Nigeria is an independent state located in West Africa. It is the twentieth largest economy in the world and the most populous state among African countries. Nigeria's neighbouring states are: Benin, Chad, Niger and Cameroon.
The official language of the country is English, that is an evident benefit for those, who are interested in setting up a company in Nigeria and opening a corporate account with a Nigerian bank.
For more information, you can contact YB Case experts and ask for individual advice on company registration procedure in Nigeria.
Legal forms & tax rates
In order to register a company in Nigeria, you need to consider the following comparison table of business entity types and related tax rates.
Corporate tax rate
Minimum share capital
Free Zone LLC
500 thousand USD
1 600 USD
Monthly fee is 57 USD.
Those, who decide to set up a company in Nigeria can take advantage from 14 zones with tax holidays, duty-free imports and 100% repatriation of profit and dividends.
If you have questions, you can request for advice on company registration process in Nigeria and account opening from YB Case specialists.
How to open a business in Nigeria
If you are intended to set up a Nigerian company and open an account with an African bank, then you will need to fulfill the following conditions:
- At least 2 shareholders;
- 2 directors of any nationality;
- A company secretary;
- A registered physical office.
The paperwork for registering a company in Nigeria takes about 2 months. Terms of incorporation are up to 3-4 months.
You have an opportunity to open an account for a company in Nigeria remotely. Our specialists recommend you considering the following reliable banks:
- Standard Chartered;
- Stanbic IBTC;
- Citibank Nigeria;
- Guaranty Trust Bank;
- Zenith Bank;
- Guaranty Trust Bank.
To learn more, you can ask for personal advice on a business organization process in Nigeria from YB Case specialists. Also, we can provide you with support services in registering a physical office in this jurisdiction and provide qualified advice on the account opening with a Nigerian bank.