Quick Answer: Can a foreigner own a business in Nigeria?

1) Foreign nationals and entities can fully own a company in Nigeria: save for few exceptions, which include companies seeking to bid for contracts in oil and gas industry that requires 51% of shares of such companies be owned by Nigerians, foreign nationals may register and fully own shares of a limited liability …

How can a foreigner start a business in Nigeria?

Setting up a Business in Nigeria

  1. Incorporation of a Limited Liability company with a share capital of N10m (Ten Million Naira) at the Nigerian Corporate Affairs Commission (CAC). …
  2. Obtain a Tax Identification Number and register for Value Added Tax at the Federal Inland Revenue Service – TIN and VAT Registration.

Can a foreigner register a business name in Nigeria?

In exactly the same vein, any individual foreigner looking forward to taking part in any type of business in Nigeria should also register such a business and meet some other requirements to get a company incorporated in Nigeria as stipulated by requisite laws.

Can I start a business without registering it in Nigeria?

By law every enterprise in Nigeria is required to be registered and complied with the Corporate Affairs Commission with the relevant provisions of the Companies and Allied Matters Act, Chapter 59, Laws of the Federation of Nigeria 1990. … I do not need to register the business to make it more profitable.”

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How much money do you need to start a business in Nigeria?

Pay the necessary fees. For a sole proprietorship/business name as it is popularly called, you would need between N12,000 and N15,000 to register your business with the CAC, while other forms of ownership would require at least N30,000 for registration.

Can I start a business in Nigeria?

Registration of business is very paramount for everyone that wants to start a business. … For example, if you are a Nigerian business you can register your business with Cooperate Affairs Commission (CAC) at the federal level and then with Chamber of Commerce at the state level.

How much does it cost to register a foreign company in Nigeria?

Fee for filing of a notice of exemption of a foreign company from registration – 30,000 Naira. Fee for reinstatement or relisting a company’s name – 25,000 Naira. Fee for registering charges for a private company – 10,000 Naira for each 1 million Naira or part of a million.

Can a foreign company open a bank account in Nigeria?

Under the Nigerian banking regulations, only a company duly registered in Nigeria can open a bank account in Nigeria. Consequently, a foreign company is not entitled to open a business bank in Nigeria unless it has been registered in Nigeria. Therefore, it is mandatory for a business to be duly registered.

Can I use an unregistered business name?

It’s an offence to carry on business under an unregistered business name unless you trade under your own name such as Mary Jones. If you want your business to trade under a name that is different from your legal name, then you’ll have to register it as a business name.

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What are the 3 types of companies?

The three basic types of companies which may be registered under the Act are:

  • Private Companies;
  • Public Companies; and.
  • One Person Company (to be formed as Private Limited).

Which business is more profitable in Nigeria?

Real Estate is no doubt one of the most profitable businesses in Nigeria and the world. Real Estate is as relevant as ever because people will always need a place to stay. As the population of Nigeria continues to increase, the need for housing continues to grow. There are several opportunities to choose from!

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