Can a foreigner own a business name in Nigeria?
1) Foreign nationals and entities can fully own a company in Nigeria: save for few exceptions, which include companies seeking to bid for contracts in oil and gas industry that requires 51% of shares of such companies be owned by Nigerians, foreign nationals may register and fully own shares of a limited liability …
Can a foreign company do business in Nigeria without registration?
In EdicomaInt’ Inc v C.I.E Ltd the Court held that a foreign company not registered in Nigeria cannot carry on business in Nigeria without incorporation. … Foreign company exempted by the Minister in charge of Trade upon compliance with Section 80(1),(2) and (3) of CAMA, 2019.
What are the requirement for business name registration in Nigeria?
Approved Name of the Business. General Nature of the Business. Address of the Business. Name, Address, Occupation and other details of the Proprietors of the Business.
Can an American start a business in Nigeria?
Doing business as a foreigner in Nigeria comes with the likelihood of capital importation by any means and as such, a foreigner with the desire to import capital into Nigeria for business purposes will need to obtain a Certificate of Capital Importation (CCI).
Can a foreigner own a company?
Generally, there are no restrictions on foreign ownership of a company formed in the United States. The procedure for a foreign citizen to form a company in the US is the same as for a US resident. It is not necessary to be a US citizen or to have a green card to own a corporation or LLC.
How much does it cost to register a foreign company in Nigeria?
Fee for filing of a notice of exemption of a foreign company from registration – 30,000 Naira. Fee for reinstatement or relisting a company’s name – 25,000 Naira. Fee for registering charges for a private company – 10,000 Naira for each 1 million Naira or part of a million.
Can a foreign company open a bank account in Nigeria?
FOREIGN COMPANY OPENING A BANK ACCOUNT IN NIGERIA
Under the Nigerian laws and banking regulations, it is only a company duly registered in Nigeria that can open a bank account in Nigeria. Therefore, a foreign company is not entitled to open a bank in Nigeria unless its subsidiary has been registered in Nigeria.
How long does it take CAC to approve business name?
The entire process for registering a business name normally takes 1-2 weeks, depending on the workload of the CAC and other factors. You do not need a lawyer to register a business name.
How much does it cost to register a business name in Nigeria?
The CAC official filing fee for the registration of business name in Nigeria is N10,000 (Ten Thousand Naira Only). However, where an accredited agent is engaged by the applicant for such registration, the agent will also charge a professional fee for the services to be rendered.
How do I check if a business name is available in Nigeria?
To check the registration of a company, one must follow these easy steps:
- Visit the CAC’s website.
- Scroll down the site and click on “Public Search”
- Insert the RC Number of the company you wish to search (if known) or the full name of the company in the search box and click on “Search”