Global Upside helps businesses expand into Nigeria by providing talent acquisition, human resources, accounting, payroll, tax, incorporation, and professional employer organization (PEO)/employer of record (EOR) services. Our comprehensive offerings create an end-to-end solution that helps you establish your business and optimize your operations, all while maintaining compliance with Nigerian laws and regulations.
The hiring and incorporation processes in Nigeria are often complex, time-consuming, and involve numerous legal and compliance challenges. Global Upside simplifies these processes and lifts the compliance burden from your business. Our teams have the experience and expertise required to help you establish a legal entity in Nigeria. We also offer PEO/EOR solutions to companies interested in hiring employees quickly, without setting up a legal entity in the country.
Nigeria is a crucial member of the Organization of Petroleum Exporting Countries, widely known as OPEC. Oil is the primary export of Nigeria and has been the lifeline to the nation’s economic development. The other exports include rubber and cocoa.
- Nigeria ranks as the 26th largest economy in the world in terms of nominal GDP.
- Nigeria ranks as the largest economy in Africa.
- Nigeria is Africa’s largest exporter of crude oil.
Limited Liability Company (LLC) is a wholly-owned establishment with at least 2 investors and 2 directors of any nationality. The liabilities are also limited to the capital that has been invested.
Public Limited Company (PLC) is an establishment that is publicly listed and also the stocks can be bought by the public. A PLC is better suited for large-sized companies.
It takes approximately four to five weeks to establish a legal entity set up in Nigeria.
The major legislature that governs employment issues in Nigeria is the Labor Act, Cap L1 LFN 2004, the Labor Act.
According to the Labor Act, employers are required to provide an employment agreement with all the terms and conditions within three months of joining the job. The contract needs to mention the following points in writing :
- Name and address of both the parties
- Date of hiring
- Nature of employment
- Date of contract expiration (if fixed-term)
- Termination and notice period
- Payroll frequency
- Terms and conditions concerning the working hours
- Holidays and leaves
- Any other special conditions
- Probationary period
Payroll for the employees is calculated and paid in Nigerian naira or US Dollars.
All employees must be given payslips for each pay-cycle, which can be online and financial reports must be saved for at least 6 years.
International Financial Reporting Standards (IFRSs) refers to a sequence of accounting assertions issued by the International Accounting Standards Board (IASB) to help the creators of budget summaries, globally, produce and present high caliber, sincere, and corresponding monetary data.
The Nigerian Constitution gives the residents a crucial right to protection and privacy of their data. Section 37 of the Constitution ensures security protections to the nationals in their homes, correspondence, phone discussions, and transmitted interchanges. The Constitution does not characterize the extent of “protection” or contain definite security provisions.
Anti-Bribery & Anti-Corruption Law
Intending to prevent corruption at all levels – from public officials to private individuals – in Nigeria, the principal laws that regulate corruption are:
- Code of Conduct Bureau and Tribunal Act
- Money Laundering Prohibition Act
- Fiscal Responsibility Act
- Public Procurement Act
- The Constitution of the Federal Republic of Nigeria 1999
- Advanced Fee Fraud and other fraud-related Offences Act
- Dishonored Cheques (Offences) Act
- Corrupt Practices and other Related Offences Act
- Economic and Financial Crimes Commission (Establishment) Act
- Failed Banks (Recovery of Debt) and Financial Malpractices in Banks Act
- Nigerian Extractive Industries Transparency Initiative Act
- Nigerian Financial Intelligence Unit Act
- Finance (Control and Management) Act