THE CUMBERSOME NATURE OF THE REQUIREMENTS AND RIGHTS OF ALIENS TO REGISTER A COMPANY IN NIGERIA, A CLOG IN THE WHEEL OF PROGRESS OR A PROTECTION OF BUSINESSES IN THE COUNTRY?

Abstract

Nigeria is undoubtedly Africa’s hub and largest economy.Sequel to this, many people and investors, includingforeigners desire to carry on business in the West Africancountry which has a population of more than 200 millionpeople. The population of a country and such country’s ruleof law adherence are some measures to be considered indoing business in any nation. This article examined therequirements of registering a foreign company and the effector penalties for neglecting to register such company;exemptions from registering a foreign company; incentivesavailable to a foreign company and factors that detersforeign companies’ participation in Nigeria. It wasconcluded that a foreign company that refused or neglectedto register in Nigeria cannot carry on business in the countryexcept exempted from registration as required by theCompanies and Allied Matters Act 2020. Again, the paper isof the view that despite the challenges inherent in theregistration process of a foreign company in Nigeria, it isaimed at protecting and strengthening such companies fromfraud, total failure and other unforeseen circumstances. It isrecommended amongst other things that the Companies andAllied Matters Act 2020 (as amended) should be furtheramended to allow the ministry of interior grant such permits;or that various states of the federation should be allowed toincorporate or register companies in their domain; thatobnoxious tax laws that perpetrates double taxation should be abrogated; that the transportation sub-sector should be overhauled; other infrastructures such as good roads, electricity, internet services should be improved to enhance service delivery and ease of doing business in Nigeria.