Business Permit is a permit issued by the Ministry of Interior. This Permit enables a foreigner to legitimately work in Nigeria or carryon business in Nigeria. A foreign can apply for a business Permit in Nigeria when he has a business duly registered with the Corporate Affairs Commission (CAC).  The minimum share capital for foreign company in Nigeria is 100m.

Read:Minimum Share Capital for Companies in Nigeria

National Local Content Policy was made for companies in Oil and Gas Sector. This policy was designed by the Government requiring Foreign Investor to demonstrate Local participation of Nigerians by way of possessing share equities in the company and local content policy. Once the foreign company is duly registered in Nigeria, the company should ensure that the following permits and approvals are obtained. Expatriate Quota Approvals and Visa & Resident Permit.

Read also: Company Registration (Limited Liability Company) 2024

PROCEDURE FOR OBTAINING BUSINESS PERMIT

Nigeria Investment Promotion Commission (NIPC), is the body conferred with the power in law to grant the Business Permit and also to register companies with foreign investors and foreign participation.

All applications to NIPC, for a Business Permit, must be supported by the following document:

1. Application letter in the Company’s letter head paper.
2. Duly completed NIPC from 1.
3. Certificate of Incorporation.
4. Memorandum and articles of association.
5. CAC Status Report.
6. Current Tax Clearance Certificate (TCC) of the Company or individual Income Tax Certificate for Partnership business.
7. Partnership/joint venture agreement (where applicable).
8. Business Plan and Company Profile (where applicable)
9. Receipt issued on purchase of NIPC Form 1.
10. Project implementation Programme.
11. Certificate of capital importation ( if available)
12. Evidence of acquisition of permanent business/operating premises i.e. lease/tenancy agreement, C of O
13. Evidence of acquisition of operating equipment and machinery, such as motor vehicles, business machines, etc. (if any).
14. Feasibility study report (for joint venture companies).
15. Letter of an award of contract (for construction companies).
16. License/permit/certificate from relevant Government Agencies/Department/ Ministries to operate business legally in Nigeria for companies engaged in oil exploration/services, healthcare services, fishing, mining, engineering services etc.

Grant of Expatriate Quota Only

1. Certificate of Incorporation.
2. Memorandum and Article of Association.
3. Feasibility Report (should be certified or registered with Corporate Affairs Commission (CAC).
4. Corporate Affairs Commission’s CAC Form C02 & C07 OR CAC 2.2, CAC 2.3 & CAC 2.5 OR CAC 1.1
5. Upload CAC Memorandum for Guidance Of Applicants (FOR NGOs, Religion Bodies, Educational Bodies e.t.c)
6. Joint Venture Agreement for Partnership Venture between Nigerian and Foreigners (original to be presented for sighting).
7. Company’s Current Tax Clearance Certificate (Original to be presented for sighting).
8. Lease Agreement for C of O for Operating Premises (original to be presented for sighting).
9. Evidence of Imported Machinery such as; Form M, Pro Forma invoice, Shipping Documents and Clean Certificate of Inspection issued by Government appointed Pre-Shipment Inspection Agents.
10. License / Permit / Certificate from relevant Government Agencies / Department / Ministries for the Operation or Execution of Project if Company is Engaged in oil Services, health care services, fishing, mining, constructions (Work Registration Board), etc. (original to be presented for sighting).
11. Evidence of work at hand, its duration and value attached to the contract(s) if the Company is engaged in building, Civil Engineering, Construction, etc. (original to be presented for sighting).
12. Proposed Annual Salaries to be paid to the Expatriates to be recruited indicating Designation, Names, Jobs Description and Qualifications (CV and copies of credentials of Expatriates to be attached).

In conclusion, the Business Permit and Expatriate quota comes simultaneously but the applications are made separately. In processing these application you need to involve and retain the services of a professional. This is to enhance and facilitate the application.

For further enquiry

Email: info@verazadvocates.com.ng

Call/whatsApp: +234 8116486356