The Corporate Affairs Commission (CAC) has extended the 50% discount on business name registration till March 31.

In a statement released on its Twitter page, the commission said it took the decision to deepen the benefits of its reform initiatives.

In October, Vice President Yemi Osinbajo had announced that the federal government had approved a special window of 90 days from October 1 to December 31 to register businesses at N5000, down from as much as N10,000 previously.

“In an effort to deepen the benefits of its reform initiatives, the Corporate Affairs Commission has extended the reduction of cost of Registration of Business Names from N10,000 to N5,000 after the Name Reservation of N500, with effect from the 31st December, 2018 to 31st March 2019,” CAC said in a statement released on Twitter.

“The Business Incentive Strategy is aimed at creating a window for Micro, Small and Medium Enterprises (MSMEs) to formalize their businesses which will enable them own corporate account with Banks, have access to Loans, grants and other government interventions.
“Members of the public are enjoined to take advantage of this window, to register their Business Names at the reduced cost of N5, 000 after the Name Reservation of N500.”