Starting Businesses In Nigeria By Foreign Investors: Summary of Benefits and General Suggestions
Nigeria has become projected to be the 4th most populous Country by the year 2050. The large population as well as for developments coupled with a small business friendly government available have made Nigeria to become destination of choice for any investors on earth. Real Estate lawyer in Lagos Law firms in Ikeja Lagos INCORPORATING A company IN NIGERIA
1) Foreign nationals and entities can fully possess a company in Nigeria: save for few exceptions, including companies seeking to bid for contracts in coal and oil industry that will need 51% of shares of these companies be properties of Nigerians, foreigners may register and fully own shares of a limited liability company 100% in Nigeria.
2) Tax incentives for companies in a few industries: You’ll find so many tax incentives designed for several types of newly registered companies in Nigeria. A few of these incentives include Pioneer Status Scheme, which grants a tax holiday exempting companies from certain industries obligations to pay for corporate taxes also to withhold tax on dividends 5 years. Such tax incentives include non-taxation with respect of gains through the sale of shares. In addition, a foreign company might be exempted from your interest payable on the loan granted into a Nigerian company, be subject to fine print.
3) Repatriation of Capital and Interest: a different company registered and undertook business in Nigeria is permitted repatriate it’s capital, profits and interests. However, such foreign company must have a Certificate of Capital Importation. Nigerian Forex laws require that foreign investors desperate to repatriate their capital, dividends and profits needs to have evidence of capital invested for the country through Authorized Dealers (all banks licensed by Central Bank of Nigerian are Authorized Dealers). Immediately a different investor brought money into the country, a certified Dealer accustomed to import the capital would issue the Certificate of Capital Importation. By using these Certificate, foreign investors deserve repatriate each of their capitals, dividends, interests or profits.
4) Seamless Immigration System and Business Permit: Having registered a business in Nigeria, investors are entitled to reap the benefits of Nigerian seamless immigration and business permit system. A company registered by foreigners or has foreigners, as shareholders must get a Business Permit Certificate. And then any company wanting to employ foreigners may also apply for Expatriate Quota Approvals. After Expatriate quotas will need to have been granted on the company, any foreigners the company desires to employ can seamlessly apply for Nigerian residency and work permit referred to as Combined Expatriate Residence Permit and Aliens Card (CERPAC). A company worker or shareholder seeking to visit Nigeria for business prior the processing of CERPAC, which takes about 6 weeks to process may make application for a Temporary Work permit (TWP), that may be processed within Two to four days.
5) Swift and Efficient Business Registration: The business registration in Nigeria is currently quickly and efficient. Besides, a trader might not need to be physically within Nigeria to add a firm. Under Nigerian law, at least 2 shareholders have to add a company. Just one investor can arrange a second nominee shareholder. Additionally, a foreigner needs not to personally acquire a domain in Nigeria before he or she can register a company. In addition to recent, there are many good and efficient office arrangements in Nigerian’s big cities for example Lagos, Port Harcourt and Abuja. Using these arrangements, an overseas company seeking to have a temporary address in Nigerian can contract numerous companies offering offices, maintain addresses plus help handle calls and correspondences for the business.
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