NIPC Business Registration in Nigeria – when required?

NIPC Business Registration in Nigeria – when required?

August 08, 2022

The Nigerian Investment Promotion Commission (NIPC) was established by the Nigerian Investment Promotion Commission (NIPC) Act 16 of 1995 to encourage, promote, and co-ordinate all investments in Nigeria. It also regulates the participation of foreign businesses in the country.

The NIPC Act allows foreign nationals to own up to 100% equity and invest in any business in Nigeria except those indicated on the negative list as defined by section 31 of the Act such as production of arms, ammunition, narcotics and related substances.  Section 20 of the NIPC Act requires all enterprises in which foreign participation is permitted to apply to the Commission for business registration.

Business Registration in Nigeria

To apply for NIPC Business Registration Certificate in Nigeria, the following documents are required:

  1. Duly completed NIPC Form I;
  2. Memorandum & Articles of Association;
  3. Certificate of Incorporation;
  4. CAC Form 1.1 or Status Report (or CAC Forms CO2 and CO7 for old companies);
  5. Power of Attorney/ Letter of Authority (where applicable);
  6. Approved Remita payment receipt of prescribed fees (Non- refundable)
  7. NIPC payment receipt

Procedure for Processing

The NIPC Business Registration now takes 24 hours to process once all required documents are submitted. Applicants are to submit all required documents at the One Stop Investment Centre in NIPC or scanned copies sent to osicinfodesk@nipc.gov.ng; the NIPC Business Registration Certificate will then be issued to applicant.

Team 618 Bees

 

 

 

618 Bees can quickly and easily help you register your business with NIPC in Nigeria VAT. 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 Nigerian Investment Promotion Commission (NIPC).

 

 

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

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     

  • Is it legal to transfer the personal data you obtained legally to another person?

    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.

  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.

  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time

  • 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. 

  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.

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