Regularization Of Foreign Participation In The Nigerian Business Environment

Below are the steps required for foreign participation in the Nigerian Business Environment and the associated fees.

1. Registration of Company at the Corporate Affairs Commission with minimum requirement of 10 million Share Capital
2. Cost – N 250,000
3. Duration – Maximum 2 weeks
4. Requirements
5. Details of Directors, Secretary and shareholders
6. Objects of the company

• Registered address and email of the company

1. Means of Identification of all stakeholders

 

2. Obtaining tax clearance certificate for the registered company
3. Cost – N 30,000
4. Duration –  3  weeks
5. Documents required – CAC documents

 

3. Obtaining Business Permit and Expatriate Quota
4. Cost :

Application and processing fee – N 81,000

Business permit approval – N 100,000

Quota per person – N 50,000 each

P.R per quota – N 100,000

Professional fee – To be negotiated; estimate of N 150,000 per quota

1. Duration – 6 weeks
2. Documents needed
3. CAC Documents
4. Tax clearance certificate

• Feasibility reports

1. JVA between Nigerians and Foreigners (where necessary)
2. Lease agreement from the business premises
3. Employment letter and acceptance letter for each expatriate
4. Obtaining Visa (STR Visa) and  regularization ( Obtaining Residence/Work Permit)

The STR (Subject to Regularization) visa is to be applied for at the country of residence and will be regularized upon entry in Nigeria. The STR visa is valid for 90 days.

 

The STR visa is then regularized/ converted to CERPAC (Combined Expatriate Residence Permit and Alien Card) also known as residence/work permit which permits the expatriate to work in Nigeria.

1. Cost
2. Application fee – $ 2,000 per annum
3. R – 200,000

• Professional fee – 300,000

1. Duration – 2 weeks
2. Documents required
3. Application letter from employer
4. Valid passport of expatriate

• STR visa page and arrival endorsement page

1. All STR associated documents
2. Passport pictures
3. Employment and acceptance letter

• Credentials and CV
• Expatriate quota approval

1. CAC documents
2. Business Permit of the Company
3. Evidence of payment