The provision to register your business from abroad without having to come to Nigeria is emblematic of the country’s strong will to improve the business climate.
It is an open secret. In Nigeria, it is difficult to do business. The country may be growing, red tape, over-regulation and taxation considered excessive by the government are enough to discourage many investors. And as Nigeria seeks to generate new revenue, taxation has emerged as the first lever of action to do so. Making the adage “if you’re not at the table, you’re on the menu!” ” ” Last but not least “, implementation and operating costs in Nigeria are high, not counting the insecurity with, in particular, the regular attacks of the Boko Haram group and fulani herdsmen operating in the north-east of the country . In this context, the country is ranked 145th out of 190 countries in the 2017 Ease of Doing Business ranking published by the World Bank. As a result, several companies willing to set up have failed in the first year, and sometimes even before starting anything. The Nigerian market is very competitive. Business is tied up and settled very easily. It is therefore necessary to know that if the opportunities are numerous with this African giant of 180 million inhabitants, the difficulties are to the measure.
Facilitate the establishment of foreign investors
To put an end to this harsh reality that prevents the country from forming a robust economic fabric, the government decided to take matters into its own hands. On 28 September 2016, the Nigerian government arranged for foreign investors planning to invest to register their businesses from abroad without having to come to Nigeria. Bello Muhmud, Clerk of the Enterprise Commission (CAC), announces it on the occasion of an official presentation of the Quality Management Service (QMS) certification in Abuja.
Whether you are in the United States, the United Kingdom, China or even Malta, you can now register your business from home without having to come to the Commission or Nigeria. Obtaining ISO certificates has strengthened the service delivery of the commission and facilitated the registration process of companies, said the director of the CAC. This certification has helped strengthen the growth of the economy in terms of domestic and foreign investment, he said. It should be noted that Nigeria allows the ownership of 100% foreign companies outside the oil and gas sector, where investment is limited to joint ventures or production sharing agreements.
Intensifying reforms for a better business climate
As the government embarked on a project of economic recovery. On the agenda: economic liberalization in favor of public-private partnerships and focus on strategic alliances with foreign companies. Third recipient of FDI flows from Africa with $ 5.12 billion according to the National Bureau of Statistics, Nigeria remains a very attractive country with a population of 180 million. The only thing is that the commission only send certificate by mail.
It’s an encouragement for people living outside the country who come to make direct investments or business in Nigeria. Among the measures put in place by the government are programs of “incentives for FDI, particularly in agriculture, mining and exploitation, oil, gas, and export sectors. Tax incentives are granted to industries that are considered beneficial to the country’s economic development and labor-intensive (such as clothing), and for gas companies, allowances to facilitate capital investment and the deduction of interest on loans are planned.”