FG Slashes Registration Of Business Cost By 50%

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The federal government has reduced the cost of registering businesses by half, starting October 1, 2013, to encourage investments in the country.

Minister of industry, trade and investment Mr Olusegun Aganga, who made this known yesterday, explained that the Corporate Affairs Commission (CAC) had reduced capital registration costs by 50 per cent for equity registrations of N500million or lower, and by 25 per cent for equity registrations from N500million and above.

The minister revealed this during the signing of a Memorandum of Understanding (MoU) between his ministry and the Ministry of Development, Industry and Foreign Trade of the Federal Republic of Brazil on the promotion of trade and investment, in Abuja.

The 19-man Brazilian delegation was led by the country’s deputy minister of development, industry and foreign trade, Mr Richardo Schaefer.

Aganga said 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.

“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 N500million 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,” he said.

He added that the signing of the MOU with Brazil would make it possible for various agencies responsible for skills development, industry and development finance in both countries to work together to deliver better services for the citizens of their respective countries.

“The aim of the MOU is to strengthen the economic cooperation between the two countries at the bilateral and multilateral level; increase and promote the bilateral trade of strategic items of mutual interest, and support cooperation between institutions of both countries responsible for the promotion of trade and investment and official financing such as Banco Nacional do Desenvolimento Economico Social (BNDES) and the Bank of Industry (BOI).

Our Worry-Free Tax Services

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You don’t need us to tell you that tax is not getting any simpler. Scarcely a day seems to go by without the announcement of some new practice, initiative, statutory instrument or case law decision. Keeping ahead of the game in tax is getting to be a full-time job. And when you add on what a practising professional needs to know in other areas of the profession, the task can seem daunting.

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Introduction information on Tally.ERP9 Accounting Software

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About Our Tally.ERP9 Accounting Software Services

We are Partners of Tally Solutions Pvt Ltd (a Bangalore-based Enterprise Resourse Planning-ERP Software company that currently sells into more than 100 countries beyond its native India, including the United Kingdom, Bangladesh and the Middle East) More than a decade in close contact with Tally users/partners has made us aware of critical software applications & solutions that will complement Tally. These ingenious ‘Tally Enhancements’ & customized services are the answer to various perceptible requirements a Tally customer has lived with from the inception due to lack of the enhanced solution. Over these years we have been offering all kinds of Tally solutions to various customers as per their demands.

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Tally.ERP9 is the world’s fastest and most powerful concurrent Multi-lingual business Accounting and Inventory Management software. Tally.ERP9, designed exclusively to meet the needs of small and medium businesses, is a fully integrated, affordable and highly reliable software.Tally.ERP9 is an off-the-shelf (ready-made) accounting solutions.

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Season’s Greetings

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Season’s Greetings to you our Dear Valued Clients, Partners and Friends

The Management and entire staff of Adesanya and Partners (Chartered Accountants and Tax Practitioners) wish you our esteemed clients and business partners a Merry Christmas and prosperous business activities in the New Year – 2014.

We thank you for our unwavering support, continued patronage and we reaffirm our commitment to continue to provide all round business support to you and your organisation.

We understand that supporting your business in your effort in taking your business to the next level in 2014 is part of our priority and we reassure you that you can continue to count on our best professional service. We assure you that our high quality delivery service will be retained and improved upon even at the same moderate fee.

Please also take note that we shall be closing for the year from Monday 23rd 2013 to resume on Monday 6th January 2014. During this break period our services shall be skeletal and we shall be embarking on your Year-End-Audit exercise which comprises witnessing your stock-take, cash count and bank balance confirmation. Also, during the break period, we shall only have intermittent access to our emails.

On our resumption on Monday 6th January 2014 processing your company’s Tax Clearance Certificate (TCC)with the Federal Inland Revenue Service (FIRS) will be our utmost priority.

Also, we want to remind you that December 2014 is the deadline for Phase 3 (the SMEs) to comply with the International Financial Reporting Standard (IFRS). We shall keep you posted all you need to do.

Once again Merry Christmas and a more productive 2014 to you all.