CAC Extends 50% Reduction in Business Names Registration by 3 Days

• CAC Registers 220,773 MSMEs within 10 months

The Corporate Affairs Commission, CAC, has announced on Monday that it has extended the 50 percent reduction in registration fee for business names in Nigeria.

The programme launched under CAC’s Business Incentive Strategy allows intending business owners to pay N5, 000 less of the original fee.

However, the discount window will end on Friday, August 16, after which payment for registration of business names will revert to the original fee.

The commission, in a statement released in Abuja through its Head of Public Affairs, Moses Adagusuu, said that the commission has successfully registered 220,773 Micro, Small and Medium Enterprises, MSMEs, in the space of ten months.

The CAC said that the MSMEs were registered between October 2018 and July 31, this year.

Adaguusu said, “From when the BIS started in October 2018 to July 31, the commission gathered at least 220,773 MSMEs under the BIS window. The list is growing day by day.”

It also reminded Micro, Small and Medium Enterprises about the benefits of registering their business names with the commission.

Adaguusu revealed that “Registration of their businesses will enable them own corporate accounts with banks, have access to loans, grants and other government interventions.”

The commission clarified that the three-day extension of the cut in registration fee was to allow MSMEs that could not register due to the Id-el-Kabir Islamic celebration to take advantage of the opportunity at the reduced cost of N5, 000.

It also revealed that MSMEs could register their business names through the online registration porter ( services.cac.gov.ng or cac.gov.ng ) or offline at the Commission’s offices, nationwide.