FREQUENTLY ASKED QUESTIONS
What are the requirements for Business Registration?
- NIPC Form 1
- Evidence of Incorporation
- CO2 & CO7
- Power of Attorney/ Letter of Authority
- N15,000 Processing Fee
- Objectives page of Memorandum & Article of Association
What are the procedures for incorporating a company?
- Form for approval Name
- Duly completed set of Incorporation form
- Duly stamped memorandum & article of association
Can a foreigner own 100% share of a Company in Nigeria?
Yes, a foreigner can own 100% share of a Company.
What are the Restrictions to 100% foreign ownership?
Sectors under local content act (Oil & Gas) and Carbothage act (Maritime Activities), a foreigner cannot own 100% ownership.
What are the procedures for repatriation of profit?
- Certificate of Capital Importation through your Bank
- All relevant documents showing that the account has been prepared
What are the Guidelines/Procedures for obtaining Business Permit/Exp. Quota?
- Processing fee N30, 000
- Online Registration N51, 000
- Completed application form (Business form T1).
- Application on the company’s letterhead paper addressed to the Permanent Secretary, Ministry of Interior.
- Certificate of Incorporation
- CAC form 02 &07
- Memorandum and article of association
- Feasibility report
- Tax clearance certificate
- Bank reference letter
- Evidence of capital importation\Machinery importation
- Joint venture agreement (where applicable)
- Proposed salary, job description, designation and qualification of the expatriate
What are the available incentives for investment?
Pioneer Status and Capital Allowance
What is the procedure for extension of business visa?
Official application letter addressed to the Comptroller General Immigration, stating the reason for the extension and accepting immigration responsibilities on behalf of the expatriate, while in Nigeria.
What is the duty rate on import?
It differs from 0-30% of the value purchased and also Cost, Insurance and Freight (CIF).
What section attracts duty waiver?
Agriculture and Power
Can a company repatriate its capital?
Yes, and the repatriation is 100%.
What areas do you think will be profitable in investing in Nigeria?
We have various sectors in which investors can invest in Nigeria, such as:
- Business Process Outsourcing
- Packaging (Metal, Plastics, and Carton)
- Renewable Energy
- Solid Minerals
All the sectors listed above are profitable with very high Return on Investment (ROI), between 35 – 50% depending on the area of Investment.
What are the procedures for Export License?
Interested potential exporters need to complete NEPC registration form obtainable on-line at www.nepc.gov.ng for a fee of N36, 000 or manually at any NEPC Zonal Office/Headquarters.
Originals and photocopies of the under listed documents should be submitted with the completed NEPC Application Form for sighting and documentation.
- Certificate of Incorporation
- Memorandum and Articles of Association
- Current Certified True Copy of Form C07
For more information, please visit our website: www.nipc.gov.ng