Reduction of business registration fees

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In a clear boost to the drive for direct foreign investment (DFI) in the country, the Federal Government has hearkened to the agitation by local and international investors to remove some of the bottlenecks impeding business transactions in the country. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, during a collaborative meeting with Brazilian officials on the promotion of trade and investment in both countries, in Abuja, said the Corporate Affairs Commission (CAC), on October 1, 2013, reduced business registration costs by 50 per cent for equity registration of N500 million or lower, and by 25 per cent for equity registration above N500 million.
This is a commendable initiative by the government. The implication of this slash in the cost of business registration is that investors’ expenses on incorporation of their businesses have been reduced. The remaining drawbacks are basically infrastructural and could now be faced squarely to the benefit of all. These hurdles militate against inflow of DFIs and growth of local entrepreneurship.
Beyond the commendable reduction in business registration fees, there are still other challenges that need to be addressed to make business processes in the country seamless. The issue of fees is just one of the numerous areas crying …

Source: The Sun News

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