Starting a shipping company in Nigeria can be a profitable venture due to the country’s strategic location, thriving maritime industry, and high demand for cargo and vessel operations. However, before you begin operating, you must understand the process of legally registering a shipping company in Nigeria to ensure compliance with local and international maritime laws.
In this guide, we will explain the step-by-step process to register a shipping company in Nigeria, the agencies you need to work with, and why proper registration is vital for long-term success.
Why You Need to Register a Shipping Company in Nigeria
Legal compliance: Nigerian law requires all shipping companies to be registered with the Corporate Affairs Commission (CAC) and other regulatory bodies.
Access to contracts: Registered shipping companies can qualify for government contracts, oil and gas charters, and international partnerships.
Credibility and trust: Clients, investors, and foreign partners are more likely to trust a legally registered company.
Tax and banking benefits: With a registered company, you can open corporate bank accounts, access ship financing, and get tax incentives.
Step-by-Step Guide: How to Register a Shipping Company in Nigeria
1. Choose a Business Name and Structure
Search and reserve your preferred company name with the Corporate Affairs Commission (CAC).
Decide on the business structure – Private Limited Company (Ltd) is the most common for shipping businesses in Nigeria.
2. Register with the Corporate Affairs Commission (CAC)
Submit your company name, Memorandum & Articles of Association, and details of directors/shareholders.
Pay the required CAC fees and obtain your Certificate of Incorporation.
3. Obtain a Tax Identification Number (TIN)
Register with the Federal Inland Revenue Service (FIRS) for tax purposes.
This is mandatory for corporate banking and contracts.
4. Register with NIMASA (Nigerian Maritime Administration and Safety Agency)
NIMASA is the key regulator of the maritime industry in Nigeria.
Apply for a shipping company operating license and ensure compliance with maritime safety regulations.
5. Secure a Coastal/Shipping License under the Cabotage Act
If your company intends to operate within Nigerian coastal waters, you must comply with the Cabotage Act.
This includes obtaining waivers (if necessary) and ensuring vessels meet local ownership requirements.
6. Obtain Additional Permits and Certifications
Depending on your operations, you may also need:
Nigerian Ports Authority (NPA) permits
Customs license for import/export
Nigerian Content Development (NCDMB) compliance certificate if working in the oil & gas sector
7. Open a Corporate Bank Account & Arrange Ship Financing
A registered company can open a corporate bank account in Nigeria.
Top Nigerian banks such as Zenith Bank, Access Bank, and First Bank of Nigeria provide financing solutions for ship purchase and operations.
Cost of Registering a Shipping Company in Nigeria
The cost depends on the size of your business, capital structure, and additional licenses. On average:
CAC registration: ₦50,000 – ₦150,000
NIMASA license: Varies by tonnage and scope of operations
Other permits: ₦200,000+ depending on sector
(Pls Note these prices are for education purposes)
Final Thoughts
Registering a shipping company in Nigeria requires careful planning, regulatory compliance, and the right documentation. By following these steps and working with agencies like CAC, NIMASA, and NPA, you can set up a fully compliant shipping business that attracts local and international clients.
If you are ready to start your journey, consult with a maritime legal expert or a reliable shipping broker to make the registration process smoother and faster.
For guidelines www.oithamarine.com
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