Since October 2018, the Corporate Affairs Commission, CAC has reduced the cost of business name registration from 10,000 to 5,000 naira.

On Thursday, the commission extended the cost reduction initiative to March 31, 2019.

The government agency made the announcement on its Twitter handle, @cacnigeria1.

CAC said: “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 10,000 naira to 5,000 naira, after the Name Reservation of 500 naira, with effect from the 31st December 2018 to 31st March 2019.”

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The commission added that the extension was to enable more micro, small and medium enterprises to formalize their businesses, which will enable them to 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 5, 000-naira after the Name Reservation of 500-naira.”

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