11 steps to incorporating in Nigeria in 2021
- Prior to incorporating a company in Nigeria, our Client i) settles our fees and ii) signs and returns our engagement letter and iii) provide us all the required due diligence documents from each stakeholder;
- Healy Consultants’ business incorporation team performs a company name search and, if available we reserve the name with the Corporate Affairs Commission on your firm’s behalf;
- Healy Consultants’ Nigeria incorporation specialist drafts a detailed engagement plan for our Client, inclusive of opening a corporate bank account. This engagement project plan maps out, by week, each step to engagement completion, optimizing transparency and setting Client expectations;
- After the corporate structure is agreed with our Client, Healy Consultants will email incorporation forms for Client’s signature and courier return. Thereafter Healy Consultants legally incorporates the company and immediately emails to our Client i) the public profile for the company and ii) the certificate of incorporation;
- After establishing a Nigeria company, our Nigeria incorporation service provider emails the memorandum and articles of association and director and shareholder consent forms to our Client for his signature in front of notary public and courier return to us;
- Assuming our Client emails the above-signed documents to us in a timely manner (originals to follow by courier), Healy Consultants’ business incorporation team liaises with the Registrar of Companies to complete the requirements for incorporating the company, including paying the setup fee;
- Healy Consultants receives the certificate of incorporation from the Registrar of Companies, which our team immediately forwards to our Client;
- On the Client’s behalf, Healy Consultants’ Nigeria Set-up Team files a register of shareholders, directors, managers, and secretaries with the Registrar of Companies;
- Next, Healy Consultants registers the company for corporate income tax and VAT purposes with the Federal Inland Revenue Service. Furthermore, we will also register for PAYE (personal income tax) for the employees at the State tax office;
- Healy Consultants’ banking team completes corporate bank account opening for our Client, together, including world-class multi-currency internet banking facilities. Healy Consultants works with internationally recognized banks such as Standard Chartered and Citibank and local banks such as First Bank of Nigeria, Fidelity Bank Nigeria, Zenith Bank, and United Bank of Nigeria to provide corporate bank account services. Where possible, Healy Consultants’ Bank Account Opening Team will liaise with the bank to prevent our Client having to travel for an account opening interview. Immediately after the bank account opening, our Client is required to deposit the proposed share capital of the company;
- Following engagement completion, Healy Consultants couriers a company kit folder to our Client’s preferred international address, containing the following corporate documents including original corporate documents, unopened bank correspondence, and a Client feedback survey to assess the quality of our firm’s Nigeria incorporation services.
Frequently asked questions
Is there a minimum threshold of share capital required to incorporate a Nigerian company?No, Nigeria company law stipulates that a Nigeria company can be incorporated with a single share. However, the authorities may request a higher level of share capital for large companies, or if the company runs operations in complex sectors.