Loading Macroeconomic Data
Fetching live data from World Bank...
Loading Macroeconomic Data
Fetching live data from World Bank...
Complete guide: entity types, registration, costs, taxes, labor laws, and break-even analysis
~49 days
Setup Time
~$315
Setup Cost
30%
Corporate Tax
100%
Foreign Ownership
#131
Ease of Business
| Entity | Min Capital | Foreign % | Liability | Min Shareholders | Best For |
|---|---|---|---|---|---|
Private Limited Company (Ltd) Private Company Limited by Shares | 10,000 NGN | 100% | Limited | 1 | Most common for foreign investors - limited liability, separate legal entity |
Public Limited Company (Plc) Public Company Limited by Shares | 2,000,000 NGN | 100% | Limited | 2 | Large companies planning to list on the Nigerian Stock Exchange |
Company Limited by Guarantee | None | 100% | Limited | 1 | NGOs, nonprofits, associations - no share capital, members guarantee debts |
Business Name (Sole Proprietorship/Partnership) | None | No | Unlimited | 1 | Nigerian nationals only - small businesses, freelancers, informal trade |
Check and Reserve Company Name
Search and reserve a unique company name through the CAC (Corporate Affairs Commission) portal
1-3 days
~$15
Corporate Affairs Commission (CAC)
Prepare Incorporation Documents
Draft the Memorandum and Articles of Association, Form CAC 1.1, and consent of directors
2-5 days
~$200
Legal Practitioner
File for Incorporation at CAC
Submit all documents electronically through the CAC Company Registration Portal (CRP)
3-14 days
~$100
Corporate Affairs Commission (CAC)
Register for Tax with FIRS
Obtain Tax Identification Number (TIN) from the Federal Inland Revenue Service
1-7 days
Free
Federal Inland Revenue Service (FIRS)
Register for VAT
Register for Value Added Tax with FIRS if providing taxable goods or services
1-5 days
Free
Federal Inland Revenue Service (FIRS)
Register with NSITF and ITF
Register with the Nigeria Social Insurance Trust Fund and Industrial Training Fund
3-10 days
Free
NSITF / ITF
Open Corporate Bank Account
Open a business account at a Nigerian bank with CAC certificate and TIN
1-5 days
Free
Commercial Bank
$42/mo
Minimum Wage
$350/mo
Average Wage
40 hrs/week
Work Hours
6 days/year
Paid Leave
0 weeks/year
Severance
10% of salary
Employer Social Security
8% of salary
Employee Social Security
Required
Foreign Worker Permit
Foreign Worker Quota: Expatriate quota must be approved by the Ministry of Interior. Companies must submit a training plan for skill transfer to Nigerians.
Work Permit Process: Employer obtains expatriate quota approval from Ministry of Interior. Employee applies for STR visa, then converts to CERPAC upon arrival.
#131/190
Ease of Business Rank
30 days
Starting a Business
92 days
Registering Property
476 days
Enforcing Contracts
25/100
Corruption Perception
55%
Internet Penetration
NGN
Currency
UTC+1
Time Zone
12
Retail (months)
10
F&B (months)
14
Tech (months)
20
Manufacturing (months)
8
Services (months)