How To Get Exemption For A Foreign Company To Operate In Nigeria

How To Get Exemption For A Foreign Company To Operate In Nigeria

November 17, 2021

Every foreign incorporated company that wishes to operate in Nigeria is required to register its company with the Corporate Affairs Commission. However, there are certain companies exempted.

Foreign companies are exempted from registering in Nigeria in the following instance;

  1. Where the foreign company was invited by a donor company or an international organisation for a specific individual loan project.
  2. Where the foreign companies were invited by the Federal Government to execute a specific project.
  3. Foreign companies with expertise such as Engineering or Technical expertise invited on the approval of the Federal government or its agency or with any body or individual carry on a federal government contract and for that specific purpose.
  4. Foreign government owned companies solely for the promotion of export.

An application for an exemption must be made to the Minister and should be in writing and would include the following;

  1. The details of the company, which is the Name and address of the business outside Nigeria and proposed name and address of the business in Nigeria.
  2. The particulars of the directors, partners and principal members.
  3. A certified copy of the Memorandum of Association, charter, statutes or any other defining instrument as may be required and if not written in English translated.
  4. Details of the contact person required to receive notices and service of processes in Nigeria.
  5. The business and the expected timeframe for completion
  6. Particulars of any project previously carried out by the company as an exempted foreign company if any.

An application may be granted where the Minister deems it expedient to do so. An exemption for a foreign company must have an expected time frame.

An exemption can also be revoked anytime where the foreign company fails to meet up with the provisions of Corporate and Allied Matter Act (CAMA).

Where the exemption is granted, the Minister shall publish in the gazette of the Federal government, the name of the company granted exemption, the period and the project it was granted for.

Team 618 Bees

 

 

618 Bees can quickly and easily help you apply for an exemption for your foreign company in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission (CAC).

 

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?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties

  • 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

  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.

  • What is eligible for Patent registration?

    Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

    • Must be new,
    • Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
    • Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
    • And must not be against public policy or morality.
  • 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.

     

  • How many directors do I need to start a company?

    A minimum number of one (1) adult director is required to form a company.

  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.

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