FG Slashes Business Registration Fee

The Federal Government has reduced the cost of business registration from N10,000 to N5,000 only.

The government, in a statement by Vice President Yemi Osinbajo said the business owners can enjoy the new fee from Oct. 1 to Dec. 31.

A statement by Laolu Akande, his spokesman said Osinbajo made the announcement at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu.

He said, “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.

“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.”