The Nigerian Business Permits, Licenses and State Regulations

Nigerian Business Permits

The Nigerian Business Permits, Licenses and State Regulations

To operate businesses legally in Nigeria, every Nigerian and foreigner must be licensed to carry on businesses, including obtaining the Nigerian Business Permits.

 

BUSINESS ORGANIZATIONAL STRUCTURE

 

Lesson five: The Nigerian Business Permits, Licenses and State Regulations

 

Introduction

Irrespective of the nature and location of your business, you need the business permits.

A home business will need an online business license as this in same cases is similar to having a physical office location.

This article will discuss the key Nigerian Business Permits required for both local and foreign participation in the Nigerian Business Environment.

However, depending on the type of business and its activities, it may need to be licensed at the local, state and federal levels.

Most states have different requirements for different business structures, and there could be different requirements at the municipal level as well.

As a Nigerian business person or intending foreigner who want to invest in Nigeria economy, below are some of the laws that may affect you.

 

The Nigerian Business Permits

A business permit is a formal document that allows for the local operation of a business especially operators with foreign interest.

The Nigerian Business permit is issued by the Federal Ministry of Interior.

 

Some of the Requirements for Obtaining Nigerian Business Permits include:

  • Certificate of Incorporation of the applicant company;
  • Copies of the Tax Clearance Certificate of the applicant company;
  • Copies of the Memorandum and Articles of Association;
  • CAC Forms CO2 and CO7
  • Joint Venture/Partnership Agreement where applicable.
  • The shareholding of the Company.

 

Notwithstanding the above, there are several numbers of industry laws and regulations that are applicable to business investments in Nigeria.

 

Some Laws That May Affect Nigerian Businesses

  • The Custom Duty Act
  • Factory Act
  • Health Care Act
  • Trademark Act
  • Nigerian Standard Organization Act
  • Companies Income Tax Act
  • Nigerian Enterprises Promotion Act, etc

 

The Federal Inland Revenue Services (FIRS) and your local/state revenue agencies will also need to be notified of your business.

The federal and state ministries of industries are the custodians of all the laws and regulations governing investments in the country.

As you choose your business structure, understand that the state and industry you’re in may differ and it’s your duty to do the research and find out what is applicable to your environments and situations.

 

In addition to ensuring that your business entity is legally registered, you may also need specific permits.

An attorney will be able to help with:

 

Further Requirements for Nigeria Business Licenses.

  • Including particular labor laws,
  • illegal aliens,
  • temporary work permit
  • workplace safety rules,
  • Expatriate quota
  • Residence permit
  • Certificate of capital importation (CCI)
  • filing employment and income tax returns,
  • building codes, contract holding
  • health department requirements and
  • environmental laws.

 

It is best to consult with professionals to determine which laws will be applicable to you, what permits or licenses you will need to stay in Nigeria, start your business and where to go to comply with the various laws.

 

Next Lesson: A Business Management Case Study with Examples

 

Previous Lesson: How to Register a Company in Nigeria: a Step by Step Guide

 

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