Nigeria is an African country with a population of about 150 million. A business man can capitalize on this by doing business in Nigeria. The country is popular for its oil beds which feature as one of its greatest foreign exchange earner. Currently, its government is carrying out measures to deal with red tape as well as corruption so that investors can invest in oil and other lucrative ventures that the country has to offer.
A foreigner interested in carrying out a venture in the country ought to be armed with the right information. First, a person needs to know what it takes to set up a company in this country. The process is quite simple as there are minimal restrictions for foreigners looking to achieve the objective in question.
A potential business owner from outside of Nigeria has to incorporate a local vehicle to be allowed to commence operations. The chosen entity must be accredited by the Nigerian Promotion Commission (NIPC). Corporate Affairs Commissions (CAC) will help one set up and regulate his operations.
Alternatively, an individual can hire a local solicitor who acts as agent to act on his behalf. This solicitor may hold shares in the local entity. Once the formalities concerning commencement are complete, the chosen agent loses his power of attorney and the principal, who happens to be the alien, takes over. CAC and NIPC websites contain valuable information and contacts containing the process of setting up a firm in the case of foreigners. It is therefore prudent for one to visit their websites to have access to the right information. All one needs to do is simply type CAC and NIPC in various search engines available and all the necessary information will become available.
Several fears come up as far as the commerce in Nigeria is concerned. Unlike what many believe, it is not necessary to engage in corrupt activities to be recognized as a legal entity. In fact, when one follows the correct channels, bribery will be unheard of.
On matters security, the state is safe for businessmen. Few violent crimes are reported every year as its government has put measures to protect nationals as well as aliens. Another issue has been religion. The nation is split into the Sectarian, Muslim North as well as Christian South. A person ought to exercise caution on religious issues to avoid being in a compromising situation on the same. This is due to the fact that there has been unrest among the divisions.
Essentially, a person needs to know how to conduct himself to avoid being caught up in any religious feud. Making a Nigerian friend to guide one through this issue would be a wise idea. Nevertheless, religious issues should not stop one from enjoying goldmine in the nation.
On the whole, setting up a profit making establishment in Nigeria is a splendid idea for an alien. Basically, one needs to go through NIPC and CAC to be taken through the process of incorporation. The option of an honest local solicitor to act on the behalf of a potential company owner can also be explored together with following up with these two bodies. Once all the formalities are in check, everything else will fall into place.
A foreigner interested in carrying out a venture in the country ought to be armed with the right information. First, a person needs to know what it takes to set up a company in this country. The process is quite simple as there are minimal restrictions for foreigners looking to achieve the objective in question.
A potential business owner from outside of Nigeria has to incorporate a local vehicle to be allowed to commence operations. The chosen entity must be accredited by the Nigerian Promotion Commission (NIPC). Corporate Affairs Commissions (CAC) will help one set up and regulate his operations.
Alternatively, an individual can hire a local solicitor who acts as agent to act on his behalf. This solicitor may hold shares in the local entity. Once the formalities concerning commencement are complete, the chosen agent loses his power of attorney and the principal, who happens to be the alien, takes over. CAC and NIPC websites contain valuable information and contacts containing the process of setting up a firm in the case of foreigners. It is therefore prudent for one to visit their websites to have access to the right information. All one needs to do is simply type CAC and NIPC in various search engines available and all the necessary information will become available.
Several fears come up as far as the commerce in Nigeria is concerned. Unlike what many believe, it is not necessary to engage in corrupt activities to be recognized as a legal entity. In fact, when one follows the correct channels, bribery will be unheard of.
On matters security, the state is safe for businessmen. Few violent crimes are reported every year as its government has put measures to protect nationals as well as aliens. Another issue has been religion. The nation is split into the Sectarian, Muslim North as well as Christian South. A person ought to exercise caution on religious issues to avoid being in a compromising situation on the same. This is due to the fact that there has been unrest among the divisions.
Essentially, a person needs to know how to conduct himself to avoid being caught up in any religious feud. Making a Nigerian friend to guide one through this issue would be a wise idea. Nevertheless, religious issues should not stop one from enjoying goldmine in the nation.
On the whole, setting up a profit making establishment in Nigeria is a splendid idea for an alien. Basically, one needs to go through NIPC and CAC to be taken through the process of incorporation. The option of an honest local solicitor to act on the behalf of a potential company owner can also be explored together with following up with these two bodies. Once all the formalities are in check, everything else will fall into place.
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