NIPC Business Registration in Nigeria – Procedure and when required

NIPC Business Registration in Nigeria – Procedure and when required

August 24, 2023

 

  • What is NIPC? – NIPC is the Nigeria Investment Promotion Commission, a Commission responsible for promoting, coordinating, and monitoring investments in Nigeria. NIPC registration is crucial for businesses seeking to invest in Nigeria to access investment incentives, guarantees, and protections. The Commission is governed by the Nigerian Investment Promotion Commission Act, 1995.
  • WHEN IS NIPC REGISTRATION REQUIRED? – The NIPC registration is pertinent for foreign-owned businesses looking to enjoy the benefits of the Nigerian Government’s investment incentives and protections.
  • BENEFITS OF REGISTRATION WITH NIPC
  1. Investment Incentives: As a registered company under the NIPC, there are several beneficial investment incentives, such as duty-free imports of capital equipment and repatriation of capital and dividends.
  2. Access to Information: The Commission provides registered businesses with up-to-date information on investment opportunities, regulations, and incentives in Nigeria.
  3. Legal Protection: Registering with the NIPC provides legal protection for businesses operating in Nigeria. It ensures compliance with the legal and regulatory requirements of the Nigerian government as well as promotes transparency and accountability in business operations.
  4. Pioneer Status: As a registered company under the NIPC, your business is qualified for pioneer status, which provides tax holidays and other benefits to companies investing in specific sectors, such as agriculture, manufacturing, and solid minerals.
  5. Aid with Approvals: The Commission assists businesses with obtaining the requisite approvals from relevant government agencies, which can fast-track the investment process and save time and resources.
  6. Investment Promotion: The Commission actively promotes investment opportunities in Nigeria, which can help businesses attract new investors and partners.

REQUIREMENTS FOR REGISTRATION WITH NIPC

  1. NIPC payment receipt
  2. Certificate of Incorporation
  3. Certified True Copy of the Memorandum and Articles of Association
  4. Evidence of payment of CAC fees (non-refundable)
  5. Duly completed CAC Form 1.1 (or CAC Forms CO2 and CO7 for old companies)
  6. Power of Attorney/Letter of Authority (if applicable)
  7. Means of identification such as National ID, passport biodata page for shareholders, directors and secretary.
  8. Copy of the foreign certificate of company’s board resolution for subscription to Nigerian company (if applicable).
  9. Residence permits of resident foreigners (if applicable)

PROCEDURE FOR REGISTRATION WITH NIPC

  • Complete the NIPC Form 1 on the website at https://www.nipc.gov.ng;
  • Payment of a non-refundable processing fee via Remita online portal at remita.net;
  • Submission of all required documents at the One Stop Investment Centre (OSIC) in NIPC, incomplete document and incorrect informations provide might, cause a delay in the registration process;
  • Issuance of NIPC Business Registration Certificate to the applicant.

Team 618 Bees

618 Bees can quickly and easily help you register your Company with the NIPC and keep it compliant. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079/08080819653. 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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Frequently Asked

  • 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.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • 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.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.
  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.
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