What is Form M for Nigeria?

What is Form M for Nigeria?

Form M is a mandatory statutory document to be completed by all importers for importation of goods into Nigeria. It is therefore mandatory for all importers to complete and register Form ‘M’ with Authorized Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not.

What is E form M?

An E-Form M is a mandatory documentation process put in place by the Federal Government of Nigeria through the Federal Ministry of Finance (FMF) and the Central Bank of Nigeria (CBN), to monitor goods that are imported into the country as well as enable collection of import duties where applicable.

How do I apply for Form M?

Step-by-step Procedure on How to Open e Form ‘M’

1. Step 1: Register your TIN with the Trade Portal Under FIRS Services. Enter your TIN.
2. Step 2: Log in. Log in to the Single Trade Portal using the TIN as username and the password created as password.
3. Step 3: Start e-Form M Application.
4. Step 4: Complete all the Tabs.

How long does form M take to process?

3. Upon receipt of the Form M with the necessary attached pre-import documents as detailed above the NCS will review the application and either accept or reject it within one working day.

What is the validity period of Form M?

180 days
The initial validity period of an approved e-Form “M” for general merchandise shall be 180 days, which may be extended for 180 more days by the Authorized Dealer Bank.

Can Form M be amended?

Is it possible to amend Form M after registration? Yes, it is. Changes in some fields like country of origin/supply, port of discharge can be accommodated after Form M acceptance.

Which license is required for import?

Most of import items fall within the scope of India’s EXIM Policy regulation of Open General License (OGL). This means that they are deemed to be freely importable without restrictions and without a license, except to the extent that they are regulated by the provisions of the Policy or any other law.

What is CB in Form M?

The BA prefix is used for import items that are subject to inspection upon arrival into the country; most merchandise fall into this category. The CB is used for items that are exempt from inspection; they include: Military hard wares.

How can I get Soncap certificate in Nigeria?

IMPORTATION DOCUMENTS: VERIFICATION OF CONFORMITY WITH SONCAP

1. Step 1 – Issuance of SON Product Certificate (PC) The SON Product Certificate (PC), is valid for six months.
2. Step 2 – Sample Testing. Firstly, the exporter will submit test report/documents issued from an accredited laboratory.
3. Step 3 – SONCAP Certificate (SC)

Who approves Form M?

The list of goods exempted from Destination Inspection shall be as approved by the Honourable Minister of Finance. The e-Form ‘M’ and the relevant pro-forma invoice (which shall have a validity period of three months) shall carry a proper description of goods to be imported to facilitate price verification viz; i.

What is form m for importation of goods in Nigeria?

Form M Nigeria For Importation Of Goods. Form M is a statutory document to be completed by all importers for importation of goods and services In Nigeria.

How to apply for E-form m in Nigeria?

.Logging on to https://app.trade.gov.ng/formx by customer through the Bank to initiate the e- Form M. . To initiate an e- Form M, it is statutorily required to provide some documents. Irrespective of the item of import, Insurance certificate and Proforma Invoice must be provided.

How long does it take to validate a form m in Nigeria?

For Capital goods, the initial validity of an approved e-Form M is 365 days subject to a maximum extension of another 365 days by the bank. However, any subsequent request for re-validation shall be with the approval of the Central Bank of Nigeria in the two scenarios stated above.

When did the form m start in Nigeria?

The first official document needed to initiate shipment into Nigeria is the Form M. The first ever Pilot run of electronic Form M commenced on November 22, 2012 in the era of president Goodluck Ebele Jonathan and Ngozi Okonjo Iweala as finance minister. Full Implementation began December 06, 2012.