Company registration in Nigeria

Name of service Bronze Silver Gold
Check and reserve of the company name Obtaining approval from the registrar for the company name
Company registration, including state fees Preparation of a full package of documents, depending on the chosen form of ownership, cooperation with the relevant authorities prior to obtaining information on company registration
Legal address for 1 year Provision of legal address for your company in a given jurisdiction, eliminating the need to purchase or rent real estate
Assistance in opening an account Collection, preparation and submission of the necessary documents for opening a corporate account
Services of local director for 1 year Providing a resident director of a given jurisdiction or the EU, which is necessary for registering a company and opening an account at a local bank
Total cost
2990 EUR 3980 EUR 6980 EUR
Accounting services
250 EUR 250 EUR 250 EUR
Annual renewal (paid from the second year)
1900 EUR 1900 EUR 4900 EUR

Deal of the month

If you will register a company until May 31,
opening a bank account is for FREE

6 easy steps to get started
  • 1

    Select your
    preferred jurisdiction

  • 2

    Choose a bank
    that meets your
    company's needs

  • 3

    Pay for our services
    using a convenient
    payment method

  • 4

    Receive all necessary
    corporate documents

  • 5

    Receive details
    for your newly opened
    bank account

  • 6

    We'll deliver the original
    documents directly
    to you

Nigeria is one of the African countries that has made significant steps in reforming its business legislation in 2020-2021. The country encourages foreign investment by simplifying the registration process and requirements for running a business further. Nigeria has rather developed oil and gas, services and manufacturing sectors. If you think about establishing your presence in this country, you may do this in one of the next forms.

Major Forms of Legal and Business Presence

If you have decided to choose Nigeria as your target jurisdiction, consider these the most widespread forms of establishing a legal and business presence in this country:
  • Private Company Limited by Shares – a corporate entity that can have up to 50 shareholders whose liability is restricted to the unpaid amount of the contributions to this company. The entity exists separately from its shareholders. In the case of insolvency, exactly the company is responsible for all debts incurred. Certain restrictions for the transfer of shares are applied. The minimum statutory capital, in this case, shall be at least N 100, 000.
  • Public Company Limited by Shares – a vehicle where the liability of shareholders is also restricted to the unpaid value for the shares. The entity can be founded by two or more persons who can freely transfer their shares. Usually, this type of company is used for raising extra funds. The minimum statutory capital, in this case, shall be at least N 2,000, 000.
  • Unlimited Company – a legal entity where the liability of shareholders is not restricted in any way. Even their personal property may be called to cover potential losses incurred as the result of carrying out commercial activities. This type of company may be private or public with the application of the same requirements stated above for companies limited by shares.
  • Limited Partnership – an option for carrying out joint business where should be (i) at least one general partner who bears the entire liability for the results of the partnership's operation and (ii) limited partners whose liability is restricted to the amount of the contributions made or the amount they agree to contribute. Generally, there cannot be more than 20 persons in this partnership.
  • Limited Liability Partnership – an option for doing business where should be 2 or more partners among which are 2 designated partners (one of them should be a resident of Nigeria). The partnership is treated as a separate corporate entity where the liability of partners is limited to the amount of contributions made.
  • Registering a business name – a maximally flexible option that addresses less formalities. The liability for the results of business operations is unlimited in this case. Still, businessmen pay a minimum amount of taxes. This form is maximally suitable for small and private businesses. The option may be easily converted later to a company limited by shares.

Registration Requirements and Steps

Establishing a company in Nigeria may preliminary require completing these registration stages:
  1. Identifying your business priorities.
  2. Choosing, checking the availability and reservation of a suggested business name.
  3. Arranging the registered office for a future entity.
  4. Collecting details about founders, beneficial owners and managers of a future entity.
  5. Drafting and formalizing the statutory documents for a future entity.
  6. Forming and lodging the set of incorporation documents for the registration through the Companies Registration Portal.
  7. Registration for tax and social security purposes.
  8. Making a company's seal.
  9. Opening a corporate bank account.
  10. Obtaining licenses and additional permits (required for certain regulated types of activities only).

Legal and Regulatory Framework

The local legal system is based on English common law. In 2021, doing business is regulated by the renewed Companies and Allied Matters Act and Companies Regulations. Another legal act that foreign investors should consider too is the Investment and Securities Act. The Corporate Affairs Commission, the Federal Inland Revenue Service, the Central Bank of Nigeria and the Securities and Exchange Commission are the main regulatory authorities in terms of establishing a business in Nigeria and its further operation.

Advantages of the Jurisdiction

Enterprise registration in Nigeria may be potentially profitable in view of the next advantages of the jurisdiction:
  • Availability of online portals for local businesses (for instance, the Companies Registration Portal, the Integrated Tax Administration System)
  • Reduced amount of time and financial resources for starting a business in Nigeria
  • Existence of special economic zones
  • Tax incentives for doing business in certain areas (exemptions, tax holidays, investment allowances, etc.)

Tax System of Nigeria

While considering an option of company formation in Nigeria, take also into account these basic tax highlights the jurisdiction has:
  • Corporate tax rates – (a) 0 % – for small companies, (b) 20 % – for medium companies (c) 30 % – for large companies
  • Personal income tax rate – 24 %
  • Value-added tax rate – 7.5 %
  • Withholding tax rates (for non-residents) – (i) dividends – 10 % (ii) interests – 10 % (iii) royalties – 10 %. These rates for non-residents can be reduced to 7.5 % according to certain double-tax treaties.
  • Capital gains tax rates – (i) corporate – 10 % (ii) individual – 10 %

How Prifinance Specialists May Help You

If you evaluate an opportunity of setting up a company in Nigeria, Prifinance specialists may help you in assessing this option in detail from the point of your business objectives. Our lawyers can assist you with drafting documents for the registration and actually completing this registration. Our specialists will also open a corporate bank account for the future entity and support its further operation. Reach us for more precise discussions and suggestions.


Our clients

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10:31 20 Mar 24
Collaborated with the company for 3 years. I can’t say that everything was smooth from the point of view of organizing the work; there was confusion in the structure of the work, etc. But I’ll specifically highlight employee Lyubov Malinowski, she very diligently corrected all errors and was in touch at the right time, her help was significant in all processes and she approached all issues precisely. I would like to separately highlight the moment when she solved the problem at her own expense, which speaks of the person’s professionalism and increased responsibility.
11:40 01 Mar 24
As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly and securely.But that's not all. We had a slightly time-sensitive situation when it came to changing the beneficiary details on our account. Prifinance stepped up to the plate and handled everything quickly and professionally.It's not just about getting the job done. It's about how Prifinance does it. They're all about making complex financial matters simple and accessible for companies like ours. Plus, their team, especially Liubov Malinowski, has been nothing short of fantastic to work with - professional, timely and always on the ball.In short, FewMoreTaps OÜ wholeheartedly endorses Prifinance OÜ. Whether it's opening bank accounts remotely or navigating the financial legalities of running an international business, these guys have got your back. A big thank you to the entire Prifinance team for their first class support and expertise.Here's to more collaborations in the future!Best,Kiryl Nest
Mina KedisMina Kedis
18:10 23 Feb 24
I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia
Róbert KnapecRóbert Knapec
15:08 22 Feb 24
We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.
Anna AnnaAnna Anna
13:33 07 Feb 24
I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license stress-free!
Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and instructions clearly and neatly. No misunderstandings!Honestly, I expected opening a Swiss bank account to be complex and time-consuming, but thanks to Prifinance, I felt like a professional financial expert. Thank you for making this process so easy and enjoyable!
Maria Jose SantomeMaria Jose Santome
20:39 13 Dec 23
I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!
Valon StatovciValon Statovci
12:43 27 Nov 23
I used Prifinance to help me with a new corporate structure. The team were helpful and communicated well from the initial onboarding with Daniel to case handling by Karmen. They also responded to additional requests post incorporation very quickly, Thank you and would work with them again