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Nigeria

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Registering a company in Nigeria in 2020

Among the key business advantages of Nigeria, it is worth highlighting the following:

  • One of the largest African economies;
  • Full foreign ownership;
  • The availability of 14 free zones;
  • Tax benefits;
  • No customs duties on import operations;
  • A relatively fast procedure for preparing documents.

Business registration –from €2,400

Company registration period – from 3 weeks

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Nigeria is an independent state located in West Africa. It is the twentieth largest economy in the world and the most populous state among African countries. Nigeria's neighbouring states are: Benin, Chad, Niger and Cameroon.

The official language of the country is English, that is an evident benefit for those, who are interested in setting up a company in Nigeria and opening a corporate account with a Nigerian bank.

For more information, you can contact IQ Decision experts and ask for individual advice on company registration procedure in Nigeria.

Legal forms & tax rates

In order to register a company in Nigeria, you need to consider the following comparison table of business entity types and related tax rates.

Legal form

Corporate tax rate

VAT

Minimum share capital

LLC

30%

5%

1 USD

Free Zone LLC

0%

is payable

500 thousand USD

LLP

0%

5%

1 USD

PLC

30%

5%

1 600 USD

Branch

30%

5%

-

RO

0%

-

-

Monthly fee is 57 USD.

Those, who decide to set up a company in Nigeria can take advantage from 14 zones with tax holidays, duty-free imports and 100% repatriation of profit and dividends.

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If you have questions, you can request for advice on company registration process in Nigeria and account opening from IQ Decision specialists.

How to open a business in Nigeria

If you are intended to set up a Nigerian company and open an account with an African bank, then you will need to fulfill the following conditions:

  • At least 2 shareholders;
  • 2 directors of any nationality;
  • A company secretary;
  • A registered physical office.

The paperwork for registering a company in Nigeria takes about 2 months. Terms of incorporation: up to 3-4 months.

You have an opportunity to open an account for a company in Nigeria remotely. Our specialists recommend that you consider the following reliable banks:

  • Standard Chartered;
  • AccessBank;
  • Stanbic IBTC;
  • Citibank Nigeria;
  • Guaranty Trust Bank;
  • FirstBank;
  • Zenith Bank;
  • Guaranty Trust Bank.

To learn more, you can ask for personal advice on business organization process in Nigeria from IQ Decision lawyers. Also, we can provide you with legal support services in Nigerian bank corporate account opening and physical office registration.

The information outlined in the article is actual at the time of its publication. Please refer to our specialists for checking possible solutions for your business.

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