NIPC Business Registration in Nigeria – Procedure and when required

NIPC Business Registration in Nigeria – Procedure and when required

August 24, 2023

 

  • What is NIPC? – NIPC is the Nigeria Investment Promotion Commission, a Commission responsible for promoting, coordinating, and monitoring investments in Nigeria. NIPC registration is crucial for businesses seeking to invest in Nigeria to access investment incentives, guarantees, and protections. The Commission is governed by the Nigerian Investment Promotion Commission Act, 1995.
  • WHEN IS NIPC REGISTRATION REQUIRED? – The NIPC registration is pertinent for foreign-owned businesses looking to enjoy the benefits of the Nigerian Government’s investment incentives and protections.
  • BENEFITS OF REGISTRATION WITH NIPC
  1. Investment Incentives: As a registered company under the NIPC, there are several beneficial investment incentives, such as duty-free imports of capital equipment and repatriation of capital and dividends.
  2. Access to Information: The Commission provides registered businesses with up-to-date information on investment opportunities, regulations, and incentives in Nigeria.
  3. Legal Protection: Registering with the NIPC provides legal protection for businesses operating in Nigeria. It ensures compliance with the legal and regulatory requirements of the Nigerian government as well as promotes transparency and accountability in business operations.
  4. Pioneer Status: As a registered company under the NIPC, your business is qualified for pioneer status, which provides tax holidays and other benefits to companies investing in specific sectors, such as agriculture, manufacturing, and solid minerals.
  5. Aid with Approvals: The Commission assists businesses with obtaining the requisite approvals from relevant government agencies, which can fast-track the investment process and save time and resources.
  6. Investment Promotion: The Commission actively promotes investment opportunities in Nigeria, which can help businesses attract new investors and partners.

REQUIREMENTS FOR REGISTRATION WITH NIPC

  1. NIPC payment receipt
  2. Certificate of Incorporation
  3. Certified True Copy of the Memorandum and Articles of Association
  4. Evidence of payment of CAC fees (non-refundable)
  5. Duly completed CAC Form 1.1 (or CAC Forms CO2 and CO7 for old companies)
  6. Power of Attorney/Letter of Authority (if applicable)
  7. Means of identification such as National ID, passport biodata page for shareholders, directors and secretary.
  8. Copy of the foreign certificate of company’s board resolution for subscription to Nigerian company (if applicable).
  9. Residence permits of resident foreigners (if applicable)

PROCEDURE FOR REGISTRATION WITH NIPC

  • Complete the NIPC Form 1 on the website at https://www.nipc.gov.ng;
  • Payment of a non-refundable processing fee via Remita online portal at remita.net;
  • Submission of all required documents at the One Stop Investment Centre (OSIC) in NIPC, incomplete document and incorrect informations provide might, cause a delay in the registration process;
  • Issuance of NIPC Business Registration Certificate to the applicant.

Team 618 Bees

618 Bees can quickly and easily help you register your Company with the NIPC and keep it compliant. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079/08080819653. 618 Bees will complete your application with the 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

  • What additional documents do I require to file my Annual Returns?
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

  • 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.

  • Can I grant another person the permission to use my design?

    The right of the owner of an industrial design includes the licensing and authorization of another person to use the design.

  • 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.

     

  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.

  • Does Trademark registration protect my website domain name?

    Yes, it does.

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