NON-NIGERIA RESIDENT

Nigeria may have been in the spotlight lately for terrorism-related crimes and corruption; ironically, Nigeria is currently Africa’s largest economy - overtaking South Africa. Reports have it that Nigeria receives the largest amount of Foreign Direct Investment (FDI) in Africa. Nigeria should be among the world’s 15 largest economies by 2050 when its gross domestic product (GDP) is projected to exceed $4.5 trillion in purchasing power parity terms.

Foreign investors and multinationals come to Nigeria in order to tap into opportunities available in the economy, availability of cheap labour, raw materials, a population of over 170 million people, and her vast and untapped markets.

From helping you to secure business visa so that you can make a first visit to Nigeria; to incorporating your new Nigerian company; to helping you obtain residency permits – we provide a comprehensive formation service at the most fairest rates.

A Quick Overview:

  • Foreign investors can own 100% shareholding, with a minimum of two shareholders and two directors of any nationality.

  • The Shareholders can also double as the Directors of the Company.

  • 100% foreign ownership is not allowed in the maritime sector.

  • According to the Nigerian Investment and Promotion Commission (NIPC), a Nigerian company with foreign shareholding must have at least NGN10m (Ten Million Nairas) shareholding; and must obtain a Business Permit.

  • A Nigerian Company must have a registered business address and a company secretary in Nigeria.

  • Recruitment of foreign labour requires the Nigeria Company apply for an Expatriate Quota status.

  • A Residence/Work Permit is required from non-Nigerians to move freely and take up employment in Nigeria.

  • Nigerian banks require that non-Nigerian account signatories provide a Residence Permit to open personal or business accounts.

  • The Federal, State and Local governments administer taxes.

  • The principal taxes include: 1) Taxes on income and gains - Companies Income Tax, Personal Income Tax, Capital Gains Tax, Petroleum Profits Tax; 2) Taxes on transactions - Value Added Tax, Stamp Duty, Customs and Excise Duty; 3) Other taxes - Sales Tax (Lagos State only) and Local Government taxes.

  • All Limited Liability Companies (whether local- or foreign-owned) is subject to corporate tax of 30% on net profits; and are liable to pay 5% VAT (unless incorporated within a free zone).

  • Nigeria has comprehensive double tax treaties with certain countries. Treaties on income and capital gains are currently in force with: • United Kingdom and Northern Ireland • Canada • France • Netherlands • Belgium • Romania • Pakistan

  • Expatriates are free to repatriate profits and dividends net of taxes through an authorized agent.

  • Investors must ensure that they obtain a Certificate of Capital Importation from the Nigerian bank through which the payment is transferred into Nigeria.

  • Physical presence is not required to incorporate a Nigerian company. However, Nigerian banks may request physical presence to open bank accounts.

MyIncorporation Nigeria can assist you in forming either a joint-venture or a wholly-owned foreign company. We take care also of matters ranging from investment advisory, to licenses, to immigration and banking formalities.

Please, call +234 805 598 1421 to speak to a dedicated consultant or email: This email address is being protected from spambots. You need JavaScript enabled to view it. for a checklist of customized requirements and fees for starting a business in Nigeria.

OUR COMMUNICATION CHANNELS

OFFICE: 01 293 0153

MOBILE: 0805 598 1421

WHATSAPP: 0706 395 6911

SKYPE: MYINCORP

BBM: 283889D6

 MYINCORPORATION NIGERIA IS A GLOBAL AFFILIATE PARTNER OF HEALY CONSULTANTS, SINGAPORE

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