It is not far fetched why the OK Free Trade Zone is the investment location of choice. Among other reasons are the incentives given to ensure maximum return on investments within the zone. Some of these are listed below:
Tax Incentives:
- Exemption from Company Income Tax
- Exemption from Value-Added and Sales Tax
- Exemption from all Federal, State and Local Taxes and Levies
Customers' Incentives:
- Duty free imports of raw materials and
components
- Duty free imports of equipment, machinery and
spares.
- Suspended duties on tradable articles
- On-site customs processing
- No import or export restriction or license
Immigration Incentives:
- No restriction on expatriate staff
- On-site processing of immigration documents
including combining expatriates of residents permit and alien cards (CERPAC)
- Up to 100% foreign ownership of business
Other Special Concessions:
-Up to 100% foreign ownership of business
-No exchange controls/restriction of Foreign Capital transaction including repatriation of Foreign Capital Investment with capital appreciation.
-No exchange control restriction on remittance of Profit and Dividends
-Sale up to 100% production in the Nigeria Customs territory allowable upon payment of appropriate duties and taxes.
-Rent free land during construction
-Prohibition of strikes and lock-outs for minimum of 10 years
-On-site Vehicle licensing
-One-stop shop investor services at site.