London, Jan. 4, 2019 (AltAfrica)-The Corporate Affairs Commission, on Thursday, extended the period that those who want to register business names could enjoy cost reduction.

The Commission stated that beyond slashing business name registration from N10,000 to N5,000, it has also extended the duration of the initiative till March 31.

The government agency made the announcement on its Twitter handle, @cacnigeria1.

CAC said, “In an effort to deepen the benefits of its reform initiatives, the Corporate Affairs Commission has extended the reduction of cost of Registration of Business Names from N10,000 to N5,000, after the Name Reservation of N500, with effect from the 31st December, 2018 to 31st March, 2019.”

The body added that the extension was to enable more micro, small and medium enterprises to formalize their businesses, which will enable them to own corporate account with banks, have access to loans, grants and other government interventions.

CAC added, “Members of the public are enjoined to take advantage of this window, to register their Business Names at the reduced cost of N5, 000 after the Name Reservation of N500.”