A business permit refers to an authorization or approval given by the Nigeria Government to foreign-owned corporate bodies to set up and operate a business in Nigeria. The registered company owned by any foreigners obtains the business permit to run their company in the country. As per 36 of the Nigerian Immigration act, none other than a Nigerian Citizen has the right to have their own account or any partnership with another person without the permission of the Minister of Internal Affairs.
Initially, a foreigner can seek assistance from a Company Registration lawyer in Nigeria to obtain the consent of the Government. However, the consent of this government body is issued in the form of a business permit in Nigeria. Apart from the business permit, a foreign company must have the registration with the Nigerian Investment Promotion Commission (NIPC). However, don’t get confused between business permits and NIPC registration. The role of NIPC is usually too limited to monitor and promote foreign participation in Nigerian Business Sectors. However, after reaching out to an experienced Company Registration lawyer in Nigeria, you may need the following documents.
What are the requirements while applying for a business permit in Nigeria?
Whether it is a large or big company, it needs to be accompanied by the following documents.
- 3 Copies of the filled up NIPC Form I need to be submitted with the original copy of the treasury receipt.
- Details of the shareholders of the joint venture. (3 Copies)
- Photocopy of the Certificate of Incorporation.
- Any documentation or agreement on Joint venture. (3 copies).
- Tax clearance certificate issued by the government for the registered company
- Genuine Copies of Memorandum and Articles of Association (3 copies).
- Proof of capital importation for the foreign entities.
- Certified Copies of CAC Form 02 & 07
- Particulars of Shareholders and Directors
- A copy of Deed of Sub-Lease
- Photocopy of Feasibility Report
- Approval from the governmental bodies when required.
- A copy of the Project Implementation Programme
- The agreement that evidences firm commitment to obtaining requisite business premises.
- Profile of Foreign Investor
- Testimonials Of international expertise of the foreign partner.
However, take note that a business permit is only required if the company is entirely funded and owned by foreign entities. However, one can consult a Company Registration lawyer in Nigeria to learn more.
Things to remember
The process of obtaining the business permit goes through a complex process. The application for a business permit is usually made with an expatriate quota in Nigeria. The notable thing is when the business permit allows the foreign-owned company to authorize and operate a business in Nigeria, the expatriate quota becomes the approval for individual foreign employees to work in Nigeria.
Some of the Nigerian companies have the required licenses to trade in Economic sectors. However, not all companies can enjoy this facility. Therefore, you need to remember that any business license that is applicable to a particular sector, must be obtained by any local or foreign companies to carry out any activity in other sectors. You may consult with an experienced Litigation lawyer to learn more about this.
However, remember that all the mentioned requirements have to be complied with and submitted to the said sector to avail business permit. Once the permit is granted, the foreign company can run the business in Nigeria.
Wrapping Up
The above-mentioned is an overview of the requirements and basics of obtaining a business permit in Nigeria. However, if you are looking for an Affordable Company Registration lawyer in Nigeria, at eLegal Consultants, we welcome you to avail of our services related to Company Registration and business permit in Nigeria. We have an expert team to guide you. Contact us to learn more.
