Business name registration under Part B of the Companies and Allied Matters Act is indeed a convenient and the quickest way of setting up a small business in Nigeria. For this reason, it is typical for most micro, small and medium enterprises (MSMEs) to carry on business using Business Names.
On 2nd October, 2018 the Corporate Affairs Commission (CAC) issued a pubic notice by which it stated that in an effort to deepen the benefits of its reform initiatives, the cost of registration of Business Names has been reduced from N10,000 to N5,000, after the Name Reservation of N500, with effect from the 1st October to 31st December, 2018.
According to the CAC, the Business Incentive Strategy is aimed at creating a window for MSMEs to formalize their businesses, which will enable them own corporate account with Banks, have access to Loans, grants and other government interventions.
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