CAC Reduces Cost of Business Registration in Nigeria

CAC Reduces Cost of Business Registration in Nigeria

Are you finding it difficult registering your business due to high cost of business registration in Nigeria?

Do you think the process of registering new business in Nigeria is rigorous?

Would you love to formally register your business to give room for more opportunities?

Here is good news for you.

The Registrar-General, Corporate Affairs Commission, Mr. Bello Mahmud, said on Tuesday in Abuja that the cost of business registration in Nigeria was now cheaper and its process simplified to enable small scale entrepreneurs to register their business.

Mahmud announced this in a statement by Head, Public Affairs, CAC, Mr. Godfrey Ike.

This was disclosed at the on-going Micro, Small and Medium Enterprise Clinic held in Abuja.

He said that with the CAC Registration Portal, any member of the public could now register businesses online at the comfort of their homes and offices.

“This has drastically reduced the registration cost hitherto charged by professional middlemen (lawyers, accountants and chartered secretaries), in the registration process.

“Entrepreneurs who had already registered their businesses have the obligation to file annual returns with the Commission as and when due.”

“Failure to file Annual Returns will result to striking-off of such defaulting entities on ground of dormancy.”

“The MSME Clinic is an initiative of the Office of the Vice President, which is aimed at holistically addressing all the operational challenges and bottlenecks of MSME in Nigeria,” Muhmud said.

According to him, the commission is one of the critical government agencies that have been participating in the on-going nationwide MSME Clinic that commenced in Aba, Abia State in January.

He added that the MSME Clinic was expected to be held in all states of the federation.

“So far, the Clinic has been held in 13 states of the federation,” he said.

According to him, other relevant agencies like FIRS, SON, Bank of Industry, NAFDAC, SMEDAN participated in the clinic.

These efforts are in line with governments campaign to reduce ease of doing business in Nigeria.

Remember that the CAC had months back consolidated the number of forms required for new business registration in Nigeria to just one.

Francis Nwokike

Francis Nwokike is the Founder and Chief Editor of The Total Entrepreneurs. A Social Entrepreneur and experienced Disaster Manager. He loves researching and discussing business trends and providing startups with valuable insights into running a profitable business. He created TTE to share ideas and tips to help entrepreneurs run and grow their businesses.

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