FG Slashes Business Registration Fees By 50% - Business -

The Federal Government has slashed
business registration fees in Nigeria
by 50 per cent to encourage
investors to invest in the country.
The Minister of Industry, Trade and
Investment, Olusegun Aganga, said
this in a statement issued on
Tuesday in Abuja by Yemi Kolapo,
his Special Assistant on
communications.
It explained that the Corporate
Affairs Commission (CAC) had
reduced the fees for equity
registration by 50 per cent for
equities of N500 million or lower.
According to the statement, the
commission also reduced the fees by
25 per cent for equity registrations
from N500 million and above.
The statement explained that the
rationale behind the reduction of
business registration fees was to
increase investment inflow into the
country.
It said that the initiative was in line
with the ministry’s investment
climate reform programme aimed at
strategically repositioning Nigeria as
preferred destination for both local
and foreign investments.
“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 one million naira
will retain a flat fee of N10,000.
“All registrations between one
million naira and N500 million are
reduced by 50 per cent and all
registrations above N500 million are
reduced by 25 per cent,” it stated.
According to the statement, the
review of the registration fees will
enable Nigerian companies to save
more than N2 billion per annum,
which can be used to sustain their
businesses, hire more staff and
expand operations.
It added that the new regulation had
been deliberately set up to ensure
the bulk of these savings would go
to smaller businesses to strengthen
them.
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