Nigeria
Capital: Abuja.
Official languages: English.
Currency: naira.
Company registration provides the following benefits:
- Access to a large and growing domestic market (over 200 million consumers).
- Significant natural resources and raw materials potential of the country.
- Entering the African market.
Nigeria is one of the largest countries in West Africa by area and ranks first on the continent in terms of population. It is divided into 36 states and one Federal Capital Territory, which in turn are divided into 774 local government areas.
Nigeria has rich resource potential and a dynamically developing market economy; now this country provides entrepreneurs with an excellent opportunity to develop their business.
Features of taxation and reporting
All companies are required to file audited financial statements annually. Financial statements include a balance sheet, income statement, statement of changes in equity, and a statement of cash flows with explanations.
- The corporate income tax rate is 30%.
- VAT is set at 7.5%.
- There is a withholding tax when withdrawing dividends abroad for non-residents - 10%.
- The resource sector is subject to higher rates of royalties and mineral extraction taxes.
- Tax holidays are provided for new and small businesses.
Company registration
Time frame for company registration: about 10 days.
Popular forms for legal entities in Nigeria are: Private Limited Company (Plc) and Unlimited Company (Ultd).
In Nigeria, a company must have at least two founders and at least two directors, as well as a local registered office.
To register a company remotely, you will need to provide the following information:
- Notarized copies of passports for two shareholders and two directors of the company.
- Choosing a company name: three options are required.
- Companies must have a Charter (MEMART).
- Confirmation of the company office address.
- Contributed share capital (minimum N10,000).
A quick guide to registering a company in Nigeria:
To quickly register a PLC in Nigeria, contact the IT-OFFSHORE specialists. The cost of our services includes:
- Preparation of documents (collection, filling, notarization, etc.).
- Company registration.
- Payment of all government fees.
- Registration agent services for 1 year with the possibility of extension.
- Translation services.
- Delivery of registration documents to any address.
The bottom line
Registering a company in Nigeria is a complex process that requires an understanding of local laws and procedures. We recommend that you seek advice from qualified IT-OFFSHORE consulting specialists who have experience working with this jurisdiction and will be able to register your company in Nigeria in the shortest possible time.
We offer not only legal support for company registration, but also a wide range of services, which includes accounting services, nominee services, and full support of the company after its registration; Thus, we provide full year-round service to your company.
