Business entities in Namibia

Business entities in Namibia

business entity setup requirements in Namibia Healy Consultants will assist our Clients with incorporating the optimal corporate structure. There are several ways of doing business in Namibia, the most common being the setting up of an LLC. Alternatively, foreign companies can also incorporate PLC or a branch office.

The Namibia limited liability company (LLC)

  • This Namibia business setup can be incorporated with i) share capital of US$1 ii) 1 shareholder and 1 director, both of whom can be of any nationality and may be resident anywhere in the world. However, the company must secure a lease agreement for its registered office to complete the company registration;
  • During incorporation, the entity must appoint a registered auditor, as the company is legally obliged to carry out an annual audit of its financial statements. However, resident companies are not required to submit the financial statements to the government.

The Namibia public limited company (PLC)

  • Although the Namibian law does not set a minimum level for the paid-up share capital requirement, at least seven shareholders and two directors must be appointed. Furthermore, like an LLC, a Namibia PLC is also required to go through an annual audit and must designate a statutory auditor for that purpose;
  • This business entity is recommended when the company owners intend to raise capital by publicly listing their company. However, it is not mandatory for a public limited company to be listed on the Namibian Stock Exchange (NSX).

The Namibia branch office

This Namibia business setup will not be considered an entity separate from the parent company. However, it will have an independent management team and corporate bank account, but the scope of its operations will still be defined by the parent company. Lastly, a branch office will be required to appoint a Namibian registered accountant and auditor and maintain statutory records in Namibia.

Table of comparison between Namibia business entities

 LLCPLCBranch
Also known as:Private companyPublic companyBranch
How long to set the company up?14 weeks16 weeks18 weeks
How long to open company bank account?2 weeks3 weeks4 weeks
Legal liability?LimitedLimitedUnlimited
Wholly foreign owned?YesYesYes
Minimum paid - up share capital?US$1US$1US$1
File annual tax return?YesYesYes
Tax registration certificate required?YesYesYes
Recommended corporate bank account?Bank WindhoekFirst National BankNedbank
Does our Client need to travel?NoNoNo
Resident director required?NoNoNo
Resident shareholder required?NoNoNo
Minimum directors allowed?111
Minimum shareholders?111
Tax identification code needed?YesYesYes
Namibia resident company secretary required?NoNoNo
Corporate shareholders allowed?YesYesYes
Corporate director(s) allowed?YesYesYes
Statutory audit required?YesYesYes
Namibia corporate tax rate?33%33%33%
Annual financial statements required?YesYesYes
Regulated by?Ministry of Trade and IndustryMinistry of Trade and IndustryMinistry of Trade and Industry
Allowed to issue sales invoices?YesYesYes
Allowed to sign contracts?YesYesYes
Allowed to import and export goods?YesYesYes
Can rent an office space in Namibia?YesYesYes
Can buy Namibia property?YesYesYes
Total Namibiabusiness setup costs in yr. 1?US$8,950US$8,950US$10,150
Subsequent annual costs (incl. accounting and tax fee)?US$8,810US$8,810US$9,610
Sample engagement invoice?Namibia PLC invoiceNamibia branch invoice

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Contact us

For additional information on our business setup services in Namibia, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
namibia-bank of namibia namibia-chamber of mines namibia-government namibia-ncci