HOW TO REGISTER A SHIPPING COMPANY IN NIGERIA

LEGAL SEPARATION IN NIGERIA
LEGAL SEPARATION IN NIGERIA
September 30, 2018
PROCEDURE FOR NIPC REGISTRATION IN NIGERIA
PROCEDURE FOR NIPC REGISTRATION IN NIGERIA
October 1, 2018
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HOW TO REGISTER A SHIPPING COMPANY IN NIGERIA

HOW TO REGISTER A SHIPPING COMPANY IN NIGERIA

 

Introduction

A shipping company engages in the business of transporting or providing cargoes, ship owning and shipping operations. Being a company intending to perform shipping operations, the company can apply to register a ship, if it owns one, by a written application after it has duly been incorporated in accordance with the Companies and Allied Matters Act with the objectives of doing shipping business.

Registration of Shipping Company

The legal service unit of the Nigerian Maritime Administration and Safety Agency registers shipping companies/Agents provided that they have fulfilled all the requirements provided in the Agency’s guidelines.

For a company intending to carry out shipping activities to qualify for registration and issuance of an operating license, the company must be engaged mainly in the shipping business and submit the following documents:

  • Completed NIMASA Form 1
  • Current tax clearance certificate
  • Certified true copy of Form CAC 7 (Particulars of Directors)
  • Certified true copy of Certificate of Incorporation
  • Certified true copy of Memorandum and Article of Association of which the share capital must not be less than N25 Million, and the object of the company must be shipping.
  • Latest Audited Report
  • CAC Form 2.1 ( Return of Allotment) where applicable
  • Evidence that the company has filed its annual returns
  • Evidence of registration as a Licensed customs agent
  • Joint venture Agreement where applicable
  • Charter party agreement where applicable
  • A reference from the bank

Procedure for Registration

  • The shipping company or its authorized agent will submit the application to the General Manager of the Western Port or Eastern Ports
  • The applicant will receive a debit note and make payment of N200, 000.00.
  • Upon the confirmation of the payment, the Nigerian Port Authority issues a receipt to the applicant
  • The Nigerian Port Authority (NPA) issues the original copy of the Certificate of Registration as a shipping company to the Applicant.

The License for registration will be issued within a period of two weeks from the date of registration on the premise that the company has provided all the documents as required.

Furthermore, where Shipping Company is registering under National Carrier status for the benefit of enjoying preferential rights or privileges accorded by the government, it must adhere to these requirements provided by the Agency:

  1. The company must be registered in Nigeria
  2. The company must be a fully owned Nigerian company with Nigerian equity ownership of at least 60%
  3. The head office of the company must be in Nigeria; management and control must be directed from the head office.
  4. The company must own at least one ocean-going vessel of not less than 5000 net registered tonnages.
  5. The vessel must be registered in the Nigerian Vessel of ships
  6. The terms and conditions of employment of seafarers engaged in the company are in conformity with Nigerian laws and accepted international rules and standards

The application to register as National Carrier is to be submitted with the following documents for registration:

  • Completed NIMASA Form B1
  • Current tax clearance certificate of the company
  • Current tax clearance certificate
  • Certified true copy of Form CAC 7 (Particulars of Directors)
  • Certified true copy of Certificate of Incorporation
  • Certified true copy of Memorandum and Article of Association of which the share capital must not be less than N100 Million, and the object of the company must be shipping.
  • Latest Audited Report
  • Evidence that the company has filed its annual returns
  • Evidence of registration as a Licensed customs agent
  • Joint venture Agreement for oil or specialized lifting operations where applicable
  • Copy of Current list of each owned vessel
  • A reference from the bank

Fees

The fees to be paid by a company with the intent to operate a shipping business are as follows:

  • NIMASA Registration Form B1 which costs the sum of N10,000.00 (Ten Thousand Naira)
  • A registration fee of N100,000.00 (One Hundred Thousand Naira)

Upon registration, a physical inspection will be carried out at the Head Office of the Company, where original documents submitted will be sighted and verified during the inspection.

Renewal of Registration

For a company to qualify for renewal of a license as a shipping company, the following documents must be submitted together with the prescribed fees:

  • The companies tax clearance certificate
  • Latest audited Account
  • Evidence that the company has updated and paid its annual returns at the Corporate Affairs Commission
  • Evidence that the company is not indebted to the Agency and has complied with payment of 2%, 3% statutory fee.

Conclusion

For a company intending to carry out shipping operations in Nigeria, it must be registered in accordance with the guidelines of the Nigerian Maritime Administration and Safety Agency and such a company must provide all the necessary documents before it can operate in the industry.

 

By Winifred Idiaru, an Associate Partner at Resolution Law Firm

 

 

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