Cost of Small Business Registration in Nigeria to be reduced to N5,500 – CAC
Small businesses in the country will soon be able to have their businesses registered with as little at N5,500 if the plans by the Corporate Affairs Commission goes through. The commission disclosed this yesterday at the Business Enhancement Roundtable organized by Daily Trust Board of Economists acknowledging that an official identity is key for all businesses irrespective of size.
Explaining further, the commission represented by the Deputy Director, Public Affairs, Moses Adaguusu, said that the essence of the planned cost reduction in small business registration from N10,000 to N5,500 is to encourage Nigerians to have their businesses registered and enjoy the benefits afforded by government registrations access to including bank accounts and credit facilities.
According to him “The commission has gone a step forward for businesses that are very small. We are in the market now and there is a plan to step it further down to N5,500 just to encourage people to register because the benefits of registration are enormous,”