FAQs

FREQUENTLY ASKED QUESTIONS

Question:

What are the requirements for Business Registration?

 

Answer:

  • 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

 

Question:

What are the procedures for incorporating a company?

 

Answer:

  • Form for approval Name
  • Duly completed set of Incorporation form
  • Duly stamped memorandum & article of association

 

Question:

Can a foreigner own 100% share of a Company in Nigeria?

 

Answer:

Yes, a foreigner can own 100% share of a Company.

 

Question:

What are the Restrictions to 100% foreign ownership?

 

Answer:

Sectors under local content act (Oil & Gas) and Carbothage act (Maritime Activities), a foreigner cannot own 100% ownership.

 

Question:

What are the procedures for repatriation of profit?

 

Answer:

  • Certificate of Capital Importation through your Bank
  • All relevant documents showing that the account has been prepared

 

Question:

What are the Guidelines/Procedures for obtaining Business Permit/Exp. Quota?

 

Answer:

  • 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

 

Question:

What are the available incentives for investment?

 

Answer:

Pioneer Status and Capital Allowance

 

Question:

What is the procedure for extension of business visa?

 

Answer:

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.

 

Question:

What is the duty rate on import?

Answer:

It differs from 0-30% of the value purchased and also Cost, Insurance and Freight (CIF).

 

Question:

What section attracts duty waiver?

 

Answer:

Agriculture and Power

 

Question:

Can a company repatriate its capital?

 

Answer:

Yes, and the repatriation is 100%.

 

Question:

What areas do you think will be profitable in investing in Nigeria?

 

Answer:

We have various sectors in which investors can invest in Nigeria, such as:

  • Business Process Outsourcing
  • Packaging (Metal, Plastics, and Carton)
  • Renewable Energy
  • Pharmaceutical
  • Agro-allied
  • Tourism
  • Telecoms
  • Transport
  • Manufacturing
  • Maritime
  • 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.

 

Question:

What are the procedures for Export License?

 

Answer:

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