When it comes to starting a business in Africa, Nigeria has always been a very good place to set up a business but also to make it known to the general public especially on the international level. To help you to start a business in Nigeria, discover How to set up a business in Nigeria because all the information you will have here, you will really need it when you will be doing your steps for the opening of your future company.
Indeed, having the idea of carrying out your project of creation of company in Nigeria is a thing which will surely help you to evolve in your career of contractor simply because this country presents quite a lot of advantages to the investors that it is the locals or the internationals on all the plans to know on the taxation, in the steps of the creation of a company, in the various sectors of activity to be exploited, …. In short, the advantages of undertaking in Africa and Nigeria in particular, will allow you to discover many things that other investors still ignore on this continent, sometimes very badly known to some.
Africa is an emerging continent because Africa is still a continent where most of the markets are unexploited or almost, which means that there is really something to celebrate because in Africa, it is possible to innovate even with ideas already used on other continents (America, Europe, Asia) and take them to exploit them in Africa and succeed in the true sense of the word, yes it is possible.
As an investor wishing to start a business in Nigeria, you should know that although this country is in Africa, it has been able to stabilize its economy for a long time now.
Without further ado, let’s start by discovering everything you will need to be able to expatriate to Nigeria and create your business in Nigeria in a more reassuring and propulsive climate for entrepreneurs.
Employment solutions in Nigeria: Nigeria PEO
How to start a business in Nigeria:
A priori, you must know that in Nigeria, when creating your company, you will necessarily have two choices that will be presented to you by the administration namely that of creating a new company or that of acquiring a company that already exists on the market but the latter will have to be officially recognized by the Nigerian State.
Here are the main steps that you will have to follow in order to achieve your goal of creating your business in Nigeria.
-Make a good idea of the market in order to define a good strategy to launch your business and stand out from the crowd.
-Make a business plan (a document made by the entrepreneur that will include all the important points of your business).
-Start the process of registering your business with the Chamber of Commerce.
-Register your company for VAT (tax authorities).
-Open a business bank account for your new business.
-If it is not a new business that you are going to create, then you will have to proceed with the necessary steps to acquire an existing business in Nigeria.
-As a foreign entrepreneur, you will have to think about obtaining a business permit or expatriate quota that can be obtained from the Nigerian Immigration Service.
Types of businesses existing in Nigeria:
In Nigeria, there are several legal forms of business that will be proposed to you and you will have to choose only one status for your company but it is advised to make this choice well because it will determine the evolution of your company in Nigeria.
The form of a company influences the taxation of a company,…and many other things besides. Hence it is important to know what to choose so as not to penalize yourself with your company in the long run.
We find therefore :
– The status of a public limited company (LTD)
– The status of a private limited company (PLC)
-The status of an unlimited company (UNLTD)
– The status of a Company Limited by Guarantee (LBG)
However, if you are unable to choose the status of your company in Nigeria, you should simply go to any Nigerian notary public or to the Chamber of Commerce and Trade in order to help you choose the form of your company depending on your share capital, the size of your company, the activity you intend to carry out and the number of employees to be recruited
And if your financial means allow it, you can simply delegate the creation of your company in Nigeria to a local agency in order to do everything for you and present you just the final documents once the company will be already registered and created (Without forgetting that this alternative solution will still cost you money although things will be easier and faster).