{"id":708,"date":"2020-04-07T12:01:28","date_gmt":"2020-04-07T11:01:28","guid":{"rendered":"https:\/\/1stattorneys.com\/?p=708"},"modified":"2020-04-07T12:01:28","modified_gmt":"2020-04-07T11:01:28","slug":"doing-business-in-nigeria-foreigners","status":"publish","type":"post","link":"https:\/\/1stattorneys.com\/articles\/2020\/04\/07\/doing-business-in-nigeria-foreigners\/","title":{"rendered":"Doing Business in Nigeria: Foreigners"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Doing Business in Nigeria: Foreigners<\/a><\/h1><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

All business enterprises must be registered with the Registrar-General of the Corporate Affairs Commission (Registrar of Companies).<\/span><\/p>

A foreign investor wishing to set up business operation in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

FOREIGN COMPANY REGISTRATION IN NIGERIA<\/strong><\/p>

Operations of Foreign Companies in Nigeria<\/p>

A Foreigner may invest and participate in the operation of any enterprise in Nigeria with exception to those excluded by law. The foreign company must however take the necessary steps to incorporate\/register the company as a Nigerian branch or subsidiary being a separate legal entity in Nigeria. Until so incorporated, the foreign company may not carry on business in Nigeria or exercise any of the powers of a registered company.<\/p>

The foreign investor may incorporate a Nigerian branch or subsidiary through a solicitor in Nigeria.<\/p>

The locally incorporated branch\/subsidiary company must then apply to the Nigerian Investment Promotion Commission (NIPC) for Business Permit (if the equity is 100% foreign owned) and other requisite permits and licences.<\/p>

Exemption to the General Rule of Mandatory Registration.<\/strong><\/p>

A foreign company can apply for an exemption from incorporating a local subsidiary if such foreign company belongs to one of the following categories:<\/p>

(a)\u00a0\u00a0\u00a0\u201cforeign companies invited to Nigeria by or with the approval of the Federal Government of Nigeria to execute any specified individual project;<\/p>

(b)\u00a0\u00a0\u00a0foreign companies which are in Nigeria for the execution of a specific individual loan project on behalf of a donor country or international organisation;<\/p>

(c)\u00a0\u00a0\u00a0\u00a0foreign government-owned companies engaged solely in export promotion activities; and<\/p>

(d)\u00a0\u00a0\u00a0engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been approved by the Federal Government.\u201d<\/p><\/td>

\u00a0<\/td>\u00a0<\/td>Foreign Investor Benefits<\/strong>
i.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The shareholding of the company can be 100% foreign owned.

ii.\u00a0\u00a0\u00a0\u00a0\u00a0A non-Nigerian may invest and participate in the operation of any enterprise in Nigeria (See exemptions);<\/p>

iii.\u00a0\u00a0\u00a0\u00a0An enterprise, in which foreign participation is permitted, shall after its incorporation or registration, be registered with the NIPC;<\/p>

iv.\u00a0\u00a0\u00a0\u00a0The Nigerian registered company can apply for pioneer status where applicable and enjoy tax exemptions and other benefits.<\/p>

v.\u00a0\u00a0\u00a0\u00a0\u00a0A foreign enterprise may buy the shares of any Nigerian enterprise in any convertible foreign currency.<\/p>

vi.\u00a0\u00a0\u00a0\u00a0A foreign investor in an approved enterprise is guaranteed unconditional transferability of funds through an authorised dealer, in freely convertible currency, be it:<\/p>

(a)\u00a0\u00a0\u00a0dividends or profit (net of taxes) attributable to the investment;<\/p>

(b)\u00a0\u00a0\u00a0payments in respect of loan servicing where a foreign loan has been obtained.<\/p>

vii.\u00a0\u00a0\u00a0The remittance of proceeds (net of all taxes) and other obligations in the event of sale or liquidation of the enterprise or any interest attributable to the investment;<\/p>

Total repatriation of capital should the investor choose to relocate elsewhere.<\/p><\/td>

\u00a0<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tOther Considerations After Company Registration <\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

OTHER CONSIDERATIONS<\/p>

– Registration (Business Permit Certificate);
– Expatriate Quota
– Tax registration
– Pioneer Status
– National Office for Technological Acquisition & Promotion (NOTAP).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Ready for Our Services? \u00a0Click Here<\/a><\/span><\/strong><\/h3>\n

\"\"<\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Doing Business in Nigeria: Foreigners All business enterprises must be registered with the Registrar-General of the Corporate Affairs Commission (Registrar of Companies). A foreign investor wishing to set up business operation in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary. FOREIGN COMPANY REGISTRATION IN NIGERIA Operations of Foreign Companies in Nigeria A Foreigner may invest and participate in the operation of any enterprise in Nigeria with exception […]<\/p>\n","protected":false},"author":1,"featured_media":227,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[8,4,7],"tags":[],"class_list":["post-708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-law","category-corporate-law","category-immigration"],"acf":[],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"thumbnail":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640-150x150.jpg",150,150,true],"medium":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640-300x200.jpg",300,200,true],"medium_large":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"large":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"1536x1536":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"2048x2048":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"azure-news-block-medium":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"azure-news-banner":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false]},"uagb_author_info":{"display_name":"1st Attormeys","author_link":"https:\/\/1stattorneys.com\/articles\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"Doing Business in Nigeria: Foreigners All business enterprises must be registered with the Registrar-General of the Corporate Affairs Commission (Registrar of Companies). A foreign investor wishing to set up business operation in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary. FOREIGN COMPANY REGISTRATION IN NIGERIA Operations of…","rttpg_featured_image_url":{"full":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"landscape":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"portraits":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"thumbnail":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640-150x150.jpg",150,150,true],"medium":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640-300x200.jpg",300,200,true],"large":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"1536x1536":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"2048x2048":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"azure-news-block-medium":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false],"azure-news-banner":["https:\/\/1stattorneys.com\/articles\/wp-content\/uploads\/2019\/04\/flag-1208864_640.jpg",640,426,false]},"rttpg_author":{"display_name":"1st Attormeys","author_link":"https:\/\/1stattorneys.com\/articles\/author\/admin\/"},"rttpg_comment":0,"rttpg_category":"Business Law<\/a> Corporate Law<\/a> Immigration<\/a>","rttpg_excerpt":"Doing Business in Nigeria: Foreigners All business enterprises must be registered with the Registrar-General of the Corporate Affairs Commission (Registrar of Companies). A foreign investor wishing to set up business operation in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary. FOREIGN COMPANY REGISTRATION IN NIGERIA Operations of…","_links":{"self":[{"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/posts\/708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/comments?post=708"}],"version-history":[{"count":0,"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/posts\/708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/media\/227"}],"wp:attachment":[{"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/media?parent=708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/categories?post=708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1stattorneys.com\/articles\/wp-json\/wp\/v2\/tags?post=708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}