Pukka Logistics & Support Services Limited

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 In...

Offences and Penalties Knowledge of the following offences in the Regulations is important for expatriates and multinational companies. a. Offences Relating to Renewal of Permits Any expatriate who fails to apply for: -   a regularization of stay within three months; -   renewal of Business Permits, Transit Visas, Visitors Pass or Temporary Work Permits after expiration or -   a renewal of his/her residence permit, thirty days after its expiration, will be liable to a fine of Five Hundred Thousand Naira (approximately One Thousand Six Hundred Dollars) and/or an imprisonment term of three years. It is important to note that prior to the issuance of these Regulations, there was no requirement of renewal of Business Permits. They were issued as a one-off permit. Subsequently, guidance on the modalities of the renewal of these permits will have to be obtained from the Ministry of Interior. b. Offences by Body Corporates -   For body corpora...

Review of the Immigration Regulations 2017 The Nigerian Immigration Regulations 2017 (the Regulations) was recently released. The objectives of the Regulations are: -   To provide a legal framework for the effective implementation of the Immigration Act 2015; -   To consolidate existing Immigration Regulations. However, there are other implications arising from the regulations, especially for businesses and expatriates. This review will highlight the relevant provisions bordering on businesses and expatriates. Key Takeaways Business Permits The Regulations codify the requirement to obtain a Business Permit for foreigners who intend to establish a business, profession or trade in the country. However, this does not grant the holders a right of residence within the country. Companies are expected to still bear immigration responsibility with respect to work/residence permit, in addition to obtaining a business Permit. Any change in the name, nature or ad...