Set-up Your Company in Nigeria
Nigeria is observed as an emerging market with a mixed economy having a skilled workforce available for the effective management of various projects in the country. Company formation is the most suitable option for a business looking to expand into the Nigerian market as it provides the liberty to freely perform business activities.
Setting up a Business can be a little challenging in a new region which has its own potential legal hoops. Any business looking for a legal set up in Nigeria needs to be registered with the Corporate Affairs Commission (CAC). NNRoad is a global platform that can help you to start your company in Nigeria.
We facilitate the running of your business through entity formation keeping your business objectives at the center of our operations and providing the setup in full compliance with the Nigerian standards.
Business entities you can open in Nigeria
1) Private Limited Company (Ltd)
A private limited company is a legal entity in its own right, separate from those who own it, the shareholders. The limited liability and simplicity of running the private limited company make it the most common registered business in Nigeria.
2) Public Limited Company
A public limited company differs from the private version in that it is able to sell its shares to the public and may be quoted on the stock exchange. A public company must have at least 500,000 authorized share capital and the subscribers must take up at least twenty-five percent of the authorized share capital.
3) Sole Trader
This is the simplest form of enterprise, as it does not require registration, though the sole trader may wish to register the business name to exclude other businesses from trading by the same name.
It is the type of business in which the owner of the enterprise is exposed to the greatest personal risk because the sole trader is personally responsible for all aspects of the business and has unlimited liability to all debts and legal actions.
4) Guarantee Company (not for profit)
In simple terms, a guarantee company is not for profit and is the type mostly formed by charitable organizations.
Our Company Formation Service Includes:
- Confirm the selection of a business entity type.
- Assist with the name or business name of the entity.
- Guiding and preparing legal documents like incorporation forms, a draft of Memorandum and Articles of Association and other related incorporating documents if needed.
- Assist with registration of the company with the relevant Tax Authorities, social and labor authorities.
- Support with after company setup services.
- Assist with other licenses, if required by Law.
PEO/Employer of Record in Nigeria
Hire employees in Nigeria while NNRoad handles all employer liabilities. No local entity needed.
Establishing a branch office or subsidiary is not always a suitable option as it is time consuming and a lengthy process. To expand quickly to the Nigerian market and for having a stable workforce for your business, NNRoad can act as Employer of Record and employ candidates on the client’s behalf in Nigeria without the need to have a legal establishment for them.
We focus on providing our clients with the best employment solutions throughout Nigeria by handling all the legal liabilities of the employees while the day to day management of the employees remains with the client.
NNRoad's PEO/Employer of Record Service in Nigeria Includes:
- Engaging employees through local labor contracts including contract administration, engagement, extension termination, and conversion to a permanent hire.
- On-boarding and off-boarding employees following local labor law practice.
- Registration of contractors/employees with the social security board and with the tax office.
- Complete payroll solution and mandatory benefit administration.
- Employee management according to local laws, including employee record, timekeeping, bonus and allowance management, expense and claims, etc.
- Payments of local taxes and local social contributions to the relevant authorities.
- Year-end tax filing, if required.
- Payment management, including invoicing customers/clients and salary payments.
- Support with Visa/Immigration services.
Payroll Management is crucial for any business and can cause excessive strain on the resources of the company because it is subjected to Nigerian standards and regulations that any business needs to comply with for ensuring timely and accurate payments to employees with the correct tax, pensions, and other mandatory deductions.
NNRoad can take this extra burden off from your shoulders by outsourcing your payroll duties to our experienced and dedicated team. We provide comprehensive payroll services tailored according to the specific needs of our clients.
- Registering and de-registering the necessary company and personnel information for payroll calculation in compliance with local rules.
- Registering all local employees with the social security board, if required.
- Calculation of gross salary, salary deductions, such as social insurances, unpaid leaves, etc., and net salary based on information provided by the Company including irregular payments such as incentive/bonus, allowance, etc. if applicable.
- Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- The monthly issue of electronic pay-slips.
- Prepare annual payroll related reconciliation report.