The Acting Registrar-General of Corporate Affairs Commission, CAC, Mrs. Azuka Azinge, yesterday, commended the Business Incentive Strategy, BIS, initiative, introduced in collaboration with Presidential Enabling Business Environment Council, to enable Micro, Small, and Medium Enterprises MSMEs formalize their businesses.
Speaking during the Customers’ Forum and Interactive Session between Management and Stakeholders in Lagos, Azinge said that the reduction in cost of business registration from N10,000 to N5,000 has led to increase in Business Names registrations.
She said: “In 2018, we recorded 147,085 Business Names Registrations as against 93,271 in 2017 and 87,320 in 2016. Incorporated Trustee increase from 12,032 in 2017 to 17,297 in 2018 while little decline was recorded in area of Companies Registration from 87,891 in 2017 to 85,635 in 2018.
“The total registrations of all entities are Companies 1.713, 439; Business Names 1.215,164 and Incorporated Trustees 75,673.
“The Commission also recently dispensed with proficiency certificate requirement for the registration of businesses. This is in line with global best practice.”