Good times for SMEs as FG reduces cost of business registration

The Federal Government has approved a 90-day special window for Nigerians to register their businesses at a reduced cost of N5,000. This was disclosed by the Vice President, Prof. Yemi Osinbajo.

In a statement released by Laolu Akande, Osinbajo’s spokesman, Osinbajo was quoted to have made the announcement at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu.

According to Osinbajo, the special window which will only last for 90-day has commenced on Monday, October 1, 2018, and is expected to last till Monday, December 31, 2018.

Osinbajo made known that the special window, is to further ease the process of registering MSMEs in the country.

The Vice President said,

“It was observed during some of the earlier editions of the MSMEs Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.

“So, I am pleased to announce that the Federal Government, through the Corporate Affairs Commission, has approved a special window of 90 days from Oct. 1 to Dec. 31 to register businesses at a considerably reduced rate of N5,000 only, down from as much as N10,000 previously. This will afford more MSMEs an opportunity to formalise their businesses.”

Nairametrics had earlier reported the advancement of Corporate Affairs Commission’s to ease the process of registering a business name. This was reported to have addressed some of the challenges usually encountered by people in the course of registering their businesses. This was revealed by Azuka Azinge, the acting Registrar General of the Commission.

Azinge further disclosed that the CAC is committed to deploying a more robust application to drastically improve the situation. She further hinted plans by the commission to deploy an application that would ensure self-generation of certificates.

To simplify business registration and make it cheaper, Azinge had announced that the commission was considering lowering the cost of registering small businesses.

Azinge through the commission’s Deputy Director, Public Affairs, Moses Adaguusu, said the cost for registration would soon go for N5,500 instead of the N10,500.