NewsCase StudiesEvents

Legalities in Nigeria

Nigeria

Legalities in Nigeria

Nigeria Business Experts

Recent forum posts

 

  1. PS4 Repair dubai

    How To repair ps4 :- Ps4 and ps5 repair Simply give us the PS5 you're having trouble with and explain the situation. We’ll do whatever we can to figure out what's causing the problem and fix it so you can sit back, relax, and enjoy using your console in the comfort of your own home once more. Ps4 repair dubai have expert team assure you the quality work and 100% satisfaction, we use genuine spa

    Total Posts: 2 Last post by jitus23

  2. Hotel Staff Transportation Services in Dubai

    Hotel Staff Transportation Services in Dubai prince bus rental provide services for hotel staff transfer from the hotel to their rooms and from rooms to their hotel. The strength of the passenger transport industry lies in the operator’s spirit, knowledge, and infrastructure. We work hard to attract and develop people who will preserve our values, shape our culture and strive to achieve mutual suc

    Total Posts: 1 Last post by Amani786

Nigeria Legalities

Any company incorporated outside Nigeria may carry on business in Nigeria and exercise the powers of a Nigerian company once it is duly registered with Nigeria’s Corporate Affairs Commission (“Company Registry”). It is an offence for a foreign company to carry on business in Nigeria without being registered in Nigeria.

Can a foreign company be exempted from registration in Nigeria?

A company may be exempted from registration if there is a treaty between Nigeria and another country or countries to that effect. Moreover, a foreign company invited to Nigeria by the Federal Government to execute an individual project; a foreign company invited to Nigeria to execute a specific individual loan project on behalf of a donor country or international organization; foreign government owned companies engaged solely in export promotion activities; engineering consultants and technical experts engaged by any of the governments in Nigeria to execute an individual project approved by the Federal Government may apply to the National Council of Ministers for an exemption from registration in Nigeria.

Can a foreign company hold shares in its company registered in Nigeria?

A foreign company may hold 100% of shares in the company. Nevertheless, the company must have at least 2 shareholders.

Can a foreigner hold directorship position in its company registered in Nigeria?

A foreigner may hold directorship position in the company but it must furnish the Company Registry with details of his residence abroad. If the foreigner is resident in Nigeria, it must furnish the Company Registry with his Combined Expatriate Residence Permit and Alien Card (“CERPAC”).

Does the Company Registry accept certifications of institutions abroad?

In some instances, the Company Registry requires certifications of the Directors to ensure that they are qualified to engage in some businesses in Nigeria. The Registry accepts certifications of accredited institutions abroad for this purpose.

What are the tax exemptions for companies registered in Nigeria?

Companies engaged in agriculture, manufacturing, mining and other budding sectors enjoy tax holiday for some years. The dividend of the company is not taxed to encourage investments in those sectors.

Are there cases of interference by the State or unfair practices against foreign companies registered in Nigeria?

Once a foreign company is registered in Nigeria, it acquires the same status as a Nigerian company. Unless the company commits an offence or engages in fraud, it is illegal for the State or its agency to interfere with the operation of the company’s business. There are no cases in Nigeria of forceful takeover by government or powerful competitors.

Content supplied by Fred-young & Evans LP

Click here to Ask an Expert about Legalities in Nigeria

Organisations that can assist with Legalities

  • > Nominus.com

    When expanding your business to Nigeria, don’t forget to protect your brand. We provide Trademark Registration Services in Nigeria and in the entire European Union.

    More Details Visit Website
  • > Fred-young & Evans LP

    Fred-young & Evans LP is a full service commercial law firm in Nigeria dedicated to providing both local and international clients with prompt and effective legal services within the ethical standards of the legal profession.

    More Details Visit Website

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.