This is how PENCOM Compliance Certificate wins Contracts in Nigeria. In fact PENCOM compliance certificate is essential for Contract bidding in Nigeria. Do you know that this PENCOM certificate is a yearly thing? This is one of the yearly returns you must make yearly. This is very necessary for the implementation of public procurement policy in Nigeria. This is how PENCOM Compliance Certificate wins Contracts in Nigeria
In fact, all the compliance certificates are essential for public procurement regulations for goods and works. These are in accordance with the procurement thresholds in Nigeria. Procurement threshold rules stipulate the purchasing limits that need to be followed when seeking to purchase goods or services. This does not allow the splitting of purchase orders as the Aggregation rule applies to Contracts for Goods and Services.
The Essential Compliance Certificates:
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Accordingly, succeeding in any contract bidding in Nigeria requires certain regulatory compliance certificates. Among them are compliance certificates from PENCOM, ITF, NSITF, IRR, CAC documents, and Tax clearance certificates. In fact, if you succeed in your expression of interest in any FGN contract, these essential documents must be attached. Just get serious with these documents from this moment if you must win a federal government contract. In fact, see how these can promote your business.
Compliance Certificates Promote Businesses:
Do you know that this is true? I have a history of those who don’t joke with these certificates annually. These groups are on top of their business class. But, I just pity a friend who just lost the opportunity of becoming a multi-millionaire for not possessing complete compliance certificates. This is how PENCOM Compliance Certificate wins Contracts in Nigeria
I have come to note that NSITF, PENCOM, and BPP certificates are their major challenges. But why? It’s true they cost some money, but you can start early. Doing them bit by bit will help you. Can you contact us so that we plan how to do them bit by bit? Before then, see how the PENCON certificate application works.
This is how PENCOM Compliance Certificate wins Contracts in Nigeria
The PENCOM: Annual Return Procedure:
This is what you should do to obtain your PENCOM certificate. If you have a problem doing them or not with capacity to do so, please contact us.
Employer Code: This is how PENCOM Compliance Certificate wins Contracts in Nigeria
First thing first – the generation of the employer code. For this, a copy of the certificate of incorporation and evidence of FIRS Taxpayers Identification Number (TIN) together with a Letter requesting an employer code from PENCOM must be made. The employer will submit the above-listed documents to a Pension Fund Administrator (PFA) who will forward the criteria to PENCOM for the issuance of an employer code.
Staff pension account with PFA:
Once the employer code is issued, the employer (who has more than 15 personnel) will be mandated to register at least 3 staff of the company with the PFA. The personnel’s individual accounts will be created by the PFA and the account number given to the individual staff on privacy grounds. The staff then submits the number to his/her office for regular monthly contributions. This is how PENCOM Compliance Certificate wins Contracts in Nigeria
Two deductions are made. One is from the staff salary and the other from the company. This is the monthly pension contribution at the rate of a minimum of ten percent (10%) by the employer and eight percent (8%) by the employee making a total of eighteen percent (18%) pension contribution. The evidence of the Monthly pension contribution will be provided by the PFA for presentation to PENCOM.
Application for PENCOM Certificate:
After concluding with the PFA as stated above, an application will formerly be made to PENCOM for the issuance of a compliance certificate. This application will be accompanied by a certified list of employees of the organization and their Monthly rate of pension contribution as of the end of the last fiscal year. The certification is best done by at least two Directors of the company to establish its authenticity.
Group Life Assurance Certificate: This is how PENCOM Compliance Certificate wins Contracts in Nigeria
Furthermore, there must be a group life assurance policy for a Minimum of 3 staff specifying the sum assured.
Summing on This is how PENCOM Compliance Certificate wins Contracts in Nigeria
As you can see, it’s important that evidence of a current pension (PENCOM) compliance certificate valid till 31st December of the bidding year is presented for the next contract. This is to ensure that your tendering for the next Government contract is successful. The PENCOM compliance certificate is the only document that confirms that the provisions of the Pension Reform Act, 2014 have been complied with. So, you must get it.
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How may we help you on This is how PENCOM Compliance Certificate wins Contracts in Nigeria?
It is now certain that this procedure may be cumbersome for some of you. Matters relating to the generation of employer code, and opening a pension contribution account for each of the staff is also not easy. Then is the factors relating to the formal application to PENCOM for this certificate. But, you don’t need to bother. As Chartered Accountants, we handle all these with minimal costs. So, can we be of help to you? Contact us then.
Our Contacts: This is how PENCOM Compliance Certificate wins Contracts in Nigeria
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.