Category: Immigration Law

THE RELEVANCE OF THE CERTIFICATE OF CAPITAL IMPORTATION TO FOREIGN INVESTORS IN NIGERIA

Central Bank of Nigeria Logo

A certificate of Capital Importation (CCI) is a document issued by the Central Bank of Nigeria (CBN) to foreign investors in Nigeria as proof of their capital investment in the country. The CCI serves as a key tool for foreign investors to access various benefits and incentives the Nigerian government provides to encourage foreign direct investment (FDI) in the country. In September 2017, the CBN introduced the electronic CCI (e-CCI) which replaced the paper CCI. In this article, we will discuss the relevance of the CCI to foreign investors in Nigeria.

The CCI serves as proof of investment for foreign investors, providing them with a legal document that confirms their Investment in Nigeria. This can be used as evidence of investment for various purposes, such as opening a bank account, obtaining a loan, or applying for a Nigerian visa. Additionally, the CCI is a requirement for foreign investors to access various incentives and benefits provided by the Nigerian government, such as tax holidays and duty waivers.

One of the main benefits of the CCI is that it enables foreign investors to access the Nigerian foreign exchange market. The CCI is required to open and operate a foreign currency account in Nigeria, which allows foreign investors to transact in foreign currency without restrictions. This is particularly important for foreign investors who need to make payments or receive income in foreign currency.

The CCI also enables foreign investors to repatriate their capital and profits out of Nigeria. The Nigerian government has put in place strict regulations to ensure that capital is not moved out of the country illegally. The CCI serves as proof of legal capital importation and is required to process the remittance of capital and profits out of Nigeria.

Another relevance of the CCI is that it helps track Nigeria’s foreign investment. The CBN issued the CCI and kept it in the bank’s records, providing a clear picture of the amount of foreign investment in the country. This helps the Nigerian government to monitor and track the inflow of foreign investment and make necessary adjustments to attract more foreign investment.

In conclusion, the CCI is a vital document for foreign investors in Nigeria as it enables them to access various benefits and incentives provided by the Nigerian government and enables them to transact in foreign currency without restrictions, repatriate their capital and profits, and track the inflow of foreign investment in the country. Obtaining a CCI is a key step for foreign investors looking to invest in Nigeria and should be done as soon as possible after the investment is made.

For assistance in processing the Certificate of Capital Importation. Feel free to contact us

Tolulope Oguntade 
Regville Associates 
info@regville.com 
08065111667

CAN A FOREIGNER REGISTER AN NGO IN NIGERIA?

Non-Governmental Organizations

Yes, it is possible for a foreigner to register an NGO in Nigeria, but they must first obtain a Combined Expatriate Residents Permit and Aliens Card (CERPAC) before registering the NGO. It is also recommended to use local trustees for the registration process. The registration of an NGO in Nigeria is regulated by the Corporate Affairs Commission (CAC). The process includes conducting a name and availability search, completing and submitting incorporation application forms, publicizing intentions of registering in three newspapers, and submitting required documents to the CAC. The entire process can take around 2 months to complete.

Non-governmental organizations (NGOs) in Nigeria are independent organizations registered by the government but operate outside government control. They are typically non-profit and focus on a variety of social and economic issues, such as poverty reduction, education, healthcare, and human rights. Some well-known NGOs in Nigeria include ActionAid, the Nigerian Red Cross Society, and the International Committee of the Red Cross.

For assistance regarding NGO registration, feel free to contact us

Tolulope Oguntade 
Regville Associates 
info@regville.com 
08065111667

PROCEDURE FOR NIPC BUSINESS REGISTRATION

Nigeria Investment Promotion Commission

1.0 BUSINESS REGISTRATION

1.1 The Nigerian Investment Promotion Commission (NIPC) Act 16 of 1995 established the Nigerian Investment Promotion Commission established by law to encourage, promote, and coordinate all investments in Nigeria. This act also regulates the participation of foreign businesses in the country.

1.2 The NIPC Act allows foreign nationals to own up to 100% equity and invest in any business in Nigeria except those indicated on the negative list as defined by section 31 of the Act such as the production of arms, ammunition, narcotics and related substances.

1.3 Section 20 of the NIPC Act requires all enterprises in which foreign participation is permitted to apply to the Commission for business registration.

2.0 REQUIREMENTS

2.1 To apply for NIPC Business Registration Certificate, the following documents are required:

2.1.1 Duly completed NIPC Form I;

2.1.2 Memorandum & Articles of Association;

2.1.3 Certificate of Incorporation;

2.1.4 CAC Form 1.1 (or CAC Forms CO2 and CO7 for old companies);

2.1.5 Power of Attorney/ Letter of Authority (where applicable);

2.1.6 Approved Remita payment receipt of N15,000.00 only (Non- refundable)

2.1.7 NIPC payment receipt

3.0 PROCEDURE FOR PROCESSING

3.1 The NIPC Business Registration takes 24 hours to process once all required documents are submitted.

3.1.1 Applicant downloads NIPC Form 1 from the website at https://www.nipc.gov.ng;

3.1.2 Applicant pays a non-refundable processing fee of N15,000.00 only, via Remita online portal at www.remita.net;

3.1.3 Applicant submits all required documents (see 1.4 above) at the One Stop Investment Centre in NIPC or scanned copies sent to osicinfodesk@nipc.gov.ng;

3.1.4 NIPC Business Registration Certificate issued to the applicant.

For more inquiries and assistance with NIPC Registration, feel free to contact us.

Tolulope Oguntade 
Regville Associates 
info@regville.com 
08065111667

REQUIREMENTS FOR THE GRANT OF BUSINESS PERMIT AND EXPATRIATE QUOTA IN NIGERIA

Business Permit, Expatriate Quota and other services

INTRODUCTION

The Citizenship and Business Department has responsibility for administering and enforcing the provisions of the Immigration Act, 2015 related to the establishment of business in Nigeria and the employment of expatriates. In other words, the Department is entrusted principally with the following responsibilities;

  • Issuance of Business Permit and expatriate Quota positions
    • Monitoring the execution of the quota positions granted in order to ensure the effective transfer of technology to Nigerians and eventual indigenization of the positions occupied by the Expatriates.

All applications by Companies for Business Permit and Expatriate Quota should be accompanied by the following documents:

BUSINESS PERMIT

For only Joint Venture and Wholly Foreign Owned Companies.

NOTE: For Business Permit, the Authorized share capital must not be less than 100 million in respect of each Company.

  • Certificate of Incorporation;
  • Memorandum and Article of Association;
  • Feasibility Report (should be certified or registered with Corporate Affairs Commission (CAC).
  • Corporate Affairs Commission’s CAC Form C02 & C07 OR CAC 2.2, CAC 2.3 & CAC 2.5 OR CAC 1.1
  • Joint Venture Agreement for partnership venture between Nigerian and Foreigners (original to be presented for sighting).
  • Company’s Current Tax Clearance Certificate (Original to be presented for sighting).
  • Lease Agreement for C of O for operating premises (original to be presented for sighting).

GRANT OF EXPATRIATE QUOTA ONLY

  • Certificate of Incorporation.
  • Memorandum and Article of Association.
  • Feasibility Report (should be certified or registered with Corporate Affairs Commission (CAC).
  • Corporate Affairs Commission’s CAC Form C02 & C07 OR CAC 2.2, CAC 2.3 & CAC 2.5 OR CAC 1.1
  • Upload CAC Memorandum for Guidance Of Applicants (FOR NGOs, Religion Bodies, Educational Bodies e.t.c)
  • Joint Venture Agreement for Partnership Venture between Nigerian and Foreigners (original to be presented for sighting).
  • Company’s Current Tax Clearance Certificate (Original to be presented for sighting).
  • Lease Agreement for C of O for Operating Premises (original to be presented for sighting).
  • 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.
  • 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).
  • 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).
  • 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).

RENEWAL OF EXPATRIATE QUOTA

  • Corporate Tax Clearance Certificate (original to be presented for sighting).
  • Current Tax Clearance Certificate of the Expatriates (original to be presented for sighting).
  • Expatriate Quota Returns for the three months preceding the date of approval;
  • Detailed Training Program for Nigerians.
  • List of Nigerians understudying Expatriates on prescribed format showing Date Employed, Qualification, etc.
  • List of Nigerian Senior/Management Staff showing names Designations, Qualifications, Salaries Per Annum.
  • Current Audited Accounts and
  • Annual Income Tax Clearance Certificate of the Expatriate staff (original to be presented for sighting).

ADDITIONAL EXPATRIATE QUOTA

  • Corporate Tax Clearance Certificate (original to be presented for sighting).
  • Current Tax Clearance Certificate of the Expatriates (original to be presented for sighting).
  • Expatriate Quota Returns for the three months preceding the Date of Approval.
  • Detailed Training Program for Nigerians.
  • List of Nigerians understudying Expatriate on prescribed format showing Date Employed, Qualification, etc.
  • List of Nigerian Senior/Management Staff showing names Designations, Qualifications, Salaries Per Annum.
  • Certified Current Audited Accounts.
  • Annual income tax Clearance Certificate of the Expatriate staff (original to be presented for sighting).
  • Evidence of Acquired Machinery or Expansion if Company is engaged in manufacturing in Form C of Inspection (CCI) issued by Government appointed Pre-Shipment Inspection Agents.
  • Evidence of new contract if Company is engaged in Construction/Engineering and Oil (original to be presented for sighting) see b (ii) for guidance and
  • Evidence of acquired farm/factory if Company is engaged in agro-allied business (original to be presented for sighting).


RESTORATION OF QUOTA

  • In applying for Restoration, there must be reasons and proof for the reactivation and revitalizing the company i.e. Previously Depressed Economy, increased demand for the Company’s Product / Services and Acquisition of New Machinery i.e. Clean Certificate of Inspection (CCI) issued by Government appointed Pre-shipment Inspection AGENTS

RE-DESIGNATION OF QUOTA

  • In cases where a Company has difficulty in filling or owing to Exigency of Operations, it is at liberty to apply for the Re-Designation of the affected position and this will be considered, purely on its own merit.

PERMANENT UNTIL REVIEWED QUOTA – (PUR)

  • The main reason for the granting of a PUR Quota slot for which a Certificate would be issued is to enable the Foreign Subscriber(s) adequately protect their interest and to give them a sense of greater commitment. The criteria and documents required for PUR are:

NOTE: OTHER FACTORS THAT WOULD ALSO BE CONSIDERED WHEN CONSIDERING PUR REQUEST INCLUDE:

  • The minimum Share Capital should be N100 Million.
  • Appreciable net profit of which not less than N2 million has been paid as Corporate Tax (original to be presented for sighting).
  • Certificate and Detailed Audited Account.
  • Certificate of Incorporation.
  • Monthly Returns of Expatriate Quota.
  • Company Organization Structure Address Icon.
  • Individual Income Tax Clearance Certificate of the Expatriates (original to be presented for sighting).
  • Political /policy direction of Government.
  • Company’s area of Business to fall within the priority sectors of the economy.
  • Evidence that PUR would Guarantee Technology Transfer and
  • Company should have large Quota Portfolio and Corresponding shareholding as an added qualification.


QUOTA FOR INDIGENOUS COMPANY (FULLY OWNED BY NIGERIANS)

  • Certificate of Incorporation.
  • Memorandum and Article of Association.
  • Feasibility Report (should be certified or registered with Corporate Affairs Commission (CAC).
  • Corporate Affairs Commission’s Form CAC 2.3& 2.5 or CAC C02 & C07.
  • Company’s Current Tax Clearance Certificate (Original to be presented for sighting).
  • Lease Agreement for C of O for Operating Premises (original to be presented for sighting.
  • 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.
  • 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) and
  • 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); 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).

AMENDMENT OF BUSINESS PERMIT

NOTE: Board Resolution should indicate the names of Directors present at the meeting and must be fully signed by the Chairman and Company Secretary.

  • Board Resolution on the changes in either the composition of the Board of directors, Location of Business or line of activities duly registered with the Corporate Affairs Commission;
  • Extract of Minutes of Board of Directors Meeting showing decision was taken and attendance.
  • Evidence of Resignation / Appointment of Directors (old & new) where applicable; and
  • Company Current Tax Clearance Certificate (original to be presented for sighting).

For Business Permit, Expatriate Quota and other allied services, feel free to contact us

Tolulope Oguntade 
Regville Associates
compliance@regville.com
08065111667