Starting A Business in Nigeria as a foreigner: These are the requirements.



Registering A Business As A Foreigner In Nigeria
Registering A Business As A Foreigner In Nigeria
5 Regulatory Issues
•5.2.2 Where a foreigner incorporates a company, certain permits have to be obtained before the foreigner can do business in Nigeria. They are:
 
•5.2.3 Business Permit: an operational and permanent permit for the local operation of a business with expatriate investment either as a branch or subsidiary of a foreign company or otherwise country.
 
•5.2.4 Expatriate Quota: the permission given to a business to employ foreigners. The number of the quota depends on the share capital of the company and a minimum share capital of Ten Million Naira is necessary for a company to quality for expatriate quota.
 
•5.2.5 Combined Expatriate Residence Permit and Alien Card: Registration permits an expatriate to live and work in Nigeria on a long-term basis. For an expatriate to obtain Resident permit, he must obtain employment with a company that has expatriate quota position. Such a person will be expected to come into the country with a special type of entry visa know as STR (Subject To Regularization) visa after which his resident permit will be processed.
 Other approvals, which may be necessary, are:
 
•5.2.6 Registration of securities: a foreigner who owns shares in any Nigerian company must apply to the Security and Exchange Commission (SEC) for the registration of those shares this is because the Investment and Securities Decrees of 1999 provides that the SEC must keep a register of foreign direct investment and foreign portfolio investments.
 Further enquiries may be made to secng@compuserve.com
 
•5.2.7 Registration with the Department of Petroleum Services:
 Registration with the Department of Petroleum Resources may be necessary where you seek to provide services, equipment supplies and maintenance services to companies in the oil industry. This registration can be done in two categories, i.e.
 5.2.7.1 General Purpose Category: These are those companies that do not render highly specialized or technical services. The registration process here is fairly routine and there is no requirement to show expertise in any field.
 5.2.7.2 Specialized Categories: This is for companies rendering specialized services such as Equipment Supply services; Consultancy services; laboratory services; Calibration services; Applicants in this category will amongst other things be required to show evidence of expertise and technical Know-how in the specialized area of activity where their services will be required.
 
•5.2.8 Registration with National Office of Technology Acquisition and Promotion (NOTAP): Every contract or agreement involving the transfer of foreign technology to a Nigerian company must be registered with the NOTAP within sixty (60) days of execution or conclusion of the agreement. An agreement involves transfer of technology if its purpose is connected with any of the following matters:
 
i. The use of trademarks
 ii. The right to use patented inventions,
 iii. The supply of technical expertise in the form of the preparation of plan, diagrams, operating manuals or any other form of technical assistance of any description whatsoever,
 iv. The supply of basic or detailed engineering,
 v. The supply of plants and machinery, and
 vi. The provision of operating staff or managerial assistance and the training of personnel.

Registration with NOTAP is necessary, as non-registration will mean that the foreigner will not be able to repatriate any payment due him from the agreement.
Admin Note: Read the FULL report at Starting A