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.
A foreigner interested in carrying out a venture in the country ought to be armed with the right information. First, a person needs to know what it takes to set up a company in this country. The process is quite simple as there are minimal restrictions for foreigners looking to achieve the objective in question.
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.
Selecting a Nigerian solicitor is a wise move as well. The expert is simply a representative of the alien. He may hold a few shares in the home establishment. Once all the requirements for setting up are in place, the expert loses his attorney power to the outsider. To get contacts concerning commencement, NIPC and CAC websites are useful as they provide accurate and up to date details. By simply following the links provided by search engines, one is good to go.
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.
On matters security, the state is safe for businessmen. Few violent crimes are reported every year as its government has put measures to protect nationals as well as aliens. Another issue has been religion. The nation is split into the Sectarian, Muslim North as well as Christian South. A person ought to exercise caution on religious issues to avoid being in a compromising situation on the same. This is due to the fact that there has been unrest among the divisions.
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.
On the whole, setting up a profit making establishment in Nigeria is a splendid idea for an alien. Basically, one needs to go through NIPC and CAC to be taken through the process of incorporation. The option of an honest local solicitor to act on the behalf of a potential company owner can also be explored together with following up with these two bodies. Once all the formalities are in check, everything else will fall into place.
A foreigner interested in carrying out a venture in the country ought to be armed with the right information. First, a person needs to know what it takes to set up a company in this country. The process is quite simple as there are minimal restrictions for foreigners looking to achieve the objective in question.
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.
Selecting a Nigerian solicitor is a wise move as well. The expert is simply a representative of the alien. He may hold a few shares in the home establishment. Once all the requirements for setting up are in place, the expert loses his attorney power to the outsider. To get contacts concerning commencement, NIPC and CAC websites are useful as they provide accurate and up to date details. By simply following the links provided by search engines, one is good to go.
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.
On matters security, the state is safe for businessmen. Few violent crimes are reported every year as its government has put measures to protect nationals as well as aliens. Another issue has been religion. The nation is split into the Sectarian, Muslim North as well as Christian South. A person ought to exercise caution on religious issues to avoid being in a compromising situation on the same. This is due to the fact that there has been unrest among the divisions.
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.
On the whole, setting up a profit making establishment in Nigeria is a splendid idea for an alien. Basically, one needs to go through NIPC and CAC to be taken through the process of incorporation. The option of an honest local solicitor to act on the behalf of a potential company owner can also be explored together with following up with these two bodies. Once all the formalities are in check, everything else will fall into place.
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