1. FACT SHEET
Nigeria
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 12
th
largest producer of crude oil in the world and the 8
th
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
Company Incorporation in Nigeria
Foreign entrepreneurs interested in Nigeria company registration can wholly own a limited liability
company (LLC) with a minimum of 2 shareholders and 2 directors of any nationality.
Foreign corporations can also create a wholly foreign owned presence in Nigeria by registering a
branch office or representative office or incorporating a limited liability company as a subsidiary
Free zone companies allow international entrepreneurs to import and export without any taxation in
Nigeria. Nigeria boasts 25 Export Processing Zones (EPZ), offering foreign companies i) a tax
holiday on all taxes including federal, state, and local government taxes ii) duty free
importation iii) 100% return of capital, profits, and dividends
Licensing in Nigeria:
A license is needed for all business activities. To support Nigeria business registration, Intuit can
assist our clients in determining what type of licenses are required for their company
Any business registered within an Export Processing zone is exempt from all import and export
licensing requirements, though an operating license is required for many business activities
Foreign ownership is restricted in the aviation, shipping, petroleum, real estate and
telecommunication industries
Accounting and tax:
1. Both resident and non-resident corporations are subject to corporate tax of 30% on net profits
2. Registering a Nigeria LLC is liable to pay a VAT rate of 5% on goods unless incorporated within a
Freezone, in which the VAT is 0%

2. FACT SHEET
Nigeria
3. Under the Nigeria tax law, Companies are liable to pay withholding tax on the following types of
payment made to non-resident: interest, royalties and other service fees. The rate of withholding is
10% of gross payment
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
Secretary Not mandatory
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 Yes
Annual Tax Yes
Access to Nigeria double tax treaties Yes
For more details, please contact bc@intuitconsultancy.com
You can also visit www.intuitconsultancy.com