Hello,
I live in Nigeria and run a company in the Federal Capital Territory (Abuja). This makes me geographically close to the Corporate Affairs Commission (CAC) headquarters in Maitama, Abuja.
Here is what you need to successfully incorporate the company.
a) You need to pay $1000 for incorporation of a company with 1 million share capital. The company must reflect at least 51% Nigerian ownership, at least on paper, to comply with the local content requirements. This step requires a lawyer so the lawyer's fees are built into the cost.
b) A company TIN (Taxpayer ID number). This is free.
c) The nature of your business will determine if you need a SCIML clearance from the EFCC.
d) You will need to open a corporate bank account with signatories. You need the TIN certificate for this step.
e) If employing more than 5 people, you need to register with PENCOM (Nigerian Pension Commission) and remit the required employer's contribution towards pension payments.
Financial requirements are as follows:
a) Company registration: $1000
b) Logistics for securing documentation: $600
c) My pay for this project: $400
TOTAL: $2000 (Freelancer fees included)
It will take at least three weeks to register the company. If applying for same-day company registration, the cost of this step doubles ($2,000 for same-day registration).
The remuneration for running the company in Nigeria will be discussed separately. Thank you.
Dr Eno