The Federal government has extended the business name registration promo it started in 2018 by another three months.

It could be recall that the FG through the corporate Affairs Commission (CAC) Business Incentive Strategy (BIS), had reduced the cost of registering a Business Name from N10,000 to N5,000 for a period of three months (October 1 to December 31, 2018). In a statement issued by the Deputy Director, Public Affairs, Moses Adaguusu, he explained that BIS was aimed at creating a window for MSMEs to formalise their businesses to enable them own corporate account with banks, access to loans, grants and other government interventions.

He further explained that upon the expiration of the initial three months window, the Commission received several requests from states and other agencies seeking extension of the 50% fee reduction promo. “In view of the benefits of BIS coupled with the demand for extension by stakeholders it became imperative for the Federal Government to further extend the period by another three months (1st January-31st March, 2019) to enable more MSMEs formalize their businesses. 

“Following the Commission’s request for extension, the Honourable Minister of Industry, Trade and Investment graciously approved a three months extension of the BIS for registration of MSMEs from 1st January to March, 2019″. FG pledges support to NAICOM on existing, prospective operators He urged members of the public to take advantage of the extension to register their Business names at the reduced cost of N5,000 after the name reservation of N500.

He advised that the public can either; do it themselves online by login on to the Commission’s  website or engage the services of a CAC certified agent to process it.