Good news for startups in the Southern African country of Namibia. The Namibian Investment Centre (NIC), under the Namibian ministry of trade is looking for startups or local businesses desiring to raise up to N$10 million (US$670k) or more in capital to start or expand their operations. Consequently, the Centre advises them to submit their investment needs to the ministry of trade for promotion to local and external investors.
Here Is All You Need To Know
- According to a NIC advertisement, the project proposals should fall within seven of the identified sectors and must meet the minimum investment amount indicated per sector.
- Entrepreneurs operating or wishing to start agro-processing, manufacturing, education and innovation, logistics or tourism ventures are invited to submit their proposals, provided they require at least N$10 million ($670k).
- For those operating in the hospitality sector, their investment needs should be at least N$20 million, while the financial needs for those operating in energy and mineral beneficiation should be N$100 million or more.
- The centre also indicated that it is willing to seek investors for local entrepreneurs operating in the fish processing, steel manufacturing, chemical, building material, pharmaceuticals, cosmetics sectors provided that their investment needs meet the minimum threshold.
- NIC clarified that the ministry is not funding, but rather offering an opportunity for projects to be known by potential investors.
- Therefore, the idea is to market those projects whose financial viability is somewhat proven through detailed business planning and financial analysis.
- The platform is open to feasible start-up businesses with potential for sustainability and for expansion of an existing business.
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Criteria for Qualification
- For a project to qualify, NIC says it must be located in Namibia and the business must create or retain employment for Namibians.
- Moreover, the business should have secured land or premises to operate from, and the entrepreneur should be willing to contribute at least 30% of the total investment required, as owner’s equity.
- The investment need proposal should be accompanied by a business plan, projected cash flow, statement for the next 36 months (for start-ups) and quotations supporting the projected cash flow statement for the next 36 months (for start-ups).
- Moreover, Namibian startups or entrepreneurs should also attach a copy of their company registration document and, if the business has been operational for six months or more, annual financials are required.
Deadline:
Project submission is an on-going process. Therefore, although the due date has been set for the end of this month (March 31st), entrepreneurs can still submit beyond the due date and they can contact the centre and the ministry for more details.
For more details, contact the Nambian Investment Center on : nic@mti.gov.na or amoomo@mti.gov.na or www.investnamibia.com.na; Contact: +264 283 7223 (MITSMED)
1 Namibian dollar equals 0.067 United States Dollar (11 Mar, 02:12 UTC · Disclaimer)
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com