Nigeria continues to be projected to be the 4th most populous Country from the year 2050. The enormous population and requirements for developments in conjunction with a small business friendly government available have made Nigeria to become destination of choice for any investors in the world. The advantages And has OF INCORPORATING A company IN NIGERIA
1) Foreigners and entities can fully own a company in Nigeria: save for few exceptions, including companies wanting to bid for contracts in coal and oil industry that will need 51% of shares of such companies be of Nigerians, foreigners may register and fully own shares of a limited liability company 100% in Nigeria.
2) Tax incentives for businesses in some industries: You’ll find so many tax incentives available for different types of newly registered companies in Nigeria. A few of these incentives include Pioneer Status Scheme, which grants a tax holiday exempting companies from certain industries obligations to pay for corporate taxation and to withhold tax on dividends for 5 years. Such tax incentives include non-taxation in respect of gains in the sale of shares. Additionally, an overseas company might be exempted from your interest payable on the loan granted to some Nigerian company, at the mercy of fine print.
3) Repatriation of Capital and Interest: an overseas company registered and undertook business in Nigeria is eligible to repatriate all of its capital, profits and interests. However, such foreign company should have a Certificate of Capital Importation. Nigerian Forex laws require that foreign investors wanting to repatriate their capital, dividends and profits should have proof capital invested for the country through Authorized Dealers (all banks licensed by Central Bank of Nigerian are Authorized Dealers). Immediately an international investor brought money into the country, a certified Dealer utilized to import the funding would issue the Certificate of Capital Importation. With such Certificate, foreign investors deserve repatriate all their capitals, dividends, interests or profits.
4) Seamless Immigration System and Business Permit: Having registered a firm in Nigeria, investors have entitlement to reap the benefits of Nigerian seamless immigration and business permit system. An organization registered by foreign nationals or has foreigners, as shareholders must get yourself a Business Permit Certificate. And then any company trying to employ foreigners may also sign up for Expatriate Quota Approvals. After Expatriate quotas will need to have been granted towards the company, any foreigners the company would like to employ can seamlessly sign up for Nigerian residency and work permit also known as Combined Expatriate Residence Permit and Aliens Card (CERPAC). Lawyers in Ajah or shareholder seeking to visit Nigeria for business prior the processing of CERPAC, that can about About 6 weeks to process may obtain a Temporary Work permit (TWP), which can be processed within 3 to 5 days.
5) Swift and Efficient Business Registration: The company registration in Nigeria is now very fast and efficient. Besides, an investor probably won’t need to be physically within Nigeria to include a firm. Under Nigerian law, the least 2 shareholders are required to incorporate a company. Just one investor can arrange another nominee shareholder. Additionally, a foreigner needs to not personally acquire url in Nigeria before they can register a company. And of recent, there are many good and efficient office arrangements in Nigerian’s big cities such as Lagos, Port Harcourt and Abuja. Using these arrangements, a different company planning to keep a temporary address in Nigerian can contract numerous companies offering offices, maintain addresses and also help handle calls and correspondences for the company.
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