Nigeria_Africa_Shanghai CHYIELD Enterprise Consulting Co., Ltd.

GLOBAL REGISTRATION

Nigeria

Advantages of Registering a Company in Nigeria

1. Abundant natural resources and young population: It creates a broad market and massive consumer base for newly incorporated companies.

2. Well-developed business environment: Various preferential policies are available to build a sound operating environment for enterprises.

3. Favourable geographical location: As a commercial hub of West and Central Africa, Nigeria brings enterprises more development opportunities and convenient conditions.

4. Diverse cultural atmosphere: Nigeria boasts rich multicultural heritage and friendly locals, which facilitates companies to better integrate into the local market.

REQUIREMENTS

COMPANY TYPE

MATERIALS

Serial

Name

Details

Shareholders and Directors

There shall be at least one shareholder, who can be a natural person or a corporate entity;

A minimum of two directors is required, and an individual shareholder may concurrently serve as a director.

There are no nationality restrictions for shareholders and directors.

Only documents of individual or corporate shareholders are required for registration, and notarization is not necessary at this stage.

Registered Capital

Since December 2023: Where foreign capital participates in company incorporation, the minimum share capital requirement stands at 100 million NGN. For ordinary industries, capital subscription is acceptable without mandatory upfront payment, and there is no deadline for full settlement. Please provide your exact intended business scope, enabling our team to confirm the required share capital and paid-up obligations. If your business covers regulated sectors requiring special permits, kindly specify the detailed business activities.

Company Name

At least three proposed company names shall be submitted, which must end with "limited" or "LTD".

Business Scope

A clear business scope is required.

Registered Address

A registered address within Nigeria is required.

Shareholding Percentage

The shareholding ratio of each shareholder shall be clearly stated.

Serial

Name

Details

Private Limited Company（LTD）

This is the most prevalent type of business entity, where shareholders’ liability is limited to their capital contributions. The minimum share capital is 10,000 Nigerian Naira, with a minimum of 2 and a maximum of 50 shareholders and directors in total.

Public Limited Company（PLC）‌

It allows the public to subscribe for shares via stock exchanges and is suitable for enterprises seeking large-scale financing. The minimum share capital is 500,000 Nigerian Naira, with no cap on the number of shareholders.

Company Limited by Guarantee（GTE）

It is generally a non-profit entity suitable for charitable, public welfare and social welfare projects. The liability of its members is limited to the guaranteed amount they undertake.

Unlimited Company

Shareholders bear unlimited joint and several liability for the company's debts. This entity type is rarely adopted and suitable for investors with high risk tolerance.

Serial

Name

Details

Information Collection Form

Individual Shareholder

Provide clear and complete scanned copies of the passport bio-data page, as well as both sides of the identity card.

Corporate Shareholder

Business license and Articles of Association of the company (both Chinese and English versions); Clear and complete scanned copy of the bio-data page of the legal representative’s passport; Complete equity structure diagram of the Nigerian company.

Nigerian Company Director

Clear and complete scanned copy of the passport bio-data page

Power of Attorney

Notes

Registration with the Nigerian Investment Promotion Commission and application for business permits depend on the actual business conditions of the company; such documents are not required for every enterprise.

REGISTRATION PROCESS

1

Fill out the information collection form and provide details of shareholders and directors, together with the proposed company name and business scope.
2

Company name availability check
3

Our company shall draft the power of attorney
4

Submit the documents to proceed with company registration formalities
5

Registration for Companies Income Tax (CIT) and Value Added Tax (VAT)
6

Open a corporate bank account and obtain the CCI Certificate.
7

Registration with the Nigerian Investment Promotion Commission
8

Application for Business Permit