The state's main economic sectors are represented in the form of: natural resource extraction,
agriculture, fishing, light industry and heavy industry.
The state's currency is the Nigerian naira (NGN). English is legally recognised as the state language.
Nigeria has an active foreign policy aimed at rapid international integration and cooperation. The fruits of this policy can be seen in the participation in a large number of international organisations. International organisations in which Nigeria is directly involved: African Development Bank, ECOWAS, IAEA, WTO, Organisation of Islamic Cooperation (OIC) and others.
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Out of the the advantages that are open to founders when incorporating a company in Nigeria, it is worth noting in particular:
According to current legislation in Nigeria, incorporation of such companies would be very attractive to foreign founders:
Shareholders enjoy limited liability, which means that their personal assets are not subject to charges in the event of insufficient assets for liabilities incurred against the company's creditors, and their risk is reduced to their shares in the company only. Shareholders are not allowed to dispose of their part of the company to the general public on any stock exchange. Due to the simplicity of this structure and the advantages of the company, it is one of the most common forms of registered business in Nigeria.
A public limited company differs from a private limited company in that it is able to sell its shares to the public through a stock exchange. In such a company, the shareholders are only liable for the amount of capital they have invested in the company. There is no limit to the maximum number of participants who can join the company.
Founders should consider the specifics of incorporating a company in Nigeria:
The Finance Act 2019 divides companies into three categories for the purpose of paying corporation tax. They include the following:
The value added tax rate in Nigeria is 7.5%.
Capital gains tax rate: 10%.
Dividends paid by resident companies to other resident companies are subject to a 10% tax at source.
The above does not constitute tax or legal advice for your specific situation.