FG Slashes The Costs Of Registering Businesses By 50 Per Cent...

The Nigerian government has slashed the costs of registering businesses by 50 per cent from October 1, to encourage investments in the country. Explaining the rationale behind the reduction in the cost of business registration, Aganga noted that the initiative was in line with the ministry’s investment climate reform programme aimed at strategically repositioning Nigeria as the preferred destination for both local and foreign investments. He said: “Following the directive from the President, the Corporate Affairs Commission has since October 1, 2013, slashed fees for business registration by 50 per cent. Under the new regulations, capital registration fees for Companies (under Part A) have been reduced across board.

“While capital registrations below N1million will retain a flat fee of N10,000; all registrations between N1 million and N500 million are reduced by 50 per cent; and all registrations above N500m are reduced by 25 per cent. “By this action, Nigerian companies will now save well over N2bn per annum, which can be used to sustain their businesses, hire more staff, and expand operations. The new regulation has been deliberately set up to ensure the bulk of these savings go to smaller businesses, which need the lower fees more.”

[source: The Guardian]