Understand the Jurisdictions Setup Requirement Before Proceed Your Nigeria Company Registration
Owing to massive traffic of incoming feedbacks and requests, 3E Accounting has finally decided to extend its jurisdictions setup services to Nigeria. This means that from now on you can directly call us if you want to open a company in Nigeria. We will complete the entire Nigeria company registration process for you without you having to stress amidst confusing officialities and lengthy process.
Nigeria is a great place to open a business. Also known as the “Giant of Africa,” the country boasts one of the most advanced economies in the continent. The nation has been making long strides in the area of health, education, technology, tourism, manufacturing, and others. Being a developing nation, there are many unexplored ideas in the region, which makes it exciting to think about what you can do once you establish a business there. Adding on to that, the oil and cheap and skilled workforce add a crop to the cream.
Types of Business Entities in Nigeria
Even if you decide to avail 3E Accounting’s services for Nigeria company registration, you will still need to know the basics about how the market works. As a foreigner investor, you can open the following types of companies in the country.
Limited Liability Company
The limited company is the most popular business entity among foreigner businesspeople in Nigeria. A Nigerian Limited Liability Company has the following requirements:
- The minimum share capital is NGN10,000. You must allot at least 25% of the share amount during the time of incorporation.
- The company must have a registered address. It should be a physical address and not a P.O. Box Number.
- The company name should be unique and represent the nature of the business. It can’t be vulgar, and can’t be similar to other firms in the country. The company name will have an Ltd. or an Inc. suffix after the process is complete.
- At least two partners above 18 years should start the company.
- There can’t be more than 50 shareholders.
- Both shares and guarantee can limit the company.
Public Limited Company
A public limited company is a larger form of the private limited company. The minimum requirements are the same, excluding the budget- there should be at least NGN 50,000 share capital. Remember that the company owner(s) or directors should own at least 25% of the shares.
The one difference between a private limited company and public limited is that shares are open to the public in the latter.
Public Unlimited Company
A public unlimited company has unlimited shares as opposed to the public limited company. This means that if the company goes down, the shareholders will need to contribute every personal fund they have to keep it running. Thus, a public unlimited company is for already established enterprises which have almost no risk of falling after being in the business for years.
How Much Time Does It Take to Register a Company in Nigeria?
The Nigeria company registration process generally takes a month or more depending on how you arrange the paperwork. However, with 3E Accounting, you can be assured of completing the process in the shortest possible time for your case.
For more information, you can call 3E Accounting Hong Kong, and we will organize a consultancy session to address any of your questions regarding Nigeria company registration.