GOVERNMENT REGULATIONS AND REQUIREMENTS FOR SMALL BUSINESS IN NIGERIA 2022

*GOVERNMENT REGULATIONS AND REQUIREMENTS FOR SMALL BUSINESS IN NIGERIA 2022*

*Required Permits and Certificates*

There are certain required permits, certificate and
incentives for establishing businesses in Nigeria.

All the companies operating in Nigeria are expected by  law to have been registered in Nigeria. Each form of
business organisation
Has specific  legal requirements to meet in order to be established

a)Sole Proprietorship is secured through Registration of Business Names Act No. 1 7 of 1961. Partnership of individuals (not exceeding 20 in number

b) As a firm is also secured through Registration of
Business Names Act No. 17 of 1961.
Partnership of Joint Venture with Foreign Participation.

c)The Nigerian Enterprises Promotion Act, 1977 and
alteration of list scheduled enterprises order of 1982
specity the conditions for joint venture in Nigena.
Enterprises under schedule are those reserved exclusively for indigenous exploitation.

Schedule ii allow
a maximum foreign participation of 40% and a minimum Nigerian participation of 60%. While Schedule lll allows a maximum foreign participation of 60% and a minimum indigenous participation of 40%. he principal charged with the responsibility for implementing the Act is the Nigerian Enterprises promotion board.

Addition, foreign investors must obtain the approvals before the venture can be established.

1) Business Permit issued by the Ministry of Internal
Affairs which gives permission for the sponsors of the joint venture to establish business in Nigeria.

2) Certificate of Incorporation which certifies thet the
sponsors have incorporated themselves into a business-company accordance with the Companies
Act, 1968

3) Expatriate Quota Allocation which permits one to employ non-Nigerians issued by the Ministry of Industries

4) Resident permit issued by the Ministry of
internal Affairs which gives permission for alien employee to reside in Nigeria.

5) Certificate of Compliance issued by the Nigerian
Enterprises Promotion Board indicating that the joint with the venture is established -in accordance Nigerian Enterprises Promotion Act.

6) Location Approval given by the Federal Ministry of
Industries, in respect of the sitting of the venture;

6(  Approval Status Certificate issued by the Federal
Ministry of Finance in respect of the foreign equit shares in the joint venture. Having secure these approvals permits and certificates, the venture could then take off.