Business Documentation in Nigeria

Introduction

× Any person can participate in the Nigerian Economy in form of ownership and involvement in businesses.

× Any such participation is subject only to such regulations as are necessary for national interest.

× Participation could either take the form of a registered business name or an incorporated company.

× Companies and Allied Matters Act ("CAMA") provides for the processes and procedures for registration and operations of these forms of business. 

Types of Business Organizations

× The Company and Allied Matters Act (CAMA) provides for the following types of business organizations:

× Incorporated Companies

× Limited Liability Company.

× Unlimited Liability Company.

× Company limited by Guarantee.

× Business Name registrations for:

× i. Partnership/Firm

× ii. Sole proprietorship

Applicable Laws

× Companies and Allied Matters Act (CAMA) – Contains far-reaching provisions on the registration and operations of business organizations

× Investment and Securities Act (ISA) – it embodies comprehensive provisions on issues relating to securities and investments in Nigeria.

× Nigerian Investment Promotion Commission (NIPC) Act - charged with the responsibility of registering foreign investments in Nigeria.

× Others include

× Banks and other Financial Institutions Act

× Asset Management Corporation of Nigeria Act

× Insurance Act

× Central Bank of Nigeria Act

Regulatory Agencies

× The key regulatory agencies existing under the relevant laws are:

× Corporate Affairs Commission (CAC) responsible for supervision and formation, incorporation and registration, management and winding-up of companies.

× The Central Bank of Nigeria (CBN) - the major responsibilities of the CBN are stated by the CBN Act

× Securities and Exchange Commission (SEC) responsible regulation of investments and securities business in Nigeria.

× Nigerian Stock Exchange (NSE) - is the recognized market for trading in stocks, bonds, share and debentures of companies and government.

× Nigerian Investment Promotion Commission (NIPC) – responsible for the coordination and monitoring of investment promotion activities in Nigeria.

Incentives

× There are several incentives designed by the Federal Government to boost investment in Nigeria. These include:

× Pioneer Status

× Relief in respect of Commonwealth Income Tax

× Relief in respect of Interest on any foreign loan

× Export Development Fund (EDF)

× Duty Drawback/Suspension Scheme

× Currency Retention Scheme

× Investment & Repatriation Mechanisms

For information on Business registration in Nigeria, Business documentation & licensing, patent issues & permit etc.
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