Vice President Extends Slash In Business Registration Fee

Vice President Yemi Osinbajo has extended the special window to register businesses at a reduced rate of N5,000 instead of N10,000 at the Corporate Affairs Commission (CAC).

Osinbajo extended the business registration incentive from May 1 to July 31 2019.

This was disclosed by the VP’s special assistant on media and publicity, Laolu Akande, on Monday at the first quarter MSMEs stakeholder meeting held at the Presidential Villa.

The move by the federal government is to enable more Micro Small and Medium Enterprises (MSMEs) formalise their businesses.

The special window for subsidized registration costs kick-started from October 1 to Dec 31, 2018, but was later extended from 1st January to 31st March 2019, leading to an increase in business registration rate from 54,000 to 163,000.

Osibanjo, however, urged relevant government agencies at the meeting to speedily come up with better funding strategies for small businesses in the country.

“Having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs, we need to address this issue as quickly as possible.”