CAC Extends Business Registration Deadline

The acting Registrar-General of the Corporate Affairs Commission (CAC), Azuka Azinge has announced further extension of the window for registration of business names at the reduced cost of N5,000.00 by 90 days.She told journalists over the weekend that the decision was taken to give opportunity to micro, small and medium scale enterprises (MSMEs) that could not register their businesses in the first and second phase of the Business Incentive Strategy (BIS).

The commission under the BIS initiative, had reduced the cost of business names registration from N10,000 to N5,000 for a period of three months (October to December 2018).

The CAC boss said upon expiration of the initial three months, the commission received several requests from stakeholders and members of the public, which led to the extension for another period of three months (1st January to 31st March 2019).

She said the third extension was expected to deepen the success achieved in the first and second phases and would run between May and August.She enjoined members of the public to take advantage of the latest extension to register their business names at the reduced cost of N5,000.

Azinge, further disclosed that the Companies and Allied Matters Amendment Bill had since been passed by the National Assembly and was awaiting presidential assent.

She said the amendment was 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 and align regulatory framework with international best practice as well as make Nigeria an investment destination of choice.