Monday , November 29 2021

N5000 CAC Registration: FG gives extra 90 days

The Federal Government has directed the Corporate Affairs Commission (CAC) to further extend the period for the registration of small businesses in the country at a reduced cost of 50 per cent by three months.
The Acting Registrar General of CAC, Lady Azuka Azinge, said the directive, which takes effect today, was in order to give opportunity to Micro, Small and Medium Enterprises (MSMEs) that could not register in the first and second phases of the Business Incentive Strategy (BIS), the opportunity to do so.
Vice President, Prof. Yemi Osinbajo, handed the directive to the CAC to further extend the registration window at the reduced cost of N5,000 by 90 days.
Lady Azinge, who disclosed this to newsmen in Abuja weekend, said the move was in line with the President Muhammadu Buhari-led administration’s drive to support and encourage ownership of MSMEs for the economic growth and development of the country.
It would be recalled that CAC under its Business Incentive Strategy (BIS) had reduced the cost of business name registration from N10,000 to N5,000 for a period of three months from October 1 to December 31, 2018.

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M 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 from January 1 to March 31, 2019, due to popular demand, particularly from state governments.

Lady Azinge said the third extension would deepen the success achieved in the first and second phases and would run from Monday, May 13 to August 13, 2019

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