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Doing business and investing in nigeria guide

doing business and investing in nigeria guide

This publication sets out the basic information on tax and business regulatory issues that new investors need to know when investing in Nigeria. There are a number of company structures which are recognised by the Companies and Allied Matters Act Cap C20, Laws of the Federation of. Read Exam Prep for: by Mzn Lnx with a free trial. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. JM BARRIE QUOTES YOU KNOW THAT PLACE BETWEEN AWAKE

Ensure you are alert to local government announcements and media reporting, and make sure you seek advice before travelling to areas that are affected by such violence. Recently, violent clashes between farming and pastoralist communities have been increasingly common, with certain rural communities experiencing many deaths. Political rallies, protests and violent demonstrations can occur with little notice throughout the country. Anti-Western demonstrations can sometimes be triggered by international news events.

There is also potential for increased tension on Fridays. Ensure that you keep informed of developments and do not try and make your own way through a threatening or intimidating situation; turn around and move to safety. In October , Nigeria witnessed a series of mass protests that occurred in several major cities due to the police brutality within the country. The protestors created a large amount of support on social media, with many other countries around the world staging their own protests within their major cities.

When working in Nigeria, make sure you follow your employers local security guidelines. Always be vigilant and review any security measures at regular intervals. Inform other people of your travel plans, and switch up any routines. Ensure that any accommodation you stay in is secure and consider pre-deployment training or travelling under close-protection. Take extra care when visiting crowded public places or attending events which attract large crowds as criminals often use these situations as cover for robbery and theft.

There are frequent violent attacks. There is a high risk of violent attacks and inter-communal tensions may lead to outbreaks of violence. You are particularly at risk if you travel to areas which the FCDO advise against travelling to, and you will therefore need a high level of security.

If you are working in northern Nigeria, ensure that your employer is providing appropriate security for both work and home. Security should be regularly reviewed and you should familiarise yourself with the security plans. In Adamawa, Borno and Yobe states, regular military operations are ongoing. If you live or work in Nigeria, monitor these states and the development of these operations.

Keep upto-date with announcements by the state governments as there is increased risk of retaliatory attacks elsewhere in Nigeria due to these military operations. Incidences of insurgent attacks have become more frequent in Borno state. From October onwards, terrorist groups have been www. These are often on major supply roads or commercial routes in northern Nigeria. They have also been attacking vehicles travelling on major roads into Maiduguri, Borno State, including the A3 MaiduguriDamaturu road.

Civilians, aid workers and security forces have all been directly targeted. On 13th June , a terrorist attack targeted a humanitarian hub in Monguno town. Negative propaganda about humanitarian activity was then promoted in the northeast. If you visit the northeast against FCDO advice, ensure you keep in touch with the authorities and the wider community about the security situation and make sure your procedures and contingency plans are up to date.

Across the Niger Delta area, militant groups are active and have carried out several attacks on oil and gas infrastructure. Armed robbery, criminality and criminal kidnap are likely in the Niger Delta area. If you intend to make a land crossing from Nigeria, check with the local authorities for the latest information before travelling. Criminal kidnaps Throughout Nigeria the threat of kidnap is high. Legitimate targets for terrorist groups include tourists, humanitarian aid workers, journalists or business people.

Your reason for being in Nigeria is unlikely to offer you any protection if you are kidnapped and will not secure your safe release. Criminal groups can target either whole communities or individuals for both robbery and kidnap. Sometimes these occur along major highways.

In this was a particular issue on the Abuja-Kaduna highway as well as the Enugu-Onitsha expressway in Anambra. The kidnaps predominantly occurred in the Niger Delta region. In , there was a spike of gang crime in Zamfara State in the northwest of Nigeria. There have been multiple 54 abductions of locals for ransom carried out by these gangs. The threat of kidnap and other armed attacks focused on oil and gas facilities and workers is high in the Niger Delta region.

This is also true of oil rigs at sea off the Niger Delta coast. If you are a British National of Nigerian origin you may be perceived as wealthier than the locals around you and therefore may be at increased risk of kidnap. Ordinary Nigerians still make up the majority of kidnap victims, including Nigerian doctors and students.

Nigerian businessmen, traditional rulers and politicians, as well as foreigners, are often targeted as the ransom reward is expected to be large. If you are arranging a meeting in Nigeria, make sure anyone who is in attendance is known to you and that the meeting is being held in a secure location. It is considered that paying ransoms and releasing prisoners only encourages further hostage-taking. The Terrorism Act of makes payments to terrorists illegal.

These curfews can be instated or removed at short notice throughout the country. Check with the local authority or someone who has local knowledge in order to gain up-to-date information on restrictions and curfews before travelling to Nigeria. Maritime security Armed robberies and piracy have occurred in Nigerian waters, the wider Gulf of Guinea and on the rivers and harbours in the Niger Delta area.

If you are a Mariner, seek professional security advice, be vigilant and take appropriate precautions. British nationals have been targeted by criminals as a result of their perceived wealth. Remaining vigilant at all times is vital, even if you are staying with friends and family.

You should always follow the security guidance that employers or hosts give to you, and try not to travel at night. Do not carry around large sums of money and avoid wearing valuable jewellery and items of sentimental value. If you feel unsafe, move to a different area. Try to avoid spending too much time outside of hotel security cordons and be especially vigilant when travelling in their vicinity.

Those who have been thought to not be complying totally, or fast enough have suffered injuries or worse. Be vigilant in crowded places. Scams Scam artists in West Africa are increasingly targeting British nationals. There are many different scams including fake romance and friendships, business ventures, and work or employment opportunities. If either you or a friend or relative is asked to transfer money to Nigeria, ensure that it is not a scam and that you have thoroughly checked with the person receiving the money that they have requested it.

If the caller seems to be in distress then ask whether they have reported the incident to the British Deputy High Commission in Lagos. Scam emails from people claiming to be from a British High Commission office in Nigeria have been received. You should be aware that there are risks associated with bringing a child who is not biologically related to you into the UK without following certain legal procedures.

Road travel Road travel in Nigeria is often chaotic and slow moving. The cost of setting up a business is comparably cheaper than in other jurisdictions and with the implementation of the recent presidential directives on the ease of doing business, companies may now be registered digitally and in a matter of days. The most recommended is usually a private liability company limited by shares Ltd. Note that the business model determines the legal and tax obligations of the registered entity.

Contact us for specific advice on which is best suited for your needs and its attendant implications. Share Capital Structure — a company with foreign shareholding or management must be registered with an authorized share capital of N10,,00 Ten Million Naira , all of which must be allotted to shareholders at registration. Shares and management may be wholly or partly owned by foreigners, except in restricted sectors e.

Business location — land acquisitions are administered by the government and open to foreign investors. For leases, we can provide you with a list of suitable private options or in the alternative, facilitate the use of the address of our Nigerian partners for a fee. Taxation: - Companies registered in Nigeria are subject to federal and state taxes which are administered by the Federal Inland Revenue Service and State Inland Revenue Service jointly.

Companies are obligated to file and remit applicable taxes within specific deadlines. Trademark Registration — Foreign companies may acquire exclusive proprietary interests in their products and services, or protect their brand names by registering their trademarks, patents or copyrights at the Trademark Registry. Also, foreign companies operating in Nigeria enjoy the right to import capital via equity or loan, and subsequently repatriate proceeds.

The certificate enables the investor to repatriate proceeds out of the country using the official channel and with ease. A business with partial foreign ownership may be exempt from this requirement. Expatriate Quota - This permit is issued by the Ministry of Interior to companies seeking to hire expatriate staff to work in Nigeria, subject to the submission of required documents. Foreign companies are bound to recruit staff within the quota approved by the Ministry.

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