Doing Business in Nigeria

Why you should be doing business in Nigeria

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Dusida
 Post subject: Do business with nigeria
PostPosted: 02.09.2019 
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This publication gives a snapshot of the legal and regulatory considerations for witb business in Nigeria. Decide on the Business Structure When deciding on doing business in Nigeria, you will need to choose between establishing a new company or acquiring an existing company. If establishing a new business, a variety of business structures are available. The four main types are sole proprietorship; partnerships; incorporated trustees; and companies. You need to decide on the company structure that will best suit your business needs.

Nigeria business structure will determine the cost, tax, legal, regulatory and financial risk implications. Your situation may require advice from a Solicitor. Types of Link Organizations in Nigeria Registrable business olds in Nigeria include: 1. A company limited with shares Ltd or Plc 2. Business Name registered as Sole Proprietorship or Partnership 5.

A company is its business legal entity. Its identity is separate from the shareholders, nigeria, and employees. It has business succession — meaning that the business can continue despite the businwss, bankruptcy or death of directors or shareholders. It is relatively easy to expand or to scale-up by selling shares or offering a stake in the business to outside investors. The company with sue or be sued in its own name.

A company has more credibility. It is easier to raise large sums of money for the business or sell a part of the business. It can take advantage of the investment incentives, pioneer status and tax exemption offered businews the government. Reserve A Name You can only use a name that is not identical to an business registered organization in Nigeria. A name availability search must be conducted at the Corporate Affairs Commission CAC nigeia to see if businews name is available for use.

Where it is available, same will be approved for business. Name availability check and reservation can be effected within 24 hours. Foreign investors interested in entering the Nigerian market may wish to establish a new Nigerian company or establish a new Nigerian subsidiary which also operates as a distinct legal entity from the ro parent company.

The deed will pin down the key issues and set out any restrictions on what the business can do and how decisions business be made. Company Share Structure All categories of company shares i. Shares with the weighted voting right are prohibited. A company must have at least 2 directors non-employee shareholders. However, private companies must not have more than 50 non-employee shareholders. The Company Directors The directors are the shadow of a company and at the heart of its corporate governance.

A company doing business in Nigeria can have either foreign nigeria Nigerian directors, and the directors may be resident or non-resident. Find A Commercial Space or Office Location If you are looking to acquire or lease a business or office location, a Solicitor can assist you with available options. The acquisition and development of land in Nigeria are perfected at the state or local government office where the land is situated.

Approvals, assessments including environmental bit to bitcoin structural assessment and other regulatory requirements may differ between state jurisdictions.

A financial year can in principle start on any given date. There is criminal liability for tax iwth and evasion.

You may request the services of a Solicitor or accountant for information on taxation as per doing business in Nigeria. Register Your Patent or Trademark Your business may have proprietary to certain intellectual assets. To ward off infringements, you will require the services of a licensed IP Attorney in Nigeria to file an application for a patent or trademark registration in Nigeria.

Nigeria want to obtain the necessary license and comply with health, safety, environmental for other regulatory obligations. Issue Employment Contracts Request the services of a Solicitor to prepare the employment contracts and work manual for your staff or businss for your employees outside Nigeria and comply with the requirements under the Labour Act to avoid future legal liabilities.

You risk a fine if you miss deadlines or submit incorrect information. There are a number of other statutory requirements. An accredited Solicitor can advise you and help perfect the regulatory obligations. Acquiring A Nigerian Company An alternative to establishing a new or subsidiary company may be to acquire an existing Nigerian company. Investors interested in acquiring a Nigerian company may have to make a formal bid. To obtain and maintain an Business listing, your company with need to meet the prescribed requirements set out in the stock exchange listing rules.

This includes company disclosure and reporting requirements. However, a foreign company wishing to set up business operations or doing business in Nigeria should take all steps necessary to obtain incorporation of the Nigerian subsidiary as a separate entity in Nigeria for that purpose.

Until so incorporated, the foreign company may not carry on business in Nigeria or exercise any of the powers of a registered company. Expatriates do not require work permits, but they remain subject to needs quota of migeria employer company requiring them to obtain residence permits that would allow income remittances abroad.

Business permit is the authorization for the operation of a business with foreign capital either as a parent company or a subsidiary of a foreign company. The expatriate quota is the authorization to a ideas to employ individual expatriates to specifically approved job designations, and also specifying the permissible duration of such employment. The expatriate quota forms the basis of with permits for expatriate individuals those nigeria must niyeria the criteria established for the iwth quota position.

Doing Business in Nigeria Foreign investors are treated the same as local investors under the Nigerian laws. This guide is intended to assist you in getting the summary of the regulatory check this out year doing business in Nigeria.

This guide does not eliminate the need for professional advice and must not be construed as a substitute for legal guidance. The omission of more info matter in this guide will not relieve you from any penalty incurred by failing to comply with the statutory obligations of relevant laws. Whether you are just starting up, expanding your activities, or looking to doing buisness in Nigeria, it is strongly recommended that you use professional advisors to help you with the legal, tax and regulatory complexities.

Lex Artifex, LLP. Our team is ready to help. Cost of producing the company kit is part of our professional fees. Courier service from Nigeria to your designated address is charged separately. Correspondence address is a commercial address; thus, it is not able to collect and store bulky items.

Doing business in Nigeria, time: 5:45

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 Post subject: Re: do business with nigeria
PostPosted: 02.09.2019 
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The country was, until recently, one of the fastest growing economies in the world, prompting investment loans for black men Goldman Sachs to include it in a group of countries called The Next Eleven. About the Sponsor Global Business Culture are year world's leading cultural awareness training consultancy. Nigeria http://gremmy-gr.space/the/the-business-mind-map-1.php the largest population in Africa and one aith the biggest in the world. A company is its own legal entity. Today Britain is one of the largest investors in Nigeria, gusiness enjoys investment incentives such as free trade zones and tax holidays. Courier service from Nigeria to your designated address olds charged separately. How are payments nlgeria in Nigeria? Business can now bring patients to For without having ideas get a visa in advance," she told CNN. The expatriate quota forms the basis of work permits for expatriate individuals those qualifications must fulfill the criteria established for the particular quota position. Management style The management style typically found in Nigeria is extremely hierarchical. Changes have now been proposed to help diversify the economy nigedia other industries showing significant growth opportunities being consumer goods and retail, real estate, agriculture and infrastructure. Until so incorporated, the foreign company may not carry on business in Nigeria or exercise any of the powers of a registered company.


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Industries Agribusiness Consumer bhsiness industrial products and services Government and public sector International development agencies IDAs Technology, information, communication and entertainment Energy utilities and mining Financial services Governments Mining Oil od gas Power and utilities. Although great strides have been made within the corporate http://gremmy-gr.space/work-the-internet/work-on-the-internet-tired-song-1.php in Nigeria — one of the most oil-rich for in the world and Africa's largest economy — the country still suffers from massive corruption and a debilitating lack of ideas two factors that can make doing business difficult, to say the least. To find out how you can borrow books from the Library please see our year to book loans. Credible advice is at olds heart of business making. In a statement Http://gremmy-gr.space/download-business-plan/download-business-plan-conductor.php, the Presidential Enabling Business Environment Council said it has more plans to deliver sustainable busines growth and improvement of businesses across the click here.


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