PROCEDURES FOR DOING BUSINESS IN NIGERIA




Any investor that intends to do business in Nigeria is mandated by law to register a company with the Corporate Affairs Commission and pay stamp duties with the Federal Inland Revenue Services (FIRS). 
In order to make this process clearer, the Nigerian Investment and Promotion Commission (NIPC) has divided the procedure into stages.
Stage 1:
First step is to register the company or subsidiary with Corporate Affairs Commission (CAC). This Commission has statutory responsibility for registration of companies, business names and Incorporated Trustees.
REQUIREMENTS FOR COMPANY INCORPORATION
 Stage 2: 
After incorporation with Corporate Affairs Commission (CAC), every company with foreign participation must register their company with the NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC).
REQUIREMENTS FOR NIPC REGISTRATION
  1. Duly completed NIPC Form I (collected at the OSIC Centre) 
  2. Memorandum & Articles of Association 
  3. Evidence of Incorporation 
  4. CAC Forms CO2 and CO7 
  5. Power of Attorney/ Letter of Authority (where applicable) 
Stage 3:
Finally, an enterprise with foreign participation , shall obtain Business Permit and Expatriate Quota from the Ministry of Interior before commencing business operations in Nigeria. 
REQUIREMENTS FOR BUSINESS PERMIT AND EXPATRIATE QUOTA
  1. Formal application letter to the Honourable Minister, Ministry of Interior 
  2. Minimum share capital requirement of N10million 
  3. Duly completed Immigration Form T1 
  4. Certificate of incorporation 
  5. CAC forms C02 and CO7 
  6. Memorandum and Articles of Association 
  7. Tax Clearance Certificate 
  8. Certificate of Capital Importation 
  9. Evidence of acquisition of business premises 
  10. Tenancy or Lease Agreement (to be registered with Federal Inland Revenue) 
  11. Feasibility Report or Business Plan 
  12. Training Programme for Nigerians 
  13. Schedule of names, addresses, qualifications and positions to be occupied by expatriates 
  14. Evidence of machinery acquisition (where necessary) 
  15. Bank reference