To benefit from the various incentives that Nigeria offers to foreign businesses, they must first be registered with the Nigeria Investment Promotion Commission (NIPC). This commission is a Federal Agency that oversees, coordinates, and monitors all investments in Nigeria. This article aims to clearly understand the process and NIPC registration requirements that foreign investors need to follow to register with the NIPC.
WHAT DOES NIPC DO IN NIGERIA?
According to the NIPC Act, the NIPC does the following;
(a) Co-ordinates and monitors all investment promotion activities to which the Act applies;
(b) Initiates and support measures which shall enhance the investment climate in Nigeria for both Nigerian and non-Nigerian investors;
(c) Promote investments in and outside Nigeria through effective promotional means;
(d) Collect, collate, analyze, and disseminate information about investment opportunities and sources of investment capital, and advise on request, the availability, choice, or suitability of partners in joint-venture projects;
(e) Register and keep records of all enterprises to which this Act applies;
(f) Identify specific projects and invite interested investors to participate in those projects;
(g) Initiate, organize, and participate in promotional activities, such as exhibitions, conferences, and seminars for the stimulation of investments;
(h) Maintain liaison between investors and Ministries, Government departments and agencies, institutional lenders and other authorities concerned with investments;
(i) Provide and disseminate up-to-date information on incentives available to investors;
(j) Assist incoming and existing investors by providing support services;
(k) Evaluate the impact of the Commission on investments in Nigeria and make appropriate recommendations;
(l) Advise the Federal Government on policy matters, including fiscal measures designed to promote the industrialization of Nigeria or the general development of the economy;
(m) Perform such other functions as are supplementary or incidental to attaining the objectives of the Act.
HOW DO I REGISTER WITH THE NIPC?
As stated earlier, NIPC registration is compulsory for foreign-owned companies. Additionally, local companies willing to take advantage of incentives available to businesses in Nigeria, are required to register with the NIPC. Registration comes after incorporation with the Corporate Affairs Commission.
REQUIREMENTS FOR NIPC REGISTRATION
To apply for the NIPC Business Registration Certificate, the following documents are required:
1 Duly completed Form;
2 Memorandum & Articles of Association;
3 Certificate of Incorporation;
4 CAC Form 1.1 (or CAC Forms CO2 and CO7 for old companies);
5 Power of Attorney/ Letter of Authority (where applicable);
6 Approved Remita payment receipt of processing fee (Non- refundable)
7. Payment Receipt
PROCEDURE FOR NIPC BUSINESS REGISTRATION
i. Have your organization registered with the Corporate Affairs Commission
ii. Complete the relevant application forms for NIPC registration
iii. Pay the required processing fee
iv. Submit the application alongside the required documents
v. NIPC business registration certificate is issued to the applicant
WHY DO I NEED TO REGISTER WITH THE NIPC?
a. Registration is a mandatory requirement for foreign-owned businesses
b. It positions both foreign-owned and local businesses to access business incentives within the country
c. It protects foreign-owned businesses from expropriation. In other words, the Nigerian Government would be unable to Nationalize foreign-owned businesses within the country. And even if it were to be done because of national interest, the company would be duly compensated for it.
d. NIPC registration paves the way for the repatriation of capital, profits, and dividends by foreign investors with ease
CONCLUSION
We hope we’ve been able to provide insight on NIPC registration. If you need professional services for launching your foreign-owned company as a foreign investor or need to make further inquiries concerning NIPC registration, do not hesitate to get in touch with us on the Whatsapp icon on this page or through our email address HERE, and we’ll attend to you.
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