The Nigerian Investment Promotion Commission (NIPC) was established to encourage, promote and co-ordinate investment in the Nigerian economy, amongst others.[1] The Commission is empowered by the Nigerian Investment Promotion Commission Act, 1995, which mandates all enterprises with permitted foreign participation to register with the NIPC.[2]

REQUIREMENTS FOR REGISTRATION WITH NIPC.

An application to the Nigerian Investment Promotion Commission (NIPC) for a business registration certificate requires the following documents: 

1. Duly completed NIPC Form I;

2. Memorandum & Articles of Association;

3. Certificate of Incorporation;

4. CAC Form 1.1 (or CAC Forms CO2 and CO7 for old companies);

5. Power of Attorney/ Letter of Authority (where applicable);

6. Approved Remita payment receipt of N15,000.00 only (Non- refundable)

7. NIPC payment receipt 

PROCEDURE FOR PROCESSING

Upon the submission of all required documents for the business registration certificate, the commission processes and issues the certificate within 24 hours. The following steps should be taken by the Applicant:

1. Applicant downloads NIPC Form 1 from the website at https://www.nipc.gov.ng;
2. Applicant pays a non-refundable statutory processing fee of N15,000.00 only via Remita online portal at www.remita.net; 
3. Applicant submits all required documents to the One Stop Investment Centre in NIPC or scanned copies sent to osicinfodesk@nipc.gov.ng;
4. NIPC Business Registration Certificate is issued to the Applicant.

CONCLUSION

The Nigerian Investment Promotion Commission must be commended for their efficiency, simplicity of the process, and speedy issuance of the business registration certificate. By so doing, all enterprises with foreign participation are encouraged to register with the commission.

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[1] Section 4, Nigerian Investment Promotion Commission Act, 1995

[2] Section 20, Nigerian Investment Promotion Commission Act, 1995.

Written by Abdulrasheed Bhadmus  for The Trusted Advisors

Email us: info@cms.trustedadvisorslaw.com

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