Registering your Business with the NIPC
The Nigerian Investment Promotion Commission (NIPC) was established by the Nigerian government to encourage, promote and coordinate investments in the Nigerian economy. Foreign-owned companies intending to carry on business in Nigeria are expected to register with the NIPC and enjoy some incentives provided by the government to them such as tax holidays for a certain period. After registration with CAC, the next step is to register with the NIPC.
Functions of NIPC
- Be the agency of the Federal Government to coordinate and monitor all investment promotion activities to which the NIPC Act applies.
- Initiate and support measures that shall enhance the investment climate in Nigeria for both Nigerian and non-Nigerian investors.
- Promote investments in and outside Nigeria through effective promotional means.
- Collect, collate, analyse and disseminate information about investment opportunities and sources of investment capital, and advise on request, the availability, choice, or suitability of partners in joint-venture projects.
- Register and keep records of enterprises to which the NIPC Act applies.
- Identify specific projects and invite interested investors to participate in those projects.
- Initiate, organize and participate in promotional activities such as exhibitions, conferences, and seminars for the stimulation of investments.
- Maintain liaison between investors and Ministries, Government Departments and Agencies, institutional lenders and other authorities concerned with investments.
- Provide and disseminate up-to-date information on incentives available to investors.
- Assist incoming and existing investors by providing support services.
- Evaluate the impact of the Commission on investments in Nigeria and make appropriate recommendations.
- Advise the Federal Government on policy matters including fiscal measures designed to promote the industrialization of Nigeria or the general development of the economy.
- Perform such other functions as are supplementary or incidental to the attainment of the objectives of the Act.
Requirements for registration with NIPC
1. A copy of the Certificate of Incorporation of the company
2. Memorandum and Article of Association
3. The CAC Form 1.1, which comprises the details of the company’s shareholding and particulars of the directors
4. Particulars of the company
5. Particulars of the shareholders which include name, email, phone number and country of residence
6. Description of business activities
7. Investment information, which includes the company structure, number of proposed employees, and investment value in USD among others
8. Payment of registration fee
Benefits of registering your business with NIPC
- It is part of the requirements for foreign-owned businesses or businesses with foreign participation to operate in Nigeria
- It ensures foreign-owned businesses operate successfully in Nigeria
- It ensures that foreign-owned enterprises or establishments are not nationalized by the government
- It also allows investors to enjoy applicable investment incentives and tax holidays depending on the nature of your business activity.
Minimum capital requirement for registering with NIPC
There is no share capital for registering with the NIPC as the NIPC is a one-stop shop for foreign investors in Nigeria.
Cost and Duration of registering with NIPC
The official fee for registering with the commission is NGN15,000.00 (Fifteen Thousand Naira). The NIPC Business Registration now takes 24 hours to process once all required documents are submitted.
Applicants are to submit all required documents at the One Stop Investment Centre in NIPC or scanned copies sent to firstname.lastname@example.org; the NIPC Business Registration Certificate will then be issued to the applicant.
Please note that the NIPC permit is not all that is required for a foreigner to start a business in Nigeria as there are other documents required such as a Business Permit and Expatriate quota (where applicable) from the Ministry of Interiors before commencing business operations in Nigeria. Contact us here today and we will be glad to assist you with your business registration with NIPC