Fees and timelines in 2023
Fees
Nigeria company formation costs for a Nigerian LLC in Year 1 are US$9,690 and annual company costs in Year 2 and thereafter amount to US$2,550. Average Nigeria company registration engagement fees amounts to US$20,700, including company formation, opening a corporate bank account, and all government fees as detailed in the table below.
| Different Nigeria entity types | Cost | Draft invoice |
|---|---|---|
| Tax resident LLC | US$20,700 | View invoice PDF |
| PLC | US$22,803 | View invoice PDF |
| LLC (oil & gas services) | US$46,350 | View invoice PDF |
| Representative office | US$21,800 | View invoice PDF |
| Free zone | US$25,600 | View invoice PDF |
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Timelines
The average engagement period for establishing a business is 15 weeks as outlined below:
| Service | Duration |
|---|---|
| Engagement planning | 2 weeks |
| Company incorporation | 5 weeks |
| Corporate bank account approval | 4 weeks |
| Corporate internet banking approval | 3 weeks |
| Engagement completion | 1 week |
| Total engagement period | 15 weeks |
