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Reasons for Setting Up a Company in Nigeria and the Registration Process

Incorporate Company in NigeriaNigeria is a country situated in West Africa and is considered the most populated region of Africa. The predominant religions are Islam and Christianity with English being the official language. After the country achieved the status of democracy in 1999, its economy has grown at a fast pace over the years compared to other African countries. Thus, you have a splendid idea if you thinking to incorporate company in Nigeria.

Thanks to reforms by the government, the nation has significantly developed in the fields of finance, education, transport, technology, and other sectors and it is fast on the way to becoming a global economic superpower. The country is also rich in natural resources and is the biggest oil exporter in Africa. Investing in Nigeria is a very sound option as it will yield outstanding returns.

 

Top 3 Reasons to Invest in Nigeria

1. One solid point in Nigeria’s favor is its strategic location. Asia, North and South America along with Europe have good access to Nigeria on account of its suitable place in the Gulf of Guinea. The developed markets of both Europe and North America consider Nigeria as a very suitably located hub for production.

2. The Nigerian government’s policies are very encouraging in the matters of Foreign Direct Investment. It has made things easier for foreign investors by offering many incentives such as free zones for trading and income tax rules which are favorable. Except in the sectors of oil and gas, there can be 100% company ownership in all other industries and complete repatriation of the profit earned by foreign investors. The government’s policies promote zero corruption and transparency.
3. Another decisive factor is the easy and cheap availability of skilled labor in Nigeria as compared to other African nations. Due to this, the production cost of companies becomes very low. Most of the population of Nigeria comprises of young people between the ages of 15 to 35, and that is a significant advantage,

 

The Process of Registering a Company

  • The first step is to choose a unique name for the company and register it. This can be done online on the CAC website and after submitting you will find out if others have used it. 3E Accounting would advise its clients to prepare three to four names to check their uniqueness.
  • This is followed by the preparation of the Memorandum of Association (MOA) and Articles of Association (A0A). With decades of experience, 3E Accounting can help you draft the same just right. At this stage, the objectives and name of the company, as well as information on the directors, shareholders and first employees, need to be detailed. Directors should be at least 18 years old, of sound mind and have no criminal record.
  • The next step is to fill out the CAC’s pre-registration form with details of all the necessary documents. 3E Accounting will help you arrange all the necessary documents required for company formation in Nigeria.
  • Stamp duty must be paid to the Commonwealth Revenue Office, followed by the Memorandum of Association and Articles of Association and company registration forms.
  • All documents must then be scanned for upload online, and finally, the original documents must be submitted for submission.

Let 3E Accounting serve you to incorporate company in Nigeria. We have a team of experts who can help you in different steps such as preparation of the document, marketing, accounting, taxation, and other certification processes. Get in touch with us through phone call or email, and we will get back to you shortly.