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INCORPORATING A BUSINESS ENTERPRISE
Methods
of Conducting Business
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. Business activities may be undertaken in Nigeria as a :
Private
or Public limited liability company;
Unlimited liability company; Company limited by guarantee;
Foreign Company (branch or subsidiary of foreign company) Partnership/Firm;
Sole Proprietorship;
Incorporated trustees;
Representative office.
Exemption of the General Rule
Where exemption from local incorporation is desired, a foreign company
may apply in accordance with Section 56 of the Companies Act, to the National
Council of Ministers for exemption from incorporating a local subsidiary
if such foreign company belongs to one of the following categories :
Foreign companies
invited to Nigeria by or with the approval of the Federal Government of
Nigeria to execute any specified individual project;
Foreign companies which are in Nigeria for the execution of a specific
individual loan project on behalf of a donor country or international
organisation;
Foreign government - owned companies engaged solely in export promotion
activities; and
Engineering 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.
The application for exemption from disclosing certain details about the
applicant is to be made to the Secretary of the Government of the Federation
(SGF). If successful, the request of the applicant is granted upon such
terms and conditions as the National Council of Ministers may think fit.
Representative Offices
Foreign companies may set up representative offices in Nigeria. A representative office however, cannot engage in business or conclude contracts or open or negotiate any letters of credit. It can only serve as a promotional and liaison office, and its local operational expenses have to be inflowed from the foreign company. A representative office has to be registered with the CAC.
Click on your area of interest below for more information:
1. INCORPORATING
A BUSINESS ENTERPRISE
2. FOREIGN INVESTMENTS
3. BANKING AND FINANCE
4. FOREIGN EXCHANGE
5. PRIORITY AREAS
6. OIL AND GAS
7. INVESTMENT INCENTIVES
8. SOLID MINERALS
9. TRANSFER OF TECHNOLOGY
10. IMPORT FORMALITIES
11. LABOUR, HEALTH, AND TRADE
12. TAXATION
13. RESOLUTION OF COMMERCIAL DISPUTES