Nigeria

Can a foreigner own 100% of a company in Nigeria?

Yes, foreigners may own up to 100% of a Nigerian business, except in the maritime sector.

What is the norm for the number of members in a private limited company in Nigeria?

The number of members in a private limited company in Nigeria can range from 2 to 50.

What is the corporate tax applicable in Nigeria?

The corporate income tax rate in Nigeria is 30%, assessed on a preceding year basis.

What is copyright notification?

Copyright Notification is a scheme handcrafted by the Nigerian Copyright Commission to enable creators of certain copyright works or persons who have acquired rights in these works to give notice of their copyright to the Nigerian Copyright Commission or notice of any transfer of right thereof.

What is the procedure for application for copyright notification in Nigeria?

To apply for copyright notification in Nigeria, these steps may be followed:

  1. The applicant must form in line with the instructions provided on it, and ensure that the declaration therein is endorsed before a Commissioner for Oaths or Notary Public
  2. The completed application form with required copies of the work, which the applicant is looking for notification should be returned to the Commission’s office and accompanied with the required documents and evidence of payment of Notification fee of N6,000 (Six Thousand Naira)
  3. Upon receipt of the form, the Commission processes the same and issues applicant with a Notification Acknowledgement Certificate

What is neighbouring right or performers’ right?

Since the works of a public performer, though original, but are not fixed in a tangible medium as required by the law, such works are not eligible for copyright protection. However, the Nigerian Copyright Act recognizes such works as performers’ right and gives such performer the exclusive right to control with respect to his performance: the performing, recording, live broadcasting, reproducing in any material form, and adaptation of the performance. A performance here includes dramatic and musical performance and live performance of literary recital or rendition.

What is the procedure for patent application in Nigeria?

All patent applications are made in the prescribed form. The form should be accompanied with the following:

  • A Power of Attorney (if made by an agent)
  • CTC of priority application where applicable
  • Copy of Patent Cooperation Treaty (PCT) international publication (where necessary)
  • A declaration signed by the true inventor that his name and address be mentioned in the application
  • Prescribed fee

What is STRAP?

STRAP stands for Strategic Action Plan Against Piracy. It is an initiative of the Copyright Commission which ensures an intensified fight against piracy and protects IP rights with the use of a hologram security device.

Are statements of accounting standards important for a business?

Yes, the Nigerian accounting standards are framed after due consideration of laws, customs, and the business culture of Nigeria.

Does Nigeria follow Transfer Pricing regulations?

Yes, TP regulations were released in Nigeria in October 2012.

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