The Nigeria free trade zones are fast becoming places where Nigerian businessmen and women are taking their business to, in order to maximize their profits. Apart from profit maximization, there is an escape from the usual customs troubles. In the free trade zones, customs although supervises in some capacities, but the authority lies in the hands of the Nigeria Export Processing Zones Authority. Another important benefit to note is that you do not need to pay for custom duties as that is outside the purview of customs in this regard.
In our previous article, we explained free trade zone as a specifically demarcated area within Nigeria where goods and raw materials can land for manufacturing, repackaging and re-export. We also promised to take you through the steps to take to set up your enterprise once you have been granted an operational license by NEPZA.
To set up your enterprise in the free trade zones, follow the steps highlighted below:
- Visit the NEPZA webpage at www.nepza.gov.ng.
- Download and fill the form with required information.
- Make payment of nonrefundable $500.00 or its naira equivalent.
- Submit your application form the zone administration or Abuja NEPZA office along with your feasibility study or project plan.
- It will take 5 working days for your application to be reviewed, and a feedback given.
Having had your application approved, the free zone administration will meet to deliberate the location of your site within the zone and allocate or reserve a space for you.
Pay your investment capital via the banks situated in the zones. The bank will in turn, give you a certificate of Capital Importation.
Plan your warehouse or building space. If you are constructing your building by yourself, you need to meet these criteria:
- Provide 4 copies of full architectural drawings for confirmation by the zone administration in line with building codes.
- Your built-up space must not be above 70% of leased land.
- Construction must begin within 3 months of approval.
Now you can move in and begin your operations. It is worthy to mention that the government always ensures it provides a friendly environment for businesses to operate without hindrances.