Nigeria Ship Registration
Nigeria is a member of the International Maritime Organization (IMO) and adheres to its conventions and protocols.
Registering a ship under the Nigeria flag offers several advantages, including: (a) competitive registration and tonnage tax rates, (b) a favorable regulatory environment with no restrictions on ship ownership or crew nationality, and (c) efficient administrative services. Nigeria is currently on the Black List of the Paris MoU, indicating higher safety and compliance risks.
Facts & Info about: Nigeria Ship Registration
- Ownership: Ships must be owned by Nigerian citizens or companies.
- Company Formation: The owning company must be registered in Nigeria, typically as a limited liability company under the Companies and Allied Matters Act.
- Directorship: Must comply with local corporate governance requirements.
- Resident Agent: Not explicitly required.
- Office Address: The company must have a registered office in Nigeria.
- Annual Maintenance: Annual tonnage tax and maintenance fees must be paid.
- Inspections: Regular safety and compliance inspections as mandated by the Nigerian Maritime Administration and Safety Agency (NIMASA).
- Financial Statements: Submission of annual financial statements and other regulatory documents.
- Tonnage Tax System:Nigeria has a tonnage tax regime under the NIMASA Act.
- Income Exemptions: Income from the operation of Nigerian-registered vessels can be tax-exempt under certain conditions.
- Capital Gains: Capital gains tax may apply on the sale or transfer of a Nigerian-registered vessel.
- Registration Process: The registration process can take a few weeks depending on documentation and compliance with Nigerian maritime laws.
- Nigerian Maritime Administration and Safety Agency (NIMASA) Act: Governs the registration, sales, and mortgages of ships.
- Companies and Allied Matters Act: : Regulates corporate formation and governance.
- Tonnage Tax Law: Regulates the taxation system based on tonnage.
- Flag State Control: Nigeria maintains high standards of safety, security, and environmental protection.
- Reputation: Nigeria is not on the Paris and Tokyo MoUs.
- Support Services: Comprehensive maritime services including ship management and legal support.
- Strategic Location: Key location in West Africa.