CAC extends deadline for 50% cut on business registration

THE CORPORATE AFFAIRS COM MISSION (CAC), agency in charge of business registration in Nigeria has agreed to extend the deadline for a 50 percent cut in the price of business registration till to Sunday, March 31, 2019.

The agency said last week that it has extended the period for the 50 percent cut in the registration fee, to enable business owners to pay the sum of N5,000 to have their business names registered with ease.

The move is part of the current administration’s initiative to ease up the process of starting a business in the country. CAC however noted that upon expiration of the new deadline it will revert to the old fee of N10,000 for business name registration.

CAC explained that it decided to extend this offer as part of its efforts to “deepen the benefits of its reform initiatives.”

If further said the extension was to enable more micro, small and medium enterprises to formalize their businesses, which will enable them to 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,” the agency said.