The cost-friendly Business Incentive Strategy (BIS) rolled out in October last year by the Corporate Affairs Commission (CAC), would end this month. The BIS is primarily to ensure formalization of businesses by MSMEs for the overall benefit of the economy. The Commission has so far registered over 73,000 companies in the last three months under the BIS. Acting registrar-general of the Commission, Lady Azuka Azinge, who disclosed this yesterday in Abuja, said when compared to the corresponding year of 2017, when about 30,000 companies were registered, the BIS had been very successful.
The BIS involves the reduction in fees from N10,000 to N5,000 initially for 3 months starting from October 1, to December 31, 2018, but Azinge said based on popular demand, the period was extended by another three months beginning from January 31 to March, 2019. She said the BIS is Commission’s contribution to the development and growth of the MSMEs in Nigeria. Azinge also hinted that as at today, business names certificates were yet to be collected by their owners in the Commission’s offices nationwide. She therefore implored those concerned to come forward and collect them.