Nigeria
Key entity, tax, banking, visa, and compliance guidance for foreign founders incorporating in Nigeria.
Foreign Ownership Eligibility
Nigeria welcomes 100% foreign-owned companies
A physical visit is required at some point during the formation process.
- Private Ltd is the common legal vehicle
- Minimum two shareholders and one director are typical baseline
- Corporate tax is tiered by turnover bands
- Local registered address is required
Ownership
100% Foreign OK
Formation
Visit Required
Note
Some residency, permit, and audit exemption details are marked for verification.
Tax at a glance
Nigeria Tax Overview
0% small, 20% medium, 30% large by turnover
Corporate income tax
FIRS framework
7.5%
VAT
FIRS framework
10% for non-resident payments
Dividend withholding
Nigeria tax summary
Pros & cons
Advantages & Considerations
Key Advantages
Largest consumer market in Africa
Tiered CIT framework supports smaller turnover bands
Modernized company law under CAMA 2020
Strong banking and fintech activity in major cities
Considerations
Currency volatility and FX restrictions
Infrastructure gaps and power reliability issues
Bureaucratic complexity at CAC and regulatory agencies
Incorporation Process
The process is strictly digital. Each stage builds on the previous one.
Reserve and approve name
Submit incorporation
Tax and investment setup
Bank and permits
What you'll pay
Cost Architecture
Government Fees
Annual Ongoing
Professional Services
Bank onboarding and FX controls can slow initial operations.
Still unsure about costs?
These are estimates — your actual cost depends on your structure
Every Nigeria setup is different. A 15-minute call with one of our specialists will give you a personalised cost breakdown — completely free.
Fintech & Banking
Can non-residents open accounts without visiting? YES.
Banking options for non-resident founders in Nigeria. Remote account opening availability varies by institution.
| Institution | Type | Ease for Non-Residents | Notes |
|---|---|---|---|
| Zenith Bank | Traditional bank | Low (Visit Required) | 2-6 weeks in many foreign-owned cases • Bank package dependent • Bank specific • CAC docs, TIN, UBO records, signatory KYC and local address • Local transfers, cards, online banking, corporate channels |
| Access Bank | Traditional bank | Low (Visit Required) | 2-6 weeks in many foreign-owned cases • Bank package dependent • Bank specific • CAC docs, TIN, UBO records, signatory KYC and local address • Local transfers, cards, online banking, corporate channels |
| GTBank | Traditional bank | Low (Visit Required) | 2-6 weeks in many foreign-owned cases • Bank package dependent • Bank specific • CAC docs, TIN, UBO records, signatory KYC and local address • Local transfers, cards, online banking, corporate channels |
| First Bank Nigeria | Traditional bank | Low (Visit Required) | 2-6 weeks in many foreign-owned cases • Bank package dependent • Bank specific • CAC docs, TIN, UBO records, signatory KYC and local address • Local transfers, cards, online banking, corporate channels |
| UBA | Traditional bank | Low (Visit Required) | 2-6 weeks in many foreign-owned cases • Bank package dependent • Bank specific • CAC docs, TIN, UBO records, signatory KYC and local address • Local transfers, cards, online banking, corporate channels |
| Fintech channels are active but bank compliance remains strict | Fintech | High (Remote) | 2-6 weeks in many foreign-owned cases • Bank package dependent • Bank specific • CAC docs, TIN, UBO records, signatory KYC and local address • Local transfers, cards, online banking, corporate channels |
Regulatory requirements
Annual Compliance Matrix
| Requirement | Deadline | Details |
|---|---|---|
Annual return | Ongoing | Yearly. File annual return with CAC. |
Tax filings | Ongoing | Periodic and annual. Submit VAT and CIT filings on statutory schedule. |
Audit filings | Ongoing | Annual. Small company exemptions may apply under CAMA thresholds. |
Frequently Asked
Speak with a Nigeria specialist
Get personalised guidance on entity types, costs, timelines and banking — free, no commitment needed.