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News around Africa - Profiles - January 7, 2019

FG extends registration of business names by 90 days

The federal government, through small and medium-sized enterprises (MSMEs), has extended the registration period for business names at a reduced price of N5,000.00 by 90 days.

It will be recalled that as part of its Business Incentive Strategy (BIS), the Commission reduced the cost of registering the business name from N10,000 to N5,000 for a period of three months (from 1 October as of December 31, 2018).


A statement by the Deputy Director, Public Affairs, Moses Adaguusu, explained that BIS was aimed at creating a window for MSMEs to formalise their businesses to enable them own corporate account with banks, access to loans, grants and other government interventions.

He urged members of the public to take advantage of the extension to register their Business names at the reduced cost of N5,000 after the name reservation of N500. He advised that the public can either; do it themselves online by login on to the Commission’s

He further explained that upon the expiration of the initial three months window, the Commission received several requests from states and other agencies seeking an extension of the 50% fee reduction promo.

“In view of the benefits of BIS coupled with the demand for extension by stakeholders, it became imperative for the Federal Government to further extend the period by another three months (1st January-31st March 2019) to enable more MSMEs to formalize their businesses.

“Following the Commission’s request for an extension, the Honourable Minister of Industry, Trade and Investment graciously approved a  three months extension of the BIS for registration of MSMEs from 1st January to March, 2019″.



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