THE LEGAL FRAMEWORK FOR UNDERTAKING BUSINESS IN NIGERIA

To break into the Nigerian market, a foreign investor needs to compliance with industry regulations; have dependable/resourceful local contacts; local embassy for verification of contacts and information; reputable legal adviser and other relevant consultants are invaluable source of reference.

INCORPORATION WITH CAC

Minimum authorized share capital of N10,000.00 of which 25% must be allotted to the subscribers:– for foreign investors minimum paid up share capital of N10,000,000.00 required for the grant of a business permit;

Minimum of 2 Shareholders: – foreign shareholder + local nominee, individuals/corporate citizens allowed;

Minimum of 2 Directors - both may be non - resident but one Nigerian advisable.

PROCEDURE ON INCORPORATION

Obtain Incorporation Forms;

Prepare memorandum and Articles of Association (Memart);

Have a designated registered office in Nigeria, which cannot be a post office box or private mail bag address;

Pay Statutory Charges;

File Incorporation forms and Memart at the CAC, obtain Certificate of Incorporation.

GENERAL REQUIREMENT FOR ESTABLISHING A COMPANY

Incorporation;

Obtain pre-operational tax clearance certificate and

VAT registration;

Obtain foreign investment approvals;

Conclude immigration formalities for expatriate employees

MAIN LEGISLATIONS

Companies and Allied Matters Act (CAMA) 1990;

National Investment Promotion Act 1995;

Foreign Exchange (Monitoring & Miscellaneous Provisions) Act

1995.

For more information on Business registration in Nigeria, Business documentation & licensing, patent issues & permit etc.
Visit us at: Pukka Logistics & Support Services Ltd.
73 Allen Avenue, Ikeja.
Call: 01-4549191; 08075686814; 08173598248
E-mail: info@pukkalogistics.com.ng or visit: www.pukkalogistics.com.ng

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