Nigeria is found in Western Africa, sharing the bore with the Gulf of Guinea, between Benin and Cameroon. This oil-rich country is Africa’s most populous, with over 170 million people. Nigeria is the 12th largest producer of crude oil in the world and the 8th largest exporter. The government however is working toward developing stronger public-private partnerships for roads, agriculture, and power, in order to move away from its dependence on oil. Nigeria is a vigorous member in the Organization of Islamic Cooperation (OIC) trading bloc, minimizing tariffs when trading with any of the 57 member countries, together with Saudi Arabia, UAE, and Malaysia. The Nigerian Stock Exchange (NSE) is the number one ranked exchange in Africa and offers glorious investment prospects having grown 70.5% in 2013.
Scroll down for more information on company formation in Nigeria.
|Type||Limited Liability Company/Branch office|
|Under Nigerian law, foreigners can own||100%|
|Share Capital||10 million naira|
|Directors||Minimum two directors, may be resident or non-resident|
|Shareholders||Minimum two shareholders of any nationality|
|Memorandum and Articles of Association||Provided|
|Can the entity hire expatriate staff in Nigeria||Yes|
|Tax Registration Certificate Required||Yes|
|Statutory audit required||Yes|
|How long to open Corporate Bank Account||2 weeks|
|Timeframe for Incorporation:||3 – 4 weeks|
|Annual Return||Must file with Corporate Affairs Commission|
|Annual Tax||Must file with Federal Inland Revenue Service|
|Access to Nigeria double tax treaties||Yes|