The Nigerian government is generally supportive of investments from China. In fact, Nigeria currently has several bilateral agreements and memoranda of understanding (MOU) with the People's Republic of China. The key sectors which are subjects of these agreements include infrastructure (public), oil and gas, power, agriculture, communications and tourism.

The bilateral relations between Nigeria and China are mostly facilitated by the Federal Government and the Ministry for Trade and Investment, with the President taking the lead and with support from states governors and relevant ministers.

Some of China's current investments in Nigeria include:

1. Development of 110 villas near the Lekki Free Trade Zone by the Chinese Civil Engineering Construction Corporation (CCECC). The project was announced in 2013, in addition to a further commitment of about US$1 billion for more projects in Nigeria.

2. In July 2013, the China Development Bank (CDB) signed a US$100 million facility agreement with the First Bank of Nigeria in order to boost lending to small and medium scale enterprises in the country and stimulate the Nigerian economy.

3. The Federal Ministry of Trade and Investment (Nigeria) and the Sanshui District Bureau of Economy, Science and Technology Development Promotion in China signed an MOU in 2013 to facilitate the transfer of skills and technologies, including a trade cooperation agreement between many of the factories in Nigeria and the industrial park within the Sanshui Economic Development Zones.

4. In 2013, Unicontinental International Engineering Company, a Chinese mining company, signed a multi-million dollar joint venture agreement with a Nigerian company, Multiverse plc to commence work on new mining projects in the country. The joint venture plans to build quarries that would supply granite and minerals to support infrastructure projects across the country.

5. In 2013, a US$20 billion MOU was signed between Power China and the Ministry of Power to generate 20,000 megawatts of electricity for Nigeria.

Section 2: Investment vehicle

What are the most common legal entities and vehicles used for COI in your jurisdiction? How long do they take to become operational? What are the key requirements for establishment and operation of these vehicles which are relevant to COI (e.g. is there a requirement for local directors)?

If a foreign company wishes to do business in Nigeria directly, without investment in an existing entity, it is required by law to first incorporate a separate legal entity in Nigeria for that purpose, by registering with the Corporate Affairs Commission (CAC).

Certain categories of foreign companies may, however, apply to the President of Nigeria for exemption from local incorporation. These are:

(a) foreign companies invited to Nigeria by or with approval of the federal government to execute a specified individual project;

(b) foreign companies executing individual loan projects on behalf of donor countries or international organisations;

(c) foreign government-owned companies engaged solely in export promotion activities; and

(d) engineering consultants and technical experts engaged in any individual specialist projects under contract with any of the governments of the federation, their agencies or other bodies where the contract is approved by the federal government.

A company may be incorporated as either a private or a public company in any of the following forms:

(a) company limited by shares, which is a company having the liability of its members limited to the amount, if any, unpaid on the shares held by them;

(b) company limited by guarantee, which is a not-for-profit entity having the liability of its members limited to the amount that they have undertaken to contribute (or guarantee) in the event of the company being wound up; or

(c) unlimited company, which is a company not having any limit on the liability of its members.

For the purpose of registration with the CAC, there are no residency or nationality restrictions with respect to shareholders or directors of the company. As such, all of a company's shareholders and directors can be foreign persons or entities.

The registration of a company with the CAC will usually take about one to two weeks. Post-registration filings include:

Registration with the Nigerian Investment Promotion Commission

A company with foreign shareholding is required to register with the Nigerian Investment Promotion Commission (NIPC), especially where the company may in future seek pioneer status or require other services from the NIPC.

Business permit

A company with foreign shareholding is required to register with the Ministry of Interior and obtain a business permit. A business permit is a permanent approval granted to a company with foreign shareholders to carry on business in Nigeria. To qualify, the company must have a minimum share capital of NGN10 million (Rmb330,000).

Tax registration

All companies are expected to register at the relevant tax office for income tax purposes. They are also required to register for Pay as You Earn (PAYE) and value-added tax (VAT) purposes within six months of incorporation.

Upon registration, a tax identification number (TIN) and VAT registration number will be allocated to each registered company. These numbers must be inserted on all the company's invoices.

Registration for corporate tax and VAT may take up to two weeks and obtaining a Tax Clearance Certificate may take another two weeks.

Immigration

• Expatriate quota

An expatriate quota is the permit granted a company to employ expatriates to specifically approved positions. Companies wishing to obtain expatriate quota are required to apply to the Ministry of Interior in the prescribed form.

The quota may either be granted as “Permanent until Reviewed” (PUR) or for a renewable term, usually of two to three years at each instance. The PUR is usually granted with respect to the chief executive position in the company.

One of the functions of the Ministry of Interior is to monitor the execution of the quota positions granted in order to ensure effective transfer of technology to Nigerians and the eventual indigenisation of the positions occupied by the expatriates. Emphasis is therefore placed on employing Nigerians to understudy the foreign experts and acquire relevant skills for the eventual take-over of the expatriate quota positions.

Processing expatriate quota approvals can take about 10-12 weeks. The application is usually processed simultaneously with that of the business permit.

• STR visa and CERPAC

A foreigner who has been employed to take up an expatriate quota position would in the first instance require a Subject-to-Regularisation (STR) visa to enter Nigeria for the purpose of taking up the employment. An STR visa may be obtained from the Nigerian mission in the country where the applicant has been domiciled for at least six months.

A foreigner with an STR visa is required to regularise his stay in Nigeria by applying for and obtaining a Combined Expatriate Residence Permit and Alien Card (CERPAC) from the Nigerian Immigration Service within 90 days of his entry into Nigeria.

Once the CERPAC is issued, the expatriate will be expected to register his presence at the immigration office closest to his place of residence or occupation.

• Temporary Work Permit

Temporary Work Permits (TWPs) are usually issued to expatriates invited by corporate bodies to provide specialised services, such as after-sales installation, maintenance, repair of machines and equipment and other services that require special skills or expertise. It is issued by and obtainable only from the office of the Comptroller General of Immigration at the Nigeria Immigration Service Headquarters in Abuja.

The process may take between one and two weeks.

Section 3: Tax and grants

a. Are there tax structures and/or favourable intermediary tax jurisdictions that are particularly useful for FDI into the country? Are there any reciprocal tax arrangements between your jurisdiction and China?

Nigeria has signed a number of double taxation treaties with countries including China. Residents of these countries enjoy a preferential withholding tax rate of 7.5% on payments of interest, rent, royalties and dividends that are subject to Nigerian taxation.

b. What are the applicable rates of corporate tax and withholding tax on dividends?

Corporate tax

The profits of a Nigerian company accruing in, derived from, brought into or received in Nigeria are subject to income tax at the rate of 30% of taxable profits.

Withholding tax

Where payment is due to a company or individual with respect to goods or services supplied by the recipient or the payment is of a dividend, interest on loan or rent, the payer is required to deduct a portion of the payment by way of withholding tax and to remit the tax withheld to the appropriate tax authority. The tax remitted will be held by the tax authority to the credit of the recipient concerned and be available for set-off against the income tax due from the recipient.

The rate of withholding tax on dividends is 10%.

The tax withheld from a dividend, interest on loan or rent is the final tax due from a foreign company or a non-resident recipient of the payment.

The dividend (net of withholding tax) received by a company out of the profits of another company are regarded as franked investment income of the company receiving it and are not charged to further tax. In the event that the dividend is redistributed to the company's shareholders and withholding tax is to be deducted from it in accordance with the law, the company may set off the withholding tax which it has itself suffered on the same income.

c. Does the government have any FDI tax incentive schemes in place?

Yes. One incentive involves obtaining pioneer status. Under the Industrial Development (Income Tax Relief) Act of 1970, an industry or a product may be declared a pioneer industry or product if (i) the industry is not carried on in a scale suitable to the economic development of Nigeria; (ii) there are favourable prospects of further development; or (iii) it is expedient in the public interest to encourage the development of the industry in Nigeria.

Pioneer status is granted to companies to encourage the development or establishment of an industry and to enable a company in the industry or manufacturing a product to make a reasonable level of profit within its formative years.

A company with pioneer status is entitled to a tax holiday of three years which may be renewed for a further period of two years. Dividends received by shareholders are also exempted from withholding tax.

An application may be made by a company for the issue of a pioneer certificate with respect to any industry declared a pioneer industry, provided that the qualifying capital expenditure to be incurred on or before production day is at least NGN10 million (Rmb330,000).

Other tax reliefs and incentives include:

(a) Investment allowance: An investment allowance of 10% of expenditure incurred on plant and machinery.

(b) Rural investment allowance: An allowance ranging from 5% to 100% of capital expenditure incurred on the provision of facilities such as electricity, water, tarred road or telephone for the purpose of a trade or business which is located at least 20km away from the facilities.

(c) Research and development: Deduction of research and development costs from taxable profits. The amount deducted will not exceed 10% of the total profit of the company as ascertained before any deduction is made.

(d) Tax reliefs and incentives applicable to specific sectors.

(e) Losses may be carried forward indefinitely.

d. Other than through the tax system, does the government provide any other financial support to FDI investors? If so, please provide an overview.

The Nigerian Investment and Promotion Commission Act (NIPC) provides that the federal government of Nigeria will not acquire any enterprises unless the acquisition is for a public purpose or in the national interest and is done under a law that makes provision for:

(a) fair and adequate compensation; and

(b) a right of access to the courts for determining the investor's interest or right and the amount of compensation to which he is entitled.

Save for the above, the nationalisation or expropriation of any enterprise is prohibited.

Section 4: Forex controls and local operations

What foreign currency or exchange restrictions should foreign investors be aware of?

The Central Bank of Nigeria (CBN) maintains general surveillance over the foreign exchange market. The principal law regulating the foreign exchange market is the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act (FX Act) of 1995. Pursuant to powers conferred under the FX Act, the CBN has issued a Foreign Exchange Manual which is intended to guide applications for foreign exchange transactions in Nigeria.

Foreign currency is freely obtainable on the Autonomous Foreign Exchange Market (AFEM) subject to minimum documentation requirements. Transactions in the AFEM can be conducted in any convertible foreign currency through authorised dealers (commercial banks).

The application and approval formalities in relation to foreign currency payments/receipts are determined by the activity the payment or receipt is for.

Import of investment capital

There are no prior approvals required to be obtained in order to import foreign capital. Foreign capital may be imported into Nigeria through accounts operated with any of the commercial banks in Nigeria. It will be evidenced by a Certificate of Capital Importation (CCI), which is statutorily required to be issued by the bank through which the capital is imported within 24 hours of import.

Repatriation of dividends, loan repayments and capital

Any person who invests foreign equity or loan capital in any enterprise in Nigeria and obtains a CCI is guaranteed unconditional transferability of funds in freely convertible currency with respect to:

• dividends or profits (net of taxes) attributable to the investment;

• payments for the purpose of servicing a foreign loan; or

• the remittance of proceeds (net of taxes) and other obligations in the event of sale or liquidation of the business or interest attributable to the investment.

The CCI issued at the time of import of capital together with the other relevant documents are required to facilitate the repatriation of dividends, loan repayments and capital respectively.

Author biography

Tiwalola Okeyinka

Tiwalola Okeyinka is a member of the corporate commercial group at ÆLEX. Tiwalola's main practice areas are corporate commercial, intellectual property, insurance, corporate governance and regulatory compliance.

Tiwa advises on business entry requirements, including compliance with the relevant regulations in Nigeria. Her work also involves the protection of intellectual property rights, including trademarks, patents, industrial designs and copyright, IP portfolio management and the provision of franchising and licensing advice as well as legal solutions for combating counterfeit products and parallel imports.

Tiwa has a law degree from one of Nigeria's most prestigious universities and was called to the Nigerian Bar in 2010. She is a member of the Nigerian Bar Association and International Trademark Association (INTA) where she also currently serves on the Issues Identification Sub-Committee. She has attended a number of local and international conferences and seminars.

尼日利亚

Tiwalola Okeyinka

ÆLEX

第一节：中国境外投资

您国家吸引中国境外投资或您政府有意吸引中国境外投资的主要有哪些行业？政府一般支持中国境外投资吗？在您国家，哪些政府或地方机构负责推动中国境外投资？

尼日利亚政府普遍支持中国投资。事实上，目前尼日利亚与中华人民共和国已签订多项双边协议及谅解备忘录。这些协议涉及的主要行业包括(公共)基建、油气、电力、农业、通信及旅游。

尼日利亚与中国的双边关系，主要由联邦政府和贸易及投资部推进，总统领导，州长及相关部长支持。

中国目前在尼日利亚的投资包括：

1. 中国土木工程集团有限公司在莱基自由贸易区旁发展110幢别墅。项目于2013年公布，另在尼日利亚投放额外10亿美元进行更多项目。

2. 2013年7月，国家开发银行与尼日利亚第一银行签署1亿美元的融资协议，提升该国中小企业借贷，刺激尼日利亚经济。

3. 尼日利亚联邦贸易及投资部与中国三水区经济和科技促进局在2013年签署谅解备忘录，推进科技转移，包括尼日利亚多家工厂与三水经济开发区内工业园之间的贸易合作协议。

4. 2013年，中国矿业公司Unicontinental International Engineering Company与尼日利亚Multiverse plc签署合资企业协议，价值达数亿美元，在尼日利亚开展新采矿项目。合资公司计划兴建矿场提供花岗石和矿物，支持尼日利亚的基础设施项目。

5. 2013年，中国电力建设股份有限公司与尼日利亚电力部签署200亿美元的谅解备忘录，为尼日利亚提供20,000兆瓦电力。

第二节：投资工具

您国家最常用于中国境外投资的法人实体和工具有哪些？要多久才可营运？设立和营运与中国境外投资相关的企业主要需符合什么要求 (例如：有没有规定必须要有本地董事)？

如外国公司有意到尼日利亚直接开展业务，不投资于现有公司，根据法规，必须先向公司事务委员会申请为此目的在尼日利亚成立独立法人实体。

以下类别的外国公司可向尼日利亚总统申请豁免在当地成立公司，包括：

(1) 由尼日利亚邀请或获联邦政府批准推行指定独立项目的外国公司；

(2) 代表捐赠国家或国际组织执行个别贷款项目的外国公司；

(3) 纯粹参与推动出口活动的外国政府拥有的公司；

(4) 参与个别专家项目的工程顾问和技术专家，而该工程合同是与任何联邦政府或其机构签署的，或该工程合同是与其他组织签署但经联邦政府批准的。

公司可成立为以下任何一种形式的私人或上市公司：

(1) 股份有限公司，即公司成员的责任只限于其持有的股份未支付的金额(如有)；

(2) 担保责任有限公司，即非营利性公司，其成员的责任只限于公司清盘时他们承诺提供(或担保)的金额；

(3) 无限责任公司，即公司成员承担无限责任。

向公司事务委员会注册，公司股东或董事没有居民身份或国籍限制。因此，公司所有股东和董事可以是外籍人士或实体。

向公司事务委员会注册通常需时一至两星期。注册后所需备案包括：

向尼日利亚投资促进委员会注册

含外资股份的公司必须向尼日利亚投资促进委员会注册，尤其是公司日后会向尼日利亚投资促进委员会申请创新业务资格或需要其他服务。

营业许可证

含外资股份的公司必须向内政部注册，取得营业许可证。营业许可证是向有外国股东的公司发出的永久性许可，在尼日利亚经营业务。合资格的公司必须有1千万奈拉(330,000元人民币)或以上股本。

税务登记

所有公司必须在有关税务机关注册，以便征收所得税。在公司成立6个月内，同时需要进行「依收入纳税」及增值税注册。

注册后，注册公司会获编税务识别号码及增值税注册号。号码必须在所有公司发票注明。

企业所得税及增值税的注册可需时两星期，取得清缴税务证书或需另外两星期。

出入境

• 外籍劳务配额

外籍劳务配额是公司获许可聘请外国人担任获特别批准的岗位。有意取得外籍劳务配额的公司必须以规定形式向内政部申请。

配额可以是“可检讨的永久性”或可续期，通常每次两至三年。“可检讨的永久性”通常发给公司总行政职位。

内政部的工作是监察配额职位的执行情况，确保有效地向尼日利亚人转移技术，最终令外国人担任的职位本土化。重点是尼日利亚人了解外籍专家，学习所需技巧，最终取代外籍劳务配额的职位。

审批外籍劳务配额需时约10-12星期。申请通常与营业许可证同时处理。

• 长期工作签证及外籍劳务居留及永久居民联合证

受聘担任外籍劳务配额职位的外国人，首先必须取得长期工作签证入境尼日利亚受聘。长期工作签证可在申请者居住最少6个月的国家的尼日利亚使领馆取得。

取得长期工作签证的外国人必须定居尼日利亚，在入境尼日利亚90日内，向尼日利亚移民局申请取得外籍劳务居留及永久居民联合证。

外籍劳务居留及永久居民联合证发出后，外国人要向居住地或工作地最近的移民局登记。

• 临时工作证

临时工作证一般会向企业邀请提供专业服务的外国人发出，例如售后安装、保养、维修机械设备和其他需要特别技巧或专长的服务。临时工作证只由阿布贾尼日利亚移民总局的移民局局长办事处发出。

有关手续需时一至两星期。

第三节：税收及补助

1. 有没有一些税务结构或有利的中介税务管辖区，是对外商直接投资尼日利亚尤其有用的？您国家与中国之间有没有任何相互税务安排？

尼日利亚与中国等多个国家签订双重税务条约。有关国家的居民支付须缴纳尼日利亚税款的利息、租金、特许权使用费及股息，可享有优惠预提税率7.5%。

2. 企业所得税和股息预提税的适用税率是多少？

企业所得税

尼日利亚的公司在尼日利亚产生、获取、进口或取得的利润，须征收30%应付税利润的所得税。

预提税

如因收取货物或服务须向公司或个人付款，或款项是股息、贷款利息或租金，支付人须以预提税的形式扣除一部分款项，把预提税款汇到相关税务机关。所汇入税款由税务机关代收款人持有，用以扣除收款人须缴付的所得税。

股息预提税税率为10%。

从股息、贷款利息或租金扣缴的税款，是外国公司或非居民收款人须缴付的终期税款。

公司从另一家公司利润收取的股息(已扣除预提税)，视为该公司的真实投资收入，不再收取额外税款。如股息重新分配给公司股东，依法规须扣除预提税的，公司可从同一项收入中抵销所缴预提税。

3. 政府是否已设立外商直接投资税务优惠制度？

是的，一项税务优惠计划涉及取得创新业务资格。根据1970年 的《工业发展(所得税宽免)法》，一个行业或一件产品可视为新兴行业或产品，如(i)有关行业的运作规模不符合尼日利亚的经济发展；(ii)有望进一步发展；或(iii)在尼日利亚鼓励发展有关行业符合公共利益。

给予公司创新业务资格，是鼓励行业发展或成立，让行业内公司或产品生产在初期取得合理利润水平。

取得创新业务资格的公司享有3年免税期，并可延期2年。股东收取股息免缴预提税。

公司可对公布为创新的行业申请创新业务证，只要在生产之日或以前的合资格资本支出为1千万奈拉(330,000元人民币)或以上。

其他税务宽免及激励包括：

(1) 投资补助：投资补助为厂房和机器支出的10%。

(2) 乡村投资补助：津贴为提供设施所涉及的资本支出的5%至100%之间，例如电力、水、柏油路或电话，供距离设施最少20公里的贸易或业务使用。

(3) 研究及发展：从应付税利润中扣除研究及发展成本。扣除的金额在作出其他扣除前，不超过公司总利润的10%。

(4) 适用于指定领域的税务宽免及激励。

(5) 亏损可无限结转。

4. 除了通过税务制度，政府还有向外商直接投资者提供其他财务支持吗？如有，请加以概述。

《尼日利亚投资促进委员会法》规定，尼日利亚联邦政府不会收购任何企业，除非收购是为公共目的或国家利益，并按法规完成和包括以下条文：

(a) 合理和足够赔偿；

(b) 向法院申诉的权利，以决定投资者的利益或权利，及其他有权取得的赔偿金额。

除上述外，不得把企业国有化或收归国有。

第四节：外汇管制及本地经营

有什么外币或外汇限制是外国投资者需要注意的？

尼日利亚中央银行对外汇市场维持普通监察。管理外汇市场的主要法规是1995年的《外汇(监管及其他条文)法》。根据本法授予的权力，尼日利亚中央银行发出外汇手册，指导尼日利亚外汇交易的申请。

外币可在自由外汇市场自由取得，只须符合少量文件要求。自由外汇市场的交易可通过合格交易员(商业银行)以任何可兑换外币进行。

外汇支出/收入的申请和审批程序，按外汇收入或支出涉及的活动而定。

输入投资资本

输入投资资本不需取得事先批准。输入投资资本的外国资本，可通过尼日利亚的商业银行账户进行。银行依法发出资本输入证明，作为证明文件，使资本在24小时内输入。

股息汇回、贷款返还及资本汇回

投资者以外国股权或贷款资本投资于尼日利亚企业，取得资本输入证明的，可在以下情况以自由兑换的货币，不受限制转移资本：

• 投资带来的股息或利润(税后)；

• 偿还外国贷款的款项；

• 在业务出售或清算或在分配投资利益时汇出款项(税后)或其他应付金额。

股息汇回、贷款返还及资本汇回须以输入资本时发出的资本输入证明及其他有关文件进行。

作者简历

Tiwalola Okeyinka

Tiwalola Okeyinka 是ÆLEX律师事务所公司商业事务组的成员。Tiwalola的主要业务领域为公司商务、知识产权、保险、企业治理及合规。

Tiwa对业务准入要求提供法律意见，包括遵从尼日利亚相关法规。她的工作包括保障知识产权，例如商标、专利、外观设计及版权、知识产权管理、提供特许经营及许可建议，并为打击假冒及平行进口货品提供法律方案。

Tiwa持有尼日利亚其中一所最著名大学的法律本科学位，在2010年获认可为尼日利亚大律师。她是尼日利亚大律师公会、国际商标协会的会员，也是新问题探讨小组的会员。她多次参与本地及国际会议及研讨会。