:

Ease starting and growing businesses in Nigeria;

Ensure more appropriate regulation for MSMEs;

Enhance transparency and shareholder engagement;

Align regulatory framework with international best practice;

Make Nigeria an investment destination of choice.

 

She expressed optimism that given the importance of the CAM Amendment Bill and its significance for the business environment, it would soon be assented to by the President.

 

HARRISON EDEH, ABUJA

 



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