In Nigeria, the landscape for foreign investment is vast and promising, facilitated by the Nigerian Investment Promotion Commission (NIPC).
This article serves as your comprehensive guide to understanding the cost, requirements, and procedure for NIPC business registration, empowering you to seize lucrative investment opportunities in Nigeria.
1.0 Business Registration with NIPC
The Nigerian Investment Promotion Commission, established under Act 16 of 1995, plays a pivotal role in facilitating, encouraging, and coordinating investments within Nigeria.
Governed by law, the NIPC Act regulates the participation of foreign entities in Nigeria’s economic ecosystem, fostering an environment conducive to sustainable growth and development.
1.1 Regulatory Framework
The NIPC Act enables foreign nationals to hold up to 100% equity in Nigerian businesses, with few exceptions outlined in the negative list under section 31 of the Act.
Industries such as the production of arms, ammunition, narcotics, and related substances are restricted from foreign participation, ensuring national security and sovereignty.
1.2 Navigating Foreign Participation
Section 20 of the NIPC Act mandates all enterprises open to foreign participation to undergo business registration with the Commission.
This regulatory process serves to streamline foreign investments, enhance transparency, and provide legal backing for business operations within the Nigerian market.
2.0 Requirements for NIPC Business Registration
To initiate the NIPC business registration process, applicants must ensure they possess the following documents:
2.1 Mandatory Documentation:
- Duly completed NIPC Form I
- Memorandum & Articles of Association
- Certificate of Incorporation
- Status Report, CAC Form 1.1 (or CAC Forms CO2 and CO7 for older companies)
- Power of Attorney/Letter of Authority (if applicable)
- Approved Remita payment receipt of N150,000.00 only (Non-refundable)
- NIPC payment receipt
3.0 Procedure for NIPC Business Registration
Navigating the NIPC business registration process is streamlined and efficient, ensuring swift access to the Nigerian investment landscape.
Here’s a step-by-step guide to the procedure:
3.1 Processing Timeline
The NIPC business registration process typically spans 1-2 working days, provided all requisite documents are promptly submitted.
3.1.1 Application Submission:
Applicants begin by downloading NIPC Form 1 from the official website at https://www.nipc.gov.ng.
3.1.2 Payment of Processing Fee:
A non-refundable processing fee of N150,000.00 is remitted via the Remita online portal at www.remita.net.
3.1.3 Document Submission:
Applicants submit all required documents either physically at the One Stop Investment Centre in NIPC or electronically via email to osicinfodesk@nipc.gov.ng.
3.1.4 Certificate Issuance:
Upon successful verification of documents, the NIPC Business Registration Certificate is issued to the applicant, marking the official commencement of business activities within Nigeria.
Summary of Costs for NIPC Business Registration
| Cost Item | Amount (NGN) |
| Processing Fee via Remita | N150,000.00 |
| Professional Fee | N100,000.00 – N150,000.00 |
Unlocking Investment Potential: Your Path to NIPC Business Registration
Embark on your journey to investment success in Nigeria by harnessing the streamlined process of NIPC business registration.
With a robust regulatory framework, transparent procedures, and a conducive investment climate, Nigeria beckons as a beacon of opportunity for discerning investors worldwide.
