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The Nigerian Investment Promotion Commission (NIPC) issued a circular introducing revised service fees for processing applications, effective October 1st 2024. The updated fee schedule covers business registration and Pioneer Status Incentive applications. A notable introduction is the new fee obligations such as replacement fees, annual renewal application fees and default penalties for abandonment of pioneer status incentive applications.
The Nigerian Investment Promotion Commission (NIPC) issued a circular introducing revised service fees for processing applications, effective October 1st 2024. The updated fee schedule covers business registration and Pioneer Status Incentive applications. A notable introduction is the new fee obligations such as replacement fees, annual renewal application fees and default penalties for abandonment of pioneer status incentive applications.
Foreign Companies that intend to carry on business in Nigeria must register their business with NIPC and obtain a certificate of business registration to that effect. This business registration allows foreigners to own up to 100% equity and invest in any business in Nigeria.
Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
