The Federal Government has announced a 90-day special window for registration of new businesses at a reduced rate of N5000 only.
![FG Reduces Cost Of Business Registration To N5, 000]()
Vice President Yemi Osinbajo, who disclosed this on Tuesday, said the gesture was part of its bid to further ease the process of registering Micro, Small, and Medium Enterprises (MSMEs) in the country.
Laolu Akande, Senior Special Assistant to Vice President Yemi Osinbajo (Media and Publicity), in statement on Tuesday, said Osinbajo stated this at the launch of the 19th edition of the National MSMEs Clinics in Enugu, Enugu State.
Osinbajo also disclosed that the special window of 90 days would be from October 1 to Dec 31, 2018.
According to the Vice President, “It was observed during some of the earlier editions of the MSME clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.
“The practice since we began the MSME 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 yesterday October 1st to Dec 31st 2018, 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 formalize their businesses.
“We will be establishing shared facilities for MSMEs based on a partnership between the Federal Government, interested States, Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of our efforts at deepening the impact of the clinics.
“The purpose of these shared facilities is to have a fully-equipped place with machinery and equipment required for various trades and businesses. MSMEs can then do their businesses at those locations at a reasonable cost.
Laolu Akande, Senior Special Assistant to Vice President Yemi Osinbajo (Media and Publicity), in statement on Tuesday, said Osinbajo stated this at the launch of the 19th edition of the National MSMEs Clinics in Enugu, Enugu State.
Osinbajo also disclosed that the special window of 90 days would be from October 1 to Dec 31, 2018.
According to the Vice President, “It was observed during some of the earlier editions of the MSME clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.
“The practice since we began the MSME 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 yesterday October 1st to Dec 31st 2018, 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 formalize their businesses.
“We will be establishing shared facilities for MSMEs based on a partnership between the Federal Government, interested States, Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of our efforts at deepening the impact of the clinics.
“The purpose of these shared facilities is to have a fully-equipped place with machinery and equipment required for various trades and businesses. MSMEs can then do their businesses at those locations at a reasonable cost.
