Tips to follow before investing into Nigeria
|December 18, 2012||Posted by Vishal under Uncategorized||
With a growing population that exceeds 150 million, Nigeria has touched the mark of being the most populous African country today. This makes each Nigerian one African among every other six. Moreover, Nigeria is also the sole largest producer of oil on the African continent, which in turn helps to create huge foreign income inflows into the country; thereby creating a demand in travellers who seek to visit the country on a Nigeria visa.
There isn’t an iota of doubt that Nigeria today holds tremendous commercial potential. This fact is moreover testified by recent administrations persistently focusing their entire attention on the development of the country’s non-oil related economy, in addition to making constant efforts to tackle the ongoing issue of red tape and corruption, epidemically spread throughout the nation. These efforts are principally targeted at raising the potential for Nigeria business visa aspirants.
A rapid explosion of diversified industries, including the highly respectable market niche created by mobile telecoms, along with the amazingly unprecedented success achieved by companies like MTN of South Africa, goes a step further by visibly proving that true realities are achievable where a real potential still exists. Despite the menace posed by persistent corruption issues and ceaseless bureaucratic hurdles, members of global business communities who travel on a Nigeria business visa, increasingly continue to see Nigeria firmly placed at the pivotal helm of a massive African marketplace, which probably remains the very last commercial market of the under-developed world of today.
Setting up your company after obtaining Nigeria visa
Other than the obligatory need to obtain an applicable Nigeria visa, or rather the Nigeria business visa, there are no other prescribed restrictions for foreign entities or foreign nationals on carrying out diverse business activities within Nigeria. After obtaining the requite Nigeria visa, they must however get the local business entity duly incorporated, prior to commencement of any proposed business enterprise. The Corporate Affairs Commission is responsible for governing the setting-up and proper regulation of companies. Following that, local entities are then required to initiate the due process of registration through NIPC or the Nigerian Investment Promotion Commission. Foreign entities, or foreign businessmen holding Nigeria business visa, may appoint a qualified local solicitor for acting as an agent on behalf of their company; with such agent optionally also holding company shares on being appointed by the designate principal. After due compliance with all requisite registration formalities, power of attorney assigned to the solicitor so appointed automatically lapses in favour of the principal. With the prospect of enhancing direct foreign investment in Nigeria, other than making the issuance of Nigeria visa or the Nigeria business visa a lot easier, the government has also launched several other parallel beneficial incentives.
This post was written by Vishal Mavadia, Business Director Visa Services London.