Countries Where Nigerians Can Start a Business for Residency

Starting a business in a foreign nation can be an excellent path to residency for Nigerians who want to pursue their entrepreneurial ventures outside the country. There are different countries with favorable conditions for Nigerian entrepreneurs, e.g., minimal initial capital, streamlined visa processes, and entrepreneur-friendly policies. Some of the best destinations where Nigerians can start a business and gain residency with ease are outlined below, including requirements and benefits. 

1. United Arab Emirates (UAE)

Why Choose UAE? 

• Host to business-friendly free zones with 100% foreign ownership. 
• No personal or corporate income tax in most free zones. 
• Optimum location for international trade with easy access to worldwide markets. 
• Advanced infrastructure and simplicity of doing business. 

Residency Process: 

A. Choose a Business Structure:

• Free Zone Company (appropriately suitable for full foreign ownership and tax relief). 
• Mainland Company (convenient for local and foreign trade but requires local sponsor). 

B. Register the Business:

• Submit documents to the relevant free zone or Department of Economic Development (DED). 
• Securities obtain necessary licenses (commercial, professional, industrial). 

C. Apply for an Investor Visa:

• Minimum AED 50,000 investment (jurisdiction dependent). 
• 3-10-year renewable visa duration. Family sponsorship available. 

D. Get Emirates ID and Open a Business Bank Account.

2. Rwanda

Why Rwanda? 

• Ranked as one of the easiest African countries in which to do business. 
• Transparent government policies with low corruption. 
• Easy business registration process (within 24 hours). 
• Tax benefits for new startups and investment policies. 

Residency Process: 

A. Register a Business with the Rwanda Development Board (RDB):

• Online registration facility available. Minimum investment levels differ depending on the industry. 

B. Obtain a Business Permit or Investor Visa:

•  Renewable for 2-3 years. 

C. Comply with Employment and Revenue Requirements:

• Hiring local employees can improve permanent residency opportunities. 
• Apply for Permanent Residency upon Long-Term Business Operation. 

3. Mauritius

Why Choose Mauritius? 

• Attractive tax environment (15% corporation tax, no capital gains tax). 
• Good financial sector and secure political situation. 
• Simple incorporation of business and 100% foreign ownership. 
• Market access in Africa and to the world. 

Residency Process: 

A. Invest a minimum of $50,000 in a Business. 

B. Apply for Occupation Permit (Investor Category): 

• Initially, up to 10 years. 

C. Renew and Upgrade to Permanent Residency after 3 Years: 

• Business continues to be profitable and in accordance with regulations. 

D. Citizenship Eligibility after Some Years of Success in Business. 

4. Ghana

Why Choose Ghana? 

• Stable democracy with growing economy. 
• Close cultural and economic tie with Nigeria. 
• Government promotion of foreign investment. 

Residency Process: 

A. Register a Business with the Registrar General’s Department: 

• Minimum capitalization requirement ($200,000 for foreigners, $500,000 for retail businesses). 

B. Obtain a Business Residence Permit: 

•  Renewable every year, based on business performance. 
• Apply for Permanent Residency After Five Years of Legal Residence. 

5. Turkey

Why Choose Turkey? 

• Strategic bridge between Europe and Asia. 
• Fast-track citizenship scheme through investment. 
• Low business setup cost. 

Residency Process: 

A. Establish a Business with Minimum Capital. 

B. Obtain a One-Year Renewable Residency Permit. 

C. Apply for Long-Term Residence or Citizenship after Five Years: 

•  Demands regular business operation and tax payment. 
• Investment of at least $500,000 qualifies for citizenship. 

6. South Africa

Why South Africa? 

• Large consumer base with access to African trade networks. 
• Properly developed infrastructure and start-up support. 

Residency Process: 

A. Apply for a Business Visa:

• Minimum investment of ZAR 5 million (exceptions for priority areas like ICT and tourism). 

B. Employ South African Citizens to Keep Residency. 

C. Eligible for Permanent Residency after Five Years. 

7. Malaysia

Why Malaysia? 

• Great business opportunities with a rapidly growing economy. 
• Low living cost and high living standard. 
• Government encouragement for foreign investors. 

Process for Residency: 

A. Register a Business with the Companies Commission of Malaysia (SSM). 

B. Apply for an Investor Visa (Long-Term Business Residency). 

Or Apply for the Malaysia My Second Home (MM2H) Visa: 

•  Requires proof of financial security and investment in the country. 

C. Eligible for Permanent Residency After a few Years of Business Operations.  

For prospective Nigerian entrepreneurs who wish to set up shop overseas and gain residency, such countries offer acceptable options with good business climates as well as entry paths to residency. Whether one is interested in the financial benefits of Mauritius, the Rwanda business climate, or Turkish positioning, the destinations have unique opportunities for Nigerians who wish to become global players. On investment and compliance with local ordinances, coming into residency on entrepreneurial status is still a reachable aspiration.