Explore Countries for Living & Doing Business
Find and compare the best jurisdictions for your business
Find and compare the best jurisdictions for your business
Compare with other jurisdictions or get in touch for expert guidance.
Africa's largest economy with growing tech scene
Region
AFRICA
Corporate Tax
30%
Setup Time
4 weeks
Currency
NGN
Nigeria, Africa's most populous nation, offers access to a 220 million person market with growing tech ecosystem. Company registration involves navigating complexity, but the scale justifies business setup investment for committed entrants.
Major cities like Lagos and Abuja offer different experiences—Lagos as commercial hub, Abuja as political capital. English is official language. The tropical climate is consistently warm.
Healthcare varies significantly, with quality private facilities available. Safety requires awareness and security measures in some areas. The cost of living is moderate.
The entrepreneurial energy and cultural vibrancy create dynamic but challenging environment.
Corporate tax rate stands at 30%, with lower rates for small companies. Personal income tax reaches 24%. VAT applies at 7.5%. Pioneer status incentives support certain industries.
The Nigerian naira has experienced significant devaluation and currency controls. The economy depends heavily on oil but tech sector growth is notable. The African Continental Free Trade Area promises expanded market access.
Company registration through the Corporate Affairs Commission is established. Private limited companies require minimum two shareholders and two directors. Foreign ownership is permitted in most sectors.
Company formation takes approximately 2-4 weeks. Minimum capital varies by sector. Annual compliance includes filing returns.
The SEC Nigeria has issued frameworks for digital assets, while the Central Bank has had restrictive positions. The regulatory environment is complex with ongoing policy development. Crypto businesses face regulatory uncertainty.
State-level licensing exists for gambling, with Lagos being a significant market. Online gambling regulation varies by state. The gambling license environment is fragmented.
Infrastructure challenges including power and logistics affect operations. The regulatory environment requires careful navigation. Currency access can be challenging.
Banking access is available through Nigerian banks. Professional services exist in Lagos and Abuja.
Nigeria suits businesses committed to African scale, tech-enabled services, and those with long-term market development perspectives for their business setup.
Local: Ltd
Local: PLC
Local: Branch
| Corporate Tax Rate | 30% |
| Personal Income Tax Rate | 24% |
| VAT / Sales Tax | 7.5% |
| Capital Gains Tax | 30% |
| Withholding Tax | 10% |
| Reduced Corporate Tax Available | Yes |
| Non-Resident Withholding Exempt | No |
| Tax Treaty Network | Yes |
| Banking Access | MEDIUM |
| Financial Privacy | LOW |
| Currency Controls | SOME |
| Local Bank Account Required | Yes |
| Non-Resident Bank Account Allowed | No |
| Physical Presence for Banking | Yes |
| Banks Restrictive (High Risk) | Yes |
| AML Officer Required | Yes |
| MLRO Required | Yes |
| Compliance Officer Required | Yes |
| Data Protection Officer Required | Yes |
| Bookkeeping Frequency | Annual |
| Local Bookkeeping Required | Yes |
| Mandatory Audit | No |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $500,000,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF Travel Rule |
| Business Plan Required | Detailed white paper, legal opinion on token classification, 5-year business plan |
| Personnel Required | CEO/MD resident in Nigeria, AML Officer, Compliance Officer, ICT Manager |
| Insurance Required | No |
| Remote Incorporation Possible | Yes |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | SEC Nigeria maintains register of licensed VASPs |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | Yes |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | Yes |
| Regulators | Securities and Exchange Commission Nigeria (SEC) |
| Licensing Fee | $0 |
| Licensing Fee Details | Application fees and registration fees apply; specific amounts determined by SEC upon application through ARIP process |
| Permitted Business Models | Digital Asset Exchange (DAX), Digital Asset Custodian (DAC), Digital Asset Offering Platform (DAOP), Virtual Asset Service Provider (VASP) |
| Permitted Activities | Exchange services, custody, issuance platforms, trading, portfolio management |
| Restricted Activities | Privacy coins may face additional scrutiny |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | Yes |
| Derivatives Allowed | No |
| RWA Tokenization Allowed | Yes |
| App Store Listing Allowed | Yes |
| Crypto Custody Allowed | Yes |
| License Required | Yes |
| Local Director Required | No |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $0 |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | N/A |
| Business Plan Required | Comprehensive business plan with 5-year financial projections, SWOT analysis, game event details |
| Personnel Required | Company Secretary, Compliance Officer, Accountant, ICT Manager, Operations Manager, Customer Care Manager |
| Insurance Required | No |
| Remote Incorporation Possible | Yes |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 2 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | NLRC maintains register of licensed operators |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Monthly |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | Yes |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | No |
| Regulators | National Lottery Regulatory Commission (NLRC); Lagos State Lotteries and Gaming Authority (LSLGA) for Lagos operations |
| Licensing Fee | $2,000,000 |
| Licensing Fee Details | ₦2,000,000 non-refundable application fee (NLRC); additional state fees may apply; 3% monthly gross turnover tax (1% NLRC, 2% NLTF) |
| Permitted Business Models | B2C, B2B |
| Permitted Activities | Sports betting, lottery, interactive/mobile gaming, promotional lottery, online gaming |
| Restricted Activities | Land-based casinos restricted; roulette, dice games (except backgammon), non-skill card games prohibited under Criminal Code |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | Yes |
| Player Fund Segregation | Yes |
| B2B/B2C Separate Requirements | No |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $100,000,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant |
| Business Plan Required | 5-year business plan with financial projections, operational procedures, risk management framework |
| Personnel Required | Minimum 5 directors, at least one Nigerian resident; CEO, Compliance Officer, AML Officer |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 2 |
| Min. Directors | 5 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | CBN maintains register of licensed financial institutions |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | Yes |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | Yes |
| Regulators | Central Bank of Nigeria (CBN) |
| Licensing Fee | $0 |
| Licensing Fee Details | PSSP/PTSP: ₦100 million capital deposit; MMO/Switching: ₦2 billion capital deposit; deposits returned upon license approval |
| Permitted Business Models | Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), Mobile Money Operator (MMO), Switching and Processing |
| Permitted Activities | Payment processing, merchant services, mobile money, switching, electronic payments |
| Restricted Activities | Banking services without full banking license; fund holding without MMO license |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | Yes |