Any conflict between Nigerian Accounting Standards and International Accounting Standards should be resolved in favour of the Nigerian standards.
Nigeria, officially known as the Federal Republic of Nigeria, is a country in West Africa, which happens to be the largest economy of Africa, growing over 6-7% annually. Nigeria is the most populous country in Africa, and the 7th most populous in the world, with a huge base of young population. The bulk of the nation’s economy relies on the export of oil, with some cocoa and rubber also being exported.
Nigeria is the largest market in sub-Saharan Africa with a reasonably skilled workforce for the efficacious management of investment projects in the country. It is well connected by a wide network of motorable all-season roads, railway tracks, inland waterways, maritime and air transportation.
To concretize a business idea into a company in Nigeria, you can choose from among the following legal entities.
A sole trader company is owned by a single person. It is the simplest form of business entity, not mandatorily requiring a company registration. In such a company, the sole trader is personally responsible for all aspects of the business and has unlimited liability to all debts and obligations.
A private limited company is an entity separate from its shareholders, who enjoy limited liability, i.e., their personal possessions remain separate, and their risk is reduced to only the money they have invested in the company. The requirements for incorporating a private limited company in Nigeria are:
A public company, unlike a private limited one, is allowed to be publicly listed and sell its shares to the public.The cost of running a public limited company is considerably higher than that of a private limited liability company. Therefore, a public limited company is better suited for large organizations.
A guarantee company is not meant for profit purposes and set up generally by charitable organizations. Such a company does not have share capital, and the members do not own the company, nor do they receive any profits.They also have no claim to the company’s assets. All income generated by a guarantee company is used to cover its operating costs and to achieve the objectives of the company.
A company in Nigeria enjoys the following benefits:
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BusinessSetup Worldwide helps businessmen, entrepreneurs and investors establish their company in Nigeria through consulting, incorporation, registration and legal consulting services. Our experts take care of the entire Banking, Visa, Legal, and Licensing formalities, and allow corporates to enjoy their company formation process without worrying about the bureaucratic red tape and legal formalities. We guide you through your company formation, with your business objectives at the centre of our ecosystem, all the way. If you are thinking of incorporating a company in Nigeria, do reach out to us.