The SIIFZ is one of the oldest and most crucial free zones in the whole of Western Africa as it allows easy entry into the oil and hydrocarbon industry.
Snake Island Integrated Free Zone is one of the leading free zones in Western Africa. As the Federal Republic of Nigeria is famous for petroleum and hydrocarbon industry, SIIFZ focuses more on the Maritime and Oil & Gas Services and Operations. The development of such free zones in Nigeria offers tremendous opportunities to International entrepreneurs and people in business to participate in Nigerian and West African Deepwater Projects and enhance the economy of the country.
Let us have a deeper understanding of the Snake Island Integrated Free Zone.
About Snake Island Integrated Free Zone (SIIFZ)
Snake Island Integrated Free Zone (SIIFZ) is the first registered and operational, privately owned Free Zone in Nigeria. It has been established when the presidential approval for the free zone was given on 28th January 2005 and was finally licensed for operations on 4th July 2005. It occupies 250 hectares and 4 kilometres of Snake Island shoreline which is owned by Nigerdocks Nigeria PLC.
This free zone has linkages via both roadways and waterways to all of Nigeria and though it is located very near to the Lagos port of Tin Can and Apapa, it also has its port facilities. It is also easily accessible via airways as the free one has fast and easy access to Lagos International Airport. The SIIFZ is open 24X7 for all 365 days of the year and can access the commercial centres of Ikoyi and Victoria islands either by car or by boat.
Snake Island Integrated Free Zone operates under the Nigeria Export Processing Zones Authority (NEPZA) Decree 1992 No. 63 as recorded in the Official Gazette of the Federal Republic of Nigeria No. 67 Vol. 79 dated 21st December 1992. The free zone has been created to provide every support function to the Deepwater Oil and Gas industry in and around Nigeria. This aim and long term vision have helped the free zone to attract people in business and entrepreneurs from all over the world to set up their company in the free zone, creating increased employment opportunities and also uplifts the economy of Nigeria.
Benefits of setting up a company in SIIFZ
If a company registers itself in Snake Island Integrated Free Zone as a company or enterprise, numerous benefits can be availed by it such as:
●No Destination Inspection
When the imported or the requested goods arrive at the destination, they are inspected by officials called Destination Inspectors. This service was started so that the burden on the customs department could be reduced to a certain extent. If any goods or raw materials are imported into the free zone, there would be no destination inspection of the goods.
●Duty-Free Import of Raw materials, Components
Under normal circumstances, a company has to pay the stipulated import duties mentioned, but since the company has been set up in a free zone, they are not governed any the laws of Nigeria. Be it raw materials, equipment components or any machinery the company does not need to pay any import duty.
●Deferred Duty on Tradable Articles
In the free zone, the company can trade a particular article first and then pay for it within a specific period. This gap in the payment would allow a company to maintain the proper flow of funds.
●On-Site Customs Processing
Sometimes it is possible that the customs department take a very long time in processing some specific items which are being imported from abroad. This extra time taken may be the difference between the survival of a company and its demise. In SIIFZ, the customs would process the particular imported item on site, thus reducing the time taken in the custom processing.
●Exemption from all Federal, State and Local Taxes
SIIFZ is the oldest free-zone in Nigeria meaning that the companies established within the premises of the free zone are not subject to the rules and laws of the country and do not need to pay the Federal, State and Local taxes.
●Foreign Ownership of Business
Any company established in the free zone can have a 100% foreign ownership. This feature of the free zone is the primary reason to attract numerous foreign investors to set up the company in Snake Island Integrated Free Zone.
●Repatriation of Foreign Capital Investment with Capital Appreciation
A foreign investor can avail 100% repatriation of the profits and dividend earned in the free zone meaning that a foreigner can send back all his earnings, be it profit or dividend back to his own country.
●Import and Export License Exemption
There is no need to acquire any import or export license if the company wants to import or export any goods to or from the SIIFZ.
How to Set Up an Enterprise in SIIFZ
The process of Setting up a company in the Snake Island Integrated Free Zone is very simplified. First of all, it is required that you fill up the required form which can be either downloaded or can be collected from the nearest NEPZA office. This application should be then submitted along with all the necessary documents and a feasibility study to the NEPZA office. In case the application is approved, the operating license will be obtained by the company, which would be a token representing the space saved for you to start building the necessary infrastructure. After creating the building, a review needs to be conducted, and after the survey, you can start doing your business.
Setting up a company in Nigeria can become very easy if you have a helping hand. If you are looking for such firm which would not only help you to set up a company in the free zone but will also allow you to tackle the problems faced by your company, then you must avail the services of Business Setup Worldwide. Our team consists of experts who will provide you with professional advice and also provide you with customized solutions to your business problems. If you are interested in establishing your company in the free zone, feel free to contact us - We’d be happy to help you.