Nigeria is a great country to invest in. It has a dense population of close to 150 million, which makes doing business in Nigeria quite viable. It is quite popular for producing oil, which happens to be one of its best foreign exchange bringers. Its government is putting measures to curb corruption together with red tape to ensure that businessmen have an enabling environment to engage in oil ventures or other establishments they project to be lucrative.
An alien who I focused on setting up in the country needs to have proper facts. Such a person must know the procedure of setting up a firm in the country. Fortunately, the process is a piece of cake as there are few restrictions for achieving this end.
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.
Hiring a Nigerian solicitor is a viable alternative. This professional will represent the interest of the outsider and may have a number of shares in the local company. Upon compliance with all the instigation requirements, the professional will forfeit his rule of attorney and his principal, who is the foreigner, takes over. For contacts concerning instigation, CAC and NIPC websites come in handy. Visiting the mentioned websites provides access to accurate details. One should simply follow the links to CAC and NIPC that the various search engines provide.
There are a number of concerns with setting up a venture in this particular country. One of the concerns is corruption; one wonders whether he needs to give bribes so as to be incorporated in the country. The truth of the matter is no bribe ought to be given. Going through the right channels will eliminate the need to be engaged in corrupt practices all in the name of being incorporated.
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.
In general, the Nigerian business scene is promising. In essence, one ought to work with the right bodies which are CAC as well as NIPC so as to be guided through the launch of his venture. Successful completion of all the required formalities is a good place to get started as everything else will work out.
An alien who I focused on setting up in the country needs to have proper facts. Such a person must know the procedure of setting up a firm in the country. Fortunately, the process is a piece of cake as there are few restrictions for achieving this end.
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.
Hiring a Nigerian solicitor is a viable alternative. This professional will represent the interest of the outsider and may have a number of shares in the local company. Upon compliance with all the instigation requirements, the professional will forfeit his rule of attorney and his principal, who is the foreigner, takes over. For contacts concerning instigation, CAC and NIPC websites come in handy. Visiting the mentioned websites provides access to accurate details. One should simply follow the links to CAC and NIPC that the various search engines provide.
There are a number of concerns with setting up a venture in this particular country. One of the concerns is corruption; one wonders whether he needs to give bribes so as to be incorporated in the country. The truth of the matter is no bribe ought to be given. Going through the right channels will eliminate the need to be engaged in corrupt practices all in the name of being incorporated.
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.
In general, the Nigerian business scene is promising. In essence, one ought to work with the right bodies which are CAC as well as NIPC so as to be guided through the launch of his venture. Successful completion of all the required formalities is a good place to get started as everything else will work out.
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