Nigeria

Ease of Doing Business in

Ondo (Akure) - Nigeria

This page summarizes Subnational Doing Business in Nigeria 2014 data for Ondo (Akure). 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 168,833,776
GNI Per Capita (US$) 1,430.00
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 36 FCT (Abuja)
Dealing with Construction Permits 10 Jigawa (Dutse)
Registering Property 22 Zamfara (Gusau)
Enforcing Contracts 8 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 Ondo (Akure) 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).

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Procedures (number)
12 8 5

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.

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Time (days)
40.0 29.7 11.1

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.

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Cost (% of income per capita)
57.0 67.4 3.6

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.

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Paid-in Min. Capital (% of income per capita)
0.0 125.7 10.4
No. Procedure Time to Complete Associated Costs
1 Reserve a unique company name at the Corporate Affairs Commission 5 days NGN 500
2 Prepare the requisite incorporation documents and pay the stamp duty 4 days NGN 18,181 (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)
3 Sign the declaration of compliance (Form CAC 4) before a Commissioner for Oaths or notary public 1 day NGN 50
4 Obtain bank draft from a bank for payment of the registration fees 1 day NGN 29,000 (NGN 20,000 for registration fees (NGN 10,000 for the first 1,000,000 share capital + NGN 5,000 each additional 1,000,000 share capital or less thereof) + 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 Register the company at the Corporate Affairs Commission 21 days NGN 60,000 (legal fees)
* 6 Make a company seal 2 days NGN 4,000
7 Register for income tax and VAT at the Federal Inland Revenue Service 4 days No cost
* 8 Register for personal income tax PAYE at the State Tax Office 2 days No cost
* 9 Receive an inspection from the State Ministry of Commerce and Industry for business premises registration 1 day No cost
10 Pay registration fees for business premises into a government account at a designated bank 1 day NGN 15,000
11 Register business premises with the State Board of Internal Revenue 2 days No cost
12 Obtain a business premises permit from the State Ministry of Commerce and Industry 1 day No cost
* Takes place simultaneously with another procedure.

Subnational Data


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