What is the procedure for Pioneer Status application in Nigeria?

What is the procedure for Pioneer Status application in Nigeria?

November 14, 2019

Pioneer status is also known as a Tax holidayand it is an incentive granted to a company to be exempted from paying tax for a period of time. The initial grant is usually for a period of three years and an additional period of one or two years if an extension is applied for and granted. The essence of this incentive is to promote economic growth in the country.

It is the National Investment Promotion Commission (NIPC) that grants Pioneer status to corporate entities. Below is a breakdown of the procedure for this application;

  1. Application letter addressed to the NIPC.
  2. Presentation of your project.
  3. Pay the required fee.
  4. Submit the first part of the application to the secretary of NIPC with supporting documents.
  5. Consideration stage. This is the stage were the project will be visited and all legal requirements checked for verification.
  6. You will be required to pay a service charge and send evidence of payment to NIPC.
  7. NIPC issues approval-in – principle to the company and sends same to the necessary commissions to be notified such as the Federal Inland Revenue Service (FIRS).
  8. Complete the second part of the application Form and send a soft copy or hard copy to IID
  9. The Industrial Inspectorate Division (IID) of the Federal Ministry of Industry reviews the application and a date for inspecting the project is booked.
  10. The IID will issue a Production Day Certificate and send same to the NIPC
  11. The NIPC issues the Pioneer Status Certificate.

This process can take as long as four (4) months to conclude.

618 Bees can help you quickly and easily obtain Pioneer Status Incentive for your business. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the NIPC and Federal Ministry of Industry.

 

 

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

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

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.
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.
  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • 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 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 my kids be shareholders in my company?

    Yes your kids can hold shares in your company but there must be a minimum of two adult shareholders before kids can be included.
  • What is a trademark?

    A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp