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.
An outsider who wishes to do business in the nation requires accurate details. The individual ought to know the requirements for setting up in the state. The good news is that the procedure is straight forward as there are minimal restrictions.
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.
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 tight in the country making it safe to do business. Minimal violent crimes are reported each year as the government is doing the best it can to protect its citizens as well as foreign nationals. Religion has been a major issue as the nation is divided into the Muslim North, Christian South and Sectarian. One ought to be cautious on matters religion in this destination. This is because there has been strife for a while now among its various religious groupings.
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 outsider who wishes to do business in the nation requires accurate details. The individual ought to know the requirements for setting up in the state. The good news is that the procedure is straight forward as there are minimal restrictions.
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.
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 tight in the country making it safe to do business. Minimal violent crimes are reported each year as the government is doing the best it can to protect its citizens as well as foreign nationals. Religion has been a major issue as the nation is divided into the Muslim North, Christian South and Sectarian. One ought to be cautious on matters religion in this destination. This is because there has been strife for a while now among its various religious groupings.
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.
About the Author:
When you are in need of some advice about doing business in Nigeria the best thing you can do is to take a look at our website. Follow the link and view the page on http://www.amungoconsulting.com.
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