Those that have been suffering delays to register their businesses with the Corporate Affairs Commission (CAC), must foot-drag no longer.

This is because the Federal Government has slashed by half, the registration fee for new business from N10, 000 to N5, 000.

But the new fee is not permanent as it will last for only 90 days beginning from October 1.

Vice President Yemi Osinbajo made the announcement on Tuesday in Enugu at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics.

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“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.

“The practice since we began the MSMEs 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 October 1 to December 31 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 formalise their businesses.”

He also announced the Federal Government’s willingness to partner with State governments in establishing more One-Stop Shops, to further enhance business registration and facilitate seamless interaction between owners of small businesses and the relevant regulatory agencies.

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