In its drive to grow Small and Medium Scale enterprises (SMEs) in the country, the Federal Government has ordered the drastic reduction of the cost of business registration for SMEs, while pegging it at a meagre sum of N5,000.
This disclosure was made by the Vice President, Yemi Osinbajo, recently, in a statement released by his spokesman, Laolu Akande.
The Vice President made the announcement at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics held recently, in Enugu.
Addressing a cross section of attendees drawn from different walks of life, Osinbajo approved a 90-day special window for Nigerians to register their businesses at a reduced cost of N5,000, a reduction away from the usual charges of the Corporate Affairs Commission (CAC).
According to Osinbajo, the special window which will only last for 90-day, takes effect from Monday, October 1, 2018, and is expected to last till Monday, December 31, 2018. He added that the special window is to further simplify the process of registering SMEs in the country, while providing a wider platform for small businesses to thrive.
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 October 1 to December 31 to register businesses at a considerably reduced rate of N5,000 only, down from as much as N10,000 previously. This will afford more SMEs an opportunity to formalise their businesses.”