The federal government has directed the Corporate Affairs Commission (CAC) to slash its registration fee from N10,000 to N5,000.
This is with the view to helping small and medium scale businesses to have their enterprises registered and the offer will last from October 1 to December 31st.
According to a statement released on Tuesday, Vice President Yemi Osinbajo made the announcement in Enugu at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics.
“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,” the statement released by Laolu Akande, senior special assistant to the vice president on media and publicity, quoted him to have said.
“The practice since we began the MSMEs clinics is that most agencies offer price reductions, especially for registration, and all other pre-investment approvals, during the Clinics.
“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 N5000 only, down from as much as N10,000 previously.
“This will afford more MSMEs an opportunity to formalise their businesses.”