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Under Nigerian law, a foreign-owned company must have a minimum share capital of N10,000,000.00 (Ten Million naira). The official cost of registering a company of N10 million naira is N520,00.00 Please find attached a schedule of the processes for incorporating a company in Nigeria. The steps towards incorporating a company in Nigeria are as follows:
1. Incorporation of a company in Nigeria;
The first step towards incorporation of the new company is to conduct a search as to the availability of the proposed company name and, if
available, reserve the name with the Corporate Affairs Commission.
a) Cost of Search is: N4,000. There is no professional fee.
b) The second step is to pay the Stamp duties. The stamp duty on N10
million ordinary shares is approximately N170,000.00.
c) The Filing Fees charged by the Corporate Affairs Commission on N10
million shares is approximately N170,000.00.
d) Miscellaneous facilitation fees is N25,000.00
e) Our professional fees is N150,000.00 (approximately USD 1000.00)
2. Procuring Business Permit;
The official fee is: N25,000.00
Stamping Fee is: N25,000.00
Professional fee is: N80,000.00
3. Procuring Immigration Quota for expatriate staff;
Official fee is N45,000.00 per quota
Professional fee is: N85,000.00 per quota
4. Registration with FIRS for VAT Certificate;
Official fee is N25,000.00
Preparation of Statement of Accounts is: N20,000.00 Professional Fee is: N50,000.00
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