What are the products/industries eligible for Pioneer Status Incentive in Nigeria?

What are the products/industries eligible for Pioneer Status Incentive in Nigeria?

October 25, 2019

Pioneer status incentive is a tax holiday given to companies for a period of time to encourage the growth and development of the Nigerian economy. A new company or an existing company with an expansion plan may apply for the Pioneer Status Incentive which lasts for 3 years and is renewable upon application for 2 more years. The Industries/products that are entitled to the Pioneer Status Incentive are;

  1. Industries that engage in cultivation, Processing and Preservation of food crops and fruits.
  2. Integrated dairy production.
  3. Deep sea trawling and processing, Coastal fishing and shrimping.
  4. Mining lead, zinc, and iron and steel from iron ore.
  5. Manufacture of iron and steel from Iron ore,the smelting and refining of non-ferrous base metal and the manufacture of their alloys.
  6. Mining and processing of barytes, bentonites and associated minerals.
  7. Manufacture of oil well drilling materials containing a predominant proportion of Nigerian raw materials.
  8. The manufacture of cement,Manufacture of glass and glassware.
  9. Manufacture of lime from local limestone
  10. Quarrying and processing of marbles.
  11. Manufacture of ceramic products.
  12. Manufacture of basic and intermediate.
  13. Formulation and manufacture of pharmaceuticals.
  14. Manufacture of yeast, alcohol and related products.
  15. Manufacture of paper pulp.
  16. Manufacture of yarn and man-made fibres.

618 Bees can help you quickly and easily obtain this Incentive. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 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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  • 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.
  • 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. 
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
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    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • What is the importance of registering a patent?

    The main reason to register a patent is to ensure that the inventor is able to exclusively commercially exploit an invention. The rights to a patent are vested in the “Statutory Inventor” i.e. the first person to file and register the patent.
  • 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. 
  • What is a trademark?

    A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.
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