Nigeria Company Formation

Nigeria company formation is a legitimate way for entrepreneurs to conduct business in Nigeria and throughout West Africa. That said, Nigeria's reputation as a difficult place to do business is deserved, and successful Nigeria company formation requires in-depth local knowledge and expertise. The following information will help you determine whether Nigeria company formation is the optimum corporate structure to fulfill your international business objectives:
Advantages of Nigeria company formation
1.	Nigeria is Africa’s most populous company and a member of the Organisation of Petroleum Exporting Countries (Opec), presenting opportunities to foreign investors involved in the oil industry.
2.	100% foreign ownership is permitted with Nigeria company formation. Nigeria also has a low minimum capital requirement of 100,000 naira (US$805).
3.	To support Nigeria company formation, a range of incentives are available in special economic zones, including exemption from all federal, state and local government taxes for a up to three years, duty-free import of raw materials for finished goods destined for re-export.
4.	A Nigerian company accesses double taxation treaties with many countries including France, Germany, the Netherlands and the UK, to support Nigeria company formation.
5.	Healy Consultants can assist our client to obtain work permits for expatriate staff following Nigeria company formation.
6.	Following Hong Kong company formation, Healy Consultants can open a corporate bank account with one of the world's leading retail banks, including HSBC, Standard Chartered and Citibank.
Disadvantages of Nigeria company formation
1.	Nigeria has a poor international business reputation. Nigeria is negatively ranked as the world’s 147th least corrupt country in the 2007 Corruption Perceptions Index by Transparency International, a global measure of corruption amongst public officials and politicians. Furthermore, Nigeria has only the world’s 105th-freest economy according to the 2008 Index of Economic Freedom by The Heritage Foundation, scoring at 30% in terms of investment freedom and capital flows. This is a measure of freedom enjoyed in business, trade, monetary, financial, investment and labour markets. Additionally according to the World Bank's Doing Business 2008 Survey, Nigeria is ranked poorly as the 108th easiest place to do business in. The survey measures factors including business start up procedures, time, cost and minimum capital required to start a business.
2.	A minimum of two shareholders and two directors is required with Nigeria company formation. However, the shareholders and directors can be of any nationality, and need not be resident in Nigeria.
3.	A Nigerian company is liable to a 30% corporate profits tax on global income. A foreign-invested company is also required to submit annual audited financial statements to the Nigerian government.
4.	A foreign-invested company is required to submit annual audited financial statements to the Nigerian government.
5.	Nigeria is negatively ranked 95th by the Global Competitiveness Report, one of the world’s most comprehensive and respected assessment of countries’ competitiveness, offering invaluable insights into the policies, institutions, and factors driving productivity.
Other Information
Refer to the following to read more information on Nigeria company formation:

Contact Us
For more information on Nigeria company formation, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
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