Business Registration

This section explains procedure for incorporating a business enterprise by a foreign investor in Nigeria and the legal framework for business activities.

Methods of conducting business:

All business enterprises must be registered with the Corporate Affairs Commission. Business activities may be undertaken in Nigeria as a:  

(i)   Private Limited Liability Company; 

(ii)   Public Limited Liability Company (Plc);

(ii)   Unlimited Liability Company;
(iii)  Company Limited by Guarantee;
(iv)  Foreign Company (branch or subsidiary  of foreign company);
(v)   Partnership/Firm;
(vi)  Sole Proprietorship;
(vii)  Incorporated trustees (religious, charitable, philanthropic or cultural);
(viii) Representative office in special cases.   

THE COMPANIES AND ALLIED MATTERS ACT AND INCORPORATION PROCEDURES

The Companies and Allied Matters Act, 1990 (the Companies Act) is the principal law regulating the incorporation of businesses. The administration of the Companies Act is undertaken by the CORPORATE AFFAIRS COMMISSION (CAC), which undertakes the administration of the Companies Act.  

Minimum Share Capital

The minimum authorised share capital is N10, 000 (Ten Thousand Naira) in the case of private companies or N500,000 (Five Hundred Thousand Naira) in the case of public companies with a minimum subscription of 25% of the authorised share capital respectively.

OPERATIONS OF FOREIGN COMPANIES IN NIGERIA

A non-Nigerian may invest and participate in the operation of any enterprise in Nigeria . However, a foreign company wishing to set up business operations in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or 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.  

The foreign investor may incorporate a Nigerian branch or subsidiary by giving a power of attorney to a qualified solicitor in Nigeria for this purpose. The incorporation documents in this instance would disclose that the solicitor is merely acting as an “agent” of a “principal” whose name(s) should also appear in the document. The power of attorney should be designed to lapse and the appointed solicitor ceases to function upon the conclusion of all registration formalities.  

The locally incorporated branch or subsidiary company must then register with the Nigerian Investment Promotion Commission (NIPC) before commencing formal operations. The new company may also apply to NIPC for other investment approvals (e.g. expatriate quota) and other incentives.  

Exemption to the General Rule

Where exemption from local incorporation is desired, a foreign company may apply in accordance with Section 56 of the Companies Act, to the National Council of Ministers for exemption from incorporating a local subsidiary if such foreign company belongs to one of the following categories:  

(a)   “foreign companies invited to Nigeria by or with the approval of the Federal Government of Nigeria to execute any specified individual project;

(b)   foreign companies which are in Nigeria for the execution of a specific individual loan project on behalf of a donor country or international organisation;

(c)   foreign government-owned companies engaged solely in export promotion activities; and

(d)   engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been approved by the Federal Government.”  

The application for exemption from disclosing certain details about the applicant is to be made to the Secretary to the Government of the Federation (SGF). If successful, the request of the applicant is granted upon such terms and conditions, as the National Council of Ministers may think fit.  

Representative Offices

Foreign companies may set up representative offices in Nigeria . A representative office however, cannot engage in business or conclude contracts or open or negotiate any letters of credit. It can only serve as a promotional and liaison office, and its local operational expenses have to be floated by the foreign company. A representative office has to be registered with the CAC.  


ANNOUCEMENT

                                                                                 TO ALL MEMBERS OF STAFF

                                                                                  AND THE GENERAL PUBLIC

  

                                                                                          CIRCULAR

 

          I am directed to inform the Staff and General Public that the Swiss authority has declared

Tuesday 24th and Tuesday 31st December 2019 as have days in preparation for Christmas and New Year.

Therefore, the Embassy will be closed at 12noon on these days. Also Wednesday, 25th and

Thursday 26th December, 2019 and Wednesday 1st and Thursday 2nd January 2020 has been

declared Public Holidays by the Federal Government of Nigeria in observance of the Christmas, Boxing day

and New Year celebration.

          The Embassy will remain closed on these days and resume normal duties on

Friday, 27th December, 2019 and Friday 3rd January 2020 respectively.      

 

Signed

 

Management

Embassy of Nigeria 

Bern.

 

 

 

 

The Federal Government has declared Monday as Public Holiday to mark the 2019 Eid-ul-Mawlud in commemoration of the birthday of the Holy Prophet Muhammad. Mr Mohammed Manga, Director Press and Public Relations of the Ministry of Interior, announced this in a statement on Thursday in Abuja.

Therefore, the  Embassy of Nigeria, Bern will not open to the public on 11th November, 2019 - (Click for more Info) >



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