The federal government has directed the Corporate Affairs Commission (CAC) to further extend the grace period for the registration of small and petty businesses in the country at a reduced cost of 50 per cent by three months from Monday, May 13, to August 13, 2019.
Vice President Yemi Osinbajo, who gave this directive, said the CAC was to further extend the window for registration of business names at the reduced cost of N5,000.00 by 90 days.
He said it was to give opportunity to micro, small and medium scale enterprises (MSMEs) who could not register their businesses in the first and second phases of the Business Incentive Strategy (BIS).
Acting registrar-general, Corporate Affairs commission, Lady Azuka Azinge, who made this disclosure to newsmen in Abuja over the weekend, said the move was in line with President Muhammadu Buhari-led administration’s drive to support and encourage ownership of MSMEs for the economic growth and development of the country.
The CAC under its Business Incentive Strategy (BIS), had reduced the cost of business names registration from N10,000 to N5,000 for a period of three months from 1st October 1 to December 31, 2018.
Upon 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.
Azinge said this third extension would no doubt deepen the success achieved in the first and second phases and would run from Monday, May 13, to August 13, 2019.
She enjoined members of the public to take advantage of the further extension to register their business names at the reduced cost of N5,000.
In a related development, Azinge revealed that the companies and Allied Matters Amendment Bill had since been passed by the national assembly and was awaiting Presidential Assent.
According to her,the amendment was aimed at enhancing the Commission’s supervisory and regulatory powers.
The amendment specifically seeks to: Ease starting and growing businesses in
Nigeria, ensure more appropriate regulation for MSMEs, enhance transparency and shareholder engagement, align regulatory framework with international best practice and make Nigeria an investment destination of choice.
The CAC boss however said she was optimistic that given the importance of the CAM Amendment Bill and its significance for the business environment, it would soon be assented to by President Muhammadu Buhari.
She also seized the opportunity to commend the national assembly for the timely passage of the CAMA Bill as well as the support of the Presidential Enabling Business Environment Council (PEBEC) to the Commission’s reform initiatives, stakeholders and the media for their unalloyed support to the Commission