Nigeria

Ease of Doing Business in

Akwa Ibom (Uyo) - Nigeria

This page summarizes Subnational Doing Business in Nigeria 2014 data for Akwa Ibom (Uyo). The first table shows its rank among 36 cities/regions in Nigeria. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

Region Sub-Saharan Africa
Income Category Lower middle income
Population 173,615,345
GNI Per Capita (US$) 2,760.00
Ease of Doing Business Rank among 36 cities in Nigeria Top city in Nigeria
n.a. n.a.
Topic Rankings Rank among 36 cities in Nigeria Top city in Nigeria
Starting a Business 22 FCT (Abuja)
Dealing with Construction Permits 31 Jigawa (Dutse)
Registering Property 24 Zamfara (Gusau)
Enforcing Contracts 26 Katsina (Katsina)

Subnational Data


Starting a Business

Info

The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

Indicator Akwa Ibom (Uyo) Sub-Saharan Africa OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

View methodology
Procedures (number)
10.0 7.8 4.8

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

View methodology
Time (days)
36.0 27.3 9.2

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

View methodology
Cost (% of income per capita)
53.4 56.2 3.4

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

View methodology
Paid-in min. capital (% of income per capita)
0.0 95.6 8.8
No. Procedure Time to Complete Associated Costs
1 Reserve a unique company name at the Corporate Affairs Commission 7 days NGN 500
2 Prepare the requisite incorporation documents and pay the stamp duty 7 days NGN 23,181 (stamp duty at 0.75% of share capital + NGN 1,000 for stamping of two extra copies of memorandum and articles of association + NGN 500 for incorporation forms + NGN 5,000 transport costs to and from Rivers to handle stamping of documents)
3 Sign the declaration of compliance (Form CAC 4) before a Commissioner for Oaths or notary public 1 day NGN 200
4 Register at the Corporate Affairs Commission and Pay the fees at the bank desk of CAC 14 days NGN 79,000 (NGN 50,000 for legal fees + NGN 20,000 registration fees [NGN 10,000 for company whose nominal share capital is NGN 1,000,000 or less + NGN 5,000 for all subsequent million ] + NGN 3,000 for certified true copy of memorandum and articles of association + NGN 2,000 for certified true copy of particulars of directors + NGN 2,000 for certified true copy of particulars of shareholders + NGN 2,000 for certified true copy of particulars of the company secretary)
* 5 Make a company seal 3 days NGN 6,000
6 Register for income tax and VAT at the Federal Inland Revenue Service 2 days No cost
* 7 Register for personal income tax PAYE at the State Tax Office 2 days No cost
* 8 Receive an inspection from the State Ministry of Commerce and Industry for business premises registration 1 day No cost
9 Pay registration fees for business premises into a government account at a designated bank 1 day NGN 10,000
10 Register business premises with the State Ministry of Commerce and Industry 3 days No cost
* Takes place simultaneously with another procedure.

Subnational Data


Close