The largest city of Nigeria, as well as that of Africa, Lagos is located in the southwest corner of Nigeria, and is one of the most populous regions in the world. It is the economic hub of the nation, and accounts for over 10% of its GDP. Most of Nigeria’s major corporations, financial institutions and commercial banks are headquartered in Lagos. It is also the largest Information Communications and Telecommunications (ICT) market in Africa.
Despite facing the challenges that a typical developing country would, like mushrooming population growth, urbanization, environmental pressure and infrastructure demand, Lagos has continued to develop at an impressive rate, with the bulk of its GDP deriving from manufacturing, transportation, construction and retail.
Benefits of Setting Up a Business in Lagos
Starting a business in Lagos has the following advantages:
Lagos accounts for a considerable economy of Africa, with low dependence on oil mining.
Lagos is a part of Nigeria, which has a free market economy and a stable political environment.
The city has skilled and affordable labour, making employment there convenient and inexpensive.
Lagos has one of the largest and busiest ports in Africa, the Port of Lagos, making it a trade and commerce hub in the continent.
We provide the following services for company formation in Lagos:
Company incorporation and registration
Tax and regulatory services
Company law and secretarial services
Business Setup Worldwide is a platform to help you grow your company internationally. We aid you in realizing your company formation dreams by providing services like company registration, incorporation, tax consulting and company secretarial services. Lagos is one of the most prosperous cities in Africa, and most developed as well. Our approach to company formation is centred around your business vision and objectives. We can help you out with the legal and business formalities of company registration in Lagos, complete with the most appropriate corporate and income tax regime setup, to ensure that your business goes from strength to strength.
How can the conflict between International Accounting Standards and the Nigerian Accounting Standards be resolved?
Any conflict between Nigerian Accounting Standards and International Accounting Standards should be resolved in favour of the Nigerian standards.
Does Nigeria follow Transfer Pricing regulations?
Yes, TP regulations were released in Nigeria in October 2012.
Are statements of accounting standards important for a business?
Yes, the Nigerian accounting standards are framed after due consideration of laws, customs, and the business culture of Nigeria.
What is STRAP?
STRAP stands for Strategic Action Plan Against Piracy. It is an initiative of the Copyright Commission which ensures an intensified fight against piracy and protects IP rights with the use of a hologram security device.
What is the procedure for patent application in Nigeria?
All patent applications are made in the prescribed form. The form should be accompanied with the following:
A Power of Attorney (if made by an agent)
CTC of priority application where applicable
Copy of Patent Cooperation Treaty (PCT) international publication (where necessary)
A declaration signed by the true inventor that his name and address be mentioned in the application
What is neighbouring right or performers’ right?
Since the works of a public performer, though original, but are not fixed in a tangible medium as required by the law, such works are not eligible for copyright protection. However, the Nigerian Copyright Act recognizes such works as performers’ right and gives such performer the exclusive right to control with respect to his performance: the performing, recording, live broadcasting, reproducing in any material form, and adaptation of the performance. A performance here includes dramatic and musical performance and live performance of literary recital or rendition.