HOW TO REGISTER A COMPANY AND SET UP BUSINESS IN NIGERIA

The international investments and trades are consistently increasing in the Africa. Nigeria, being the largest economy in Africa and also with the largest reserve of oil, the country is expected to continue to attract several foreign direct investments.

The first step required for setting up a company in Nigeria is formation of company. Business registration in Nigeria takes place very swiftly. A foreigner seeking to commence a company registration in Nigeria may engage the service of a lawyer in Nigeria. The steps on how to register a company in Nigeria has been summarized on the website of the Nigerian company house, the Corporate Affairs Commission, but an expert such as a Nigerian lawyer are better at handling the process.

Having regards to the aforesaid, it is advisable for foreigner to engage a lawyer from good law firm in Nigeria with requisite experience in corporate practice. Although there are several good law firms in Nigeria, the one with corporate understanding and practice would have a quick turnaround for the incorporation process. For instance, one of the leading commercial law firms in Nigeria, Resolution law firm can complete a incorporation of a company for foreigners within one week.

There are different types of companies that can be registered in Nigeria. The most suitable type of company for a private business is a private limited liability company. However, business name registration is allowed for a small business enterprise in Nigeria for only citizens of Nigeria. The procedure for how to register an enterprise in Nigeria is slightly different from company registration.

Under the Nigerian law, foreigners can own a company 100%. However, every company to be owned or registered by foreigners must have nothing less than N10, 000,000 (Ten Million Naira) authorized share capital.

The next step to take after a company registration is to also register for tax identification number and tax clearance certificate. A foreign company is also required to register with the Nigerian Investment Promotion Commission (NIPC).

Foreign company engaging in a specialized sector such as oil and gas, mining & metals, telecommunication among other are required to also obtain a business license in Nigeria. A business license must be mistaken for a business permit. Every wholly owned company by foreigners must obtain a business permit in Nigeria.

Another significant required step that must be taken by newly registered company with foreign ownership is to apply for an Expatriate Quota for their directors or foreign workers coming to Nigeria. Government regulates the number of foreign workers coming into Nigeria to work using the Expatriate Quota in Nigeria. However, every director or owner of the company is granted an indefinite or permanent expatriate quota, while other workers of the company are given 5 years expatriate quota subject to a renewal.

Upon successful setting up a company in Nigeria, a registered company may now decide to take further steps into its venture. Such steps may include trademark registration in Nigeria for a business that requires branding. A newly registered company may also opt for buying land in Nigeria or buying a property in Nigeria for its personal use or otherwise.

Finally, setting up a business in Nigeria can involve complex procedures and many regulatory controls; however, an experienced business consultant or corporate lawyer can handle all processes with quick turnaround.

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