The Nigerian Investment Promotion Commission is one key agency in Nigeria that regulates foreign nationals willing to invest in Nigeria. In this guide, I will walk you through the procedural requirements for NIPC registration and the cost of getting a license in Nigeria.
What is NIPC, and Why is It Important for Foreign Investors?
The Nigerian Investment Promotion Commission, NIPC is a Federal Government agency in Nigeria saddled with the responsibility of regulating, promoting, certification, licensing and encouraging investments in the Nigerian economy.
The NIPC also provides services to help businesses register and navigate the investment process to contribute to the national development of the entire nation.
Foreign nationals who wish to do business in Nigeria are not just encouraged to register a company with CAC, obtain a business permit, but also to secure a License with NIPC
The importance of obtaining NIPC license in Nigeria can never be overemphasised. Foreign investors need this license as it helps to simplify the entire investment process, provides information, and advocates for a favourable business environment and market.
Furthermore, this registration also helps to boost the overall well-being of the investment and the investor and drives economic growth.
The overall aim of NIPC is to foster direct foreign investment and put Nigeria on the global economic map.
Who Needs to Register with NIPC?
The following must register with the Nigerian Investment Promotion Commission
- Foreigners looking forward to registering a company and doing business in Nigeria
- Existing companies in Nigeria that wish to allot part of their shares to foreigners
- Joint ventures with foreign participation
- Companies in Nigeria receiving funding from foreigners
Types of Companies That Should Obtain NIPC License
- Private companies limited by shares
- Companies limited by guarantee
- Public limited liability companies
- Unlimited liability companies
NIPC Registration Process in Nigeria
- The process of obtaining this license can be done via the website
- Visit the NIPC website
- Fill in the necessary details about your company
- Submit all required documents to the One Stop Investment Centre (OSIC) in NIPC or scanned copies sent to osicinfodesk@nipc.gov.ng
- Once that is done, make payment and submit
- Your NIPC certificate will be issued to you upon successful approval.
NIPC Registration Requirements (Document Checklist)
The following documents are required for the success of this registration
- Duly completed NIPC form on the website
- Copies of Memorandum & Articles of Association
- Certificate of Incorporation with CAC
- CAC Forms CO2 and CO7 (Showing the Directors and Shareholders of the company)
- Statement of Issued share capital and share allotment
- Power of Attorney (where applicable)
- Approved Remita payment receipt
- NIPC payment receipt
Cost of NIPC Registration in Nigeria
Just recently, the fees for registering with NIPC have been increased to meet up with economic realities of today. Below is the current fees
- The cost for NIPC registration is ₦200,000
- Legal processing fee could cost between ₦150,000 to ₦200,000 (Depending on the consultant)
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Timeline for Obtaining NIPC Certificate
The process usually takes about 7 to 10 working days if all documents are presented and other requirements are met.
NIPC License Renewal
Upon successful application, the certificate is expected to be renewed yearly. The renewal fee is ₦50,000 and failure to renew may result in the loss of registered status and withdrawal of license with the NIPC.
Common Mistakes to Avoid During NIPC Application
- Submitting incomplete documents
- Blurry documents
- Not employing the services of an experienced consultant
- Wrong share capital on CAC documents
- Not meeting up with statutory payments
- Other unforeseen circumstances
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FAQs on NIPC Registration in Nigeria
A: Is NIPC registration compulsory for all companies?
A: No. Only companies with foreign ownership are mandated to register. Local companies are exempted
Q: Can a Nigerian-owned business register with NIPC?
A: No. Unless the company decides to issue its shares to a foreigner
Q: How much is the NIPC registration?
A: The statutory fee is ₦200,000
Q: What happens after I get my NIPC certificate?
A: The certificate is supposed to be renewed annually at a fee of ₦50,000
Q: Is NIPC registration the same as Business Permit?
A: No. They are not the same. Business permit is handled by Ministry of Interior
You can also check out our article on securing a money lending license in Nigeria
Conclusion:
To sum it all, NIPC registration is not just a compliance obligation but a mitigation against risks and government support for foreign investments in Nigeria.
I hope this guide has provided insightful tips on all requirements you need for an effective registration with NIPC, license fees and renewal.
