How To Get Exemption For A Foreign Company To Operate In Nigeria

How To Get Exemption For A Foreign Company To Operate In Nigeria

November 17, 2021

Every foreign incorporated company that wishes to operate in Nigeria is required to register its company with the Corporate Affairs Commission. However, there are certain companies exempted.

Foreign companies are exempted from registering in Nigeria in the following instance;

  1. Where the foreign company was invited by a donor company or an international organisation for a specific individual loan project.
  2. Where the foreign companies were invited by the Federal Government to execute a specific project.
  3. Foreign companies with expertise such as Engineering or Technical expertise invited on the approval of the Federal government or its agency or with any body or individual carry on a federal government contract and for that specific purpose.
  4. Foreign government owned companies solely for the promotion of export.

An application for an exemption must be made to the Minister and should be in writing and would include the following;

  1. The details of the company, which is the Name and address of the business outside Nigeria and proposed name and address of the business in Nigeria.
  2. The particulars of the directors, partners and principal members.
  3. A certified copy of the Memorandum of Association, charter, statutes or any other defining instrument as may be required and if not written in English translated.
  4. Details of the contact person required to receive notices and service of processes in Nigeria.
  5. The business and the expected timeframe for completion
  6. Particulars of any project previously carried out by the company as an exempted foreign company if any.

An application may be granted where the Minister deems it expedient to do so. An exemption for a foreign company must have an expected time frame.

An exemption can also be revoked anytime where the foreign company fails to meet up with the provisions of Corporate and Allied Matter Act (CAMA).

Where the exemption is granted, the Minister shall publish in the gazette of the Federal government, the name of the company granted exemption, the period and the project it was granted for.

Team 618 Bees

 

 

618 Bees can quickly and easily help you apply for an exemption for your foreign company in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission (CAC).

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
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    • Obligation
  • Do I have to physically drop off my product sample at NAFDAC office?

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  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • Who benefits from copyright protection?

    The creator of a copyright work, usually referred to as the “author” of the work owns the copyright in the work in the first instance. However, the author is at liberty to transfer his rights to a third party. In such a case, the person who has obtained the right by transfer or other legal means becomes the owner of the copyright.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
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