How To Start A New Business In Nigeria For A Foreign National. - Business - Nairaland
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| How To Start A New Business In Nigeria For A Foreign National. by abhir: 12:00pm On Dec 22, 2013 |
I am from India and thinking of opening up an Office in Nigeria and start a small import and trading business. Please advise me where should I start with... 1) City to start with? 2) What are Legal requirements to open up a company in Nigeria? 3) Will I need help from a Tax Consultant? 4) What documents are mostly required? 5) What business license or permits are required for import/export/trading business? 6) I am looking for a sole proprietorship firm to start with. Later if required can i change it to LLC? Are there any other things i should know about? |
| Re: How To Start A New Business In Nigeria For A Foreign National. by rozayx5(m): 8:51pm On Dec 22, 2013 |
abhi.r: 1. Lagos/Port harcourt 2. register with CAC ( corporate affairs commission, your nature of business might also need other registrations 3. Matter the scale of your business ( unless you will have to pay local levies 4. as a foreigner your international docs, your company profile e.t.c 5) what are you importing 6) your good to go with sole proprietorship 7) study the local market and know what business will thrive before settling in a specific city 1 Like |
| Re: How To Start A New Business In Nigeria For A Foreign National. by oneblacboi: 1:15am On Dec 23, 2013 |
Hi, Lagos is always a good place to start from. We are a firm of tax consultants but can also assist with other information. Check us out on www.shelze.com.ng abhi.r: 1 Like |
| Re: How To Start A New Business In Nigeria For A Foreign National. by MSEdLAW(m): 10:58am On Dec 23, 2013 |
.. 1 Like |
| Re: How To Start A New Business In Nigeria For A Foreign National. by abhir: 11:58am On Dec 25, 2013 |
Thank you all for your suggestions. I'll post more here about by business idea soon. Anymore suggestions are welcome.. |
| Re: How To Start A New Business In Nigeria For A Foreign National. by LajaLaba: 2:25pm On Dec 25, 2013 |
abhi.r:What about Tanzania? |
| Re: How To Start A New Business In Nigeria For A Foreign National. by abhir: 5:46pm On Dec 25, 2013 |
Laja Laba: What about Tanzania? I am open to all options. Tanzania market is also good i've heard. Please let me know where I can know more about Tanzania. |
| Re: How To Start A New Business In Nigeria For A Foreign National. by LajaLaba: 5:49pm On Dec 25, 2013 |
abhi.r:What do u really wanna know...U have any products on mind? |
| Re: How To Start A New Business In Nigeria For A Foreign National. by Nobody: 9:14am On Dec 26, 2013 |
I think it shld be pharmaceutical/medical equipment and drugs. Considering the fact that india is at the fore front in such area. Av got some funds to and I'll like to explore that aspect..can we discuss more via email? And abt the location, I think u shld choose abuja..too much competition in lagos and other southern states. although they hav the population, but there is more money and less competition in abuja, and you can also easily reach other northern states from abuja where there are more demands and less supply for pharmaceutical/medical products and they have the population as well in states likle kano, (which has more population than any southern state, aside lagos), and kaduna as well |
| Re: How To Start A New Business In Nigeria For A Foreign National. by LOUDmedia(m): 10:20am On Dec 26, 2013 |
abhi.r: Send me an email to aybanky@gmail.com. I will provide you with all you need to know - requirement, procedures and cost |
| Re: How To Start A New Business In Nigeria For A Foreign National. by LajaLaba: 11:43am On Dec 26, 2013 |
abhi.r:U can learn everything about Tanzania drop a mail on Omoba.flysafe@yahoo.ca |
| Re: How To Start A New Business In Nigeria For A Foreign National. by abhir: 1:30pm On Jan 08, 2014 |
Laja Laba: What do u really wanna know...U have any products on mind? Tanzania is also a promising market i believe. The products im looking forward to are Biscuits Used Clothing / Shoes Used Bicycles Bicycle Parts Pharmaceuticals and Medical Equipment |
| Re: How To Start A New Business In Nigeria For A Foreign National. by sped1oro(m): 2:26pm On Jan 08, 2014 |
abhi.r: If you are coming to Nigeria to start a small business you need to have it at the back of your mind that Nigerian economy is the fastest growing in Africa and with the population increase on daily basis,you can be sure of ready market.However,since you are starting with small import and trading i suggest you go for FAST MOVING CONSUMER GOODS,with this arrangement you can recoup your investment in short term.Lagos is the hub of Nigerian economy,therefore you should start with a familiar terrain where you will even interact with people from your Nationals and they will also give you insight as to go about your business without falling prey to fraudsters.Having said that,here are the basic requirements for your Kind of Business: 1.You need to register with the CORPORATE AFFAIRS COMMISSION(CAC) which is the authorized body for company registration 2.If you dont have a residence permit/business permit,you need to secure one too 3.After registration of Business,you need to obtain an EXPATRIATE QUOTA and BUSINESS PERMIT from IMMIGRATION and the MINISTRY OF INTERIOR 4.To get these permits,you will need a.Duly completed immigration form b.Application letter c.letter of introduction and photocopy of representative I.D CARD of the company d.your CAC registration docs e.Tax clearance certificate f.feasibility report/joint venture agreement g.Business Plan h.Lease agreement of Business premises i.C.of.O stamp by FED INLAND REVENUE J.Bank reference letter k.Propose salary for expatriate/Qualification l.Evidence of capital importation m.Evidence of Machinery n.Certificate of inspection by Govt o.List of Nigerian staff p.job description of expatriate This is basically what you need to have a corporate entity in Nigeria.also you might need to carry out a small market survey for your product to determine how much commitment you are going to make. I can be reached for further enquiries on ideasandprospects@gmail.com |
| Re: How To Start A New Business In Nigeria For A Foreign National. by Voltz09: 1:11pm On Aug 23, 2019 |
abhir: |
| Re: How To Start A New Business In Nigeria For A Foreign National. by Voltz09: 1:11pm On Aug 23, 2019 |
Be sure to have uninterrupted power supply , you can try out mantrac generators . Thats what i have been using for over 7 years now |
| Re: How To Start A New Business In Nigeria For A Foreign National. by chapatti: 7:13pm On Mar 09, 2020 |
As it is today, we have seen the upsurge of increased foreign companies that have come to domicile their businesses here in Nigeria. This have made the country a holistic corporate coalition of diverse business running operation within and outside the country. We can't deny the intrinsic value these companies have created in our dear nation which have led to the development of industries, corporations, firms etc. One good thing about this whole thing is that, it has created competition and therefore we have seen the rise of new and aspiring business elites. Before now these ordinary citizens would not even think of starting up their own business but today, it's a changed story. Because of the vast business opportunities found here in Nigeria being the most developed economy in Africa, been the largest in Africa in population and been the center of business hub in the continent, we have seen the increased influx of foreign companies into Nigeria as though we are experiencing a mass exodus from Egypt to Canaan land. A Guide for Business Name Registration in Nigeria If you remember vividly well in 2016 when we had our worst year in financial sector due to the unprecedented share of industrial tragedies, the nation's government have been working tirelessly to ensuring a very stable and stealthy recovery process of the aging and once dying Economy of the great black Nation. Now the government is encouraging people both afar and near into investments by pumping allot of resources into infrastructure and this is where foreign investors are very sensitive. And this they have seen as their jackpot to invest into our developing economy. They have also seen that with a case like this, market penetration will be so so easy and not made difficult at all. For the complete article, click here |
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