One looking to venture into Africa ought to consider Nigeria. It is a densely populated African country with approximately 150 million people. This makes doing business in Nigeria a feasible idea. It is well known for large scale oil production which is among its top foreign exchange earners. At the moment, the Nigerian government is trying its best to kick out corrupt practices and red tape out of its nation to attract investors to its oil ventures as well as other feasible establishments.
A foreigner interested in carrying out a venture in the country ought to be armed with the right information. First, a person needs to know what it takes to set up a company in this country. The process is quite simple as there are minimal restrictions for foreigners looking to achieve the objective in question.
A foreign national must incorporate a local entity to get started. The chosen local vehicle must be recognized by the Nigerian Investment Promotion Commission (NIPC). The Corporate Affairs Commission (CAC) will take one through the process of commencement and regulation of the firm to be set up.
Selecting a Nigerian solicitor is a wise move as well. The expert is simply a representative of the alien. He may hold a few shares in the home establishment. Once all the requirements for setting up are in place, the expert loses his attorney power to the outsider. To get contacts concerning commencement, NIPC and CAC websites are useful as they provide accurate and up to date details. By simply following the links provided by search engines, one is good to go.
Several fears come up as far as the commerce in Nigeria is concerned. Unlike what many believe, it is not necessary to engage in corrupt activities to be recognized as a legal entity. In fact, when one follows the correct channels, bribery will be unheard of.
Security is great in the country with minimal violent vices arising annually. The reason for this is simply because the government has undertaken to protect its nationals and outsiders too. Religion has been a contentious issue too. The state is divided into Muslim North, the Sectarian and Christian South. Caution must be exercised by a person to avoid instances of being a victim of religious strife. Of late, there has been feud among the various groups.
Fundamentally, one needs to be aware of how to act to avoid being a victim during religious disturbances. Having a friend from the country is a wise move as one is given a guide on how to protect himself. On the other hand, religion should not be the reason for one avoiding business in this lucrative state.
On the whole, setting up a profit making establishment in Nigeria is a splendid idea for an alien. Basically, one needs to go through NIPC and CAC to be taken through the process of incorporation. The option of an honest local solicitor to act on the behalf of a potential company owner can also be explored together with following up with these two bodies. Once all the formalities are in check, everything else will fall into place.
A foreigner interested in carrying out a venture in the country ought to be armed with the right information. First, a person needs to know what it takes to set up a company in this country. The process is quite simple as there are minimal restrictions for foreigners looking to achieve the objective in question.
A foreign national must incorporate a local entity to get started. The chosen local vehicle must be recognized by the Nigerian Investment Promotion Commission (NIPC). The Corporate Affairs Commission (CAC) will take one through the process of commencement and regulation of the firm to be set up.
Selecting a Nigerian solicitor is a wise move as well. The expert is simply a representative of the alien. He may hold a few shares in the home establishment. Once all the requirements for setting up are in place, the expert loses his attorney power to the outsider. To get contacts concerning commencement, NIPC and CAC websites are useful as they provide accurate and up to date details. By simply following the links provided by search engines, one is good to go.
Several fears come up as far as the commerce in Nigeria is concerned. Unlike what many believe, it is not necessary to engage in corrupt activities to be recognized as a legal entity. In fact, when one follows the correct channels, bribery will be unheard of.
Security is great in the country with minimal violent vices arising annually. The reason for this is simply because the government has undertaken to protect its nationals and outsiders too. Religion has been a contentious issue too. The state is divided into Muslim North, the Sectarian and Christian South. Caution must be exercised by a person to avoid instances of being a victim of religious strife. Of late, there has been feud among the various groups.
Fundamentally, one needs to be aware of how to act to avoid being a victim during religious disturbances. Having a friend from the country is a wise move as one is given a guide on how to protect himself. On the other hand, religion should not be the reason for one avoiding business in this lucrative state.
On the whole, setting up a profit making establishment in Nigeria is a splendid idea for an alien. Basically, one needs to go through NIPC and CAC to be taken through the process of incorporation. The option of an honest local solicitor to act on the behalf of a potential company owner can also be explored together with following up with these two bodies. Once all the formalities are in check, everything else will fall into place.
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