Navigating the Business Permit Collection Process in Nigeria
Are you an international enterprise aspiring to establish your presence in Nigeria? To embark on your business journey in this nation, obtaining a business permit is a vital step that paves the way for full-fledged operations. A Business Permit, an official authorization issued by the government, grants you the privilege to conduct business within a designated jurisdiction while adhering to its legal framework. This process may vary depending on your location and the specific regulations of the country.
In Nigeria, any foreign entrepreneur aiming to engage in business or establish a company must secure a business permit. Fortunately, the procedure for obtaining a business permit in Nigeria is relatively straightforward, contingent upon the submission of a few essential documents. In this comprehensive guide, we will outline the steps required to successfully acquire a business permit in Nigeria.
REGULATORY AUTHORITY:
The Ministry of Interior is responsible for the grant of Business Permit to Companies in line with Part V, Section 36 (1) of the Nigerian Immigration Act, 2015 and Part III, Subsection 12 (1&2) of Immigration Regulations.
APPLICATION PROCESS:
Application for a business permit in Nigeria by a foreign-owned company or a company with foreign participation is made to the Ministry of Interior. An imperative stipulation is that the company's authorized share capital must not fall below 100 million naira.
ESSENTIAL DOCUMENTATION:
The application letter to the Ministry of Interior should be accompanied by the following documents:
- Certificate of Incorporation,
- Memorandum and Article of Association,
- Feasibility Report (should be certified or registered with the Corporate Affairs Commission (CAC),
- Corporate Affairs Commission’s form C02 and C07 OR CAC 2.2, CAC 2.3 and CAC 2.5 OR CAC 1.1,
- Joint Venture Agreement for partnership venture between Nigerians and Foreigners (original to be presented for sighting),
- The company’s current Tax Clearance Certificate (Original to be presented for sighting), and
- Lease Agreement for C of O for operating premises (original to be presented for sighting).
APPLICABLE FEES:
The Ministry of Interior enforces a fee structure outlined below:
| Type of Company | Automation Fee | Processing Fee | Approval Fee | Portal Fee | Total Amount |
|---|---|---|---|---|---|
| Wholly Foreign & Joint Ventures | 100,000 | 100,000 | 100,000 | 50,000 | 350,000 |
CONCLUSION
This discourse serves as a comprehensive introductory overview of the subject matter. For specialized guidance tailored to your distinct circumstances, do not hesitate to connect with us [email protected]. Our proficient team of experts is dedicated to providing you with precise insights and tailored advice to navigate the intricate landscape of acquiring a business permit in Nigeria.