Nigeria Company Registration Services by Venture Overseas
Nigeria is a key African market that has an abundance of natural resources such as vast oil and gas reserves while having significant agricultural potential. It also ranks as the largest oil producer in Africa and the 11th largest in the world. Therefore, Nigeria company registration is an open door for more business ventures.
Nigeria also has one of the lowest income tax rates in the world and a large consumer base of over 150 million people. It has also high economic potential and attracts investors from around the world.
Nigeria Company Registration Procedures
Nigeria company registration procedures take up to a week and involve a number of pre and post-registration steps. There are 7 procedures in total, and they are as follows:
1. Reserve a unique company name
This can be done at the Corporate Affairs Commission (CAC) or through their online website. The platform is also used in filing the incorporation forms for the Nigeria company registration process.
2. Prepare incorporation documents and pay stamp duty
Applicants must complete statutory forms, prepare and print the memorandum and articles of association, and have them stamped by the Federal Inland Revenue Service (FIRS) or online. The stamp duty payable on share capital (ad valorem) is 0.75 and NGN 500 for each additional copy of Memorandum and Articles of Association stamped as of 2016.
3. Sign the declaration of compliance before a Commissioner for Oaths or a Notary Public
The declaration by the barrister or solicitor engaged in the formation of the company may be sworn to before a Notary Public for a fee of NGN 4,000 – NGN 5,000. Alternatively, it can be sworn at any of the recognized courts in the country or before a Commissioner for Oaths for a small fee of around NGN 500.
4. Register the company at the Corporate Affairs Commission (CAC) and pay registration fees; receive the income tax and VAT registration number.
Nigeria company registration is now done entirely online. Applicants will need to submit the relevant documentation by uploading it onto the CAC’s online website. The payment of statutory filing fees can be done online through Remita, an electronic payment platform. Once the registration process is completed, a number for Income Tax and VAT is automatically generated and sent by email.
5. Make a company seal
Applicants are legally required to obtain a company seal through a seal maker. This will also cost around NGN 4,000 – NGN 6,000.
6. Register for personal income tax
You can do this at the Lagos State Board of Internal Revenue Tax Office nearest to the registered company. After registration is complete, an employer’s identification number will be issued.
Failure to register amounts to committing an offence and will incur NGN 25,000 fine in addition to the payment of arrears of the tax due.
7. Register business premises with the Lagos State Government and pay the business premises levy
This is done by heading to any nationalized commercial bank with some evidence of the business premises (utility bills, etc.). Applicants will then pay the business premise levy to the account of the Lagos Inland Revenue Services (LIRS) and the bank will issue a receipt bearing the Lagos State Government logo.
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