Understand the Jurisdictions Setup Requirement Before Proceed Your Namibia Company Incorporation Services
Namibia is officially called The Republic of Namibia, and it is in southwest Africa. This state is bordered by Zambia, Botswana, South Africa, and Angola. Its total land area is 783,000 km and the capital is Windhoek.
Namibia is among the most beautiful countries that Africa can boast about. It has rich flora and fauna, rare geological formations, green foothills, desert sands, and natural landscapes. These are the features that set Namibia apart.
With 13 regions, and about 2 million living in Namibia, this is a destination you can consider setting up a business.
Here is information on how to register a company in Namibia:
Setting Up a Company in Namibia
A limited liability company is an easiest and most recommended choice if you want to set up a business in Namibia. You can incorporate a business in Namibia with just $1, and you only need at least 1 shareholder and 1 director. Both of them can be a resident of any country. However, the company needs a lease agreement for the registered office so your registration is complete.
During the company incorporation, you must choose a registered auditor because your company has a legal obligation to submit an annual audit of financial statements. However, submitting financial statements to the government is not required by resident companies.
What You Need
- Choose a company name and have it approved at the Register of Companies. If the name you suggest is unique and considered appropriate, it will be reserved for you for 60 days. It takes 7 to 30 days to validate and reserve the name/s you suggested.
- Pay for the registration fees, and then next is the acquisition of the revenue stamps at the Tax Authority.
- Register your company with the presence of a lawyer and get a certificate, which makes it possible to do commercial activities.
- The company shareholder/s, lawyer, or local accountant must submit the Memorandum and Charter.
Submit These Documents for Company Formation:
- Original copy of the Memorandum and 2 notarized copies of it.
- Certificate of registration.
- CM5 Form which contains the appropriate company name.
- CM22 Form that confirms the company office registration.
- CM29 Form that specifies the names of the company’s directors, employees, and auditors.
- CM46 Form certificate of the company’s commercial commencement activities.
- Registration fee payment confirmation.
- The application that confirms the availability of the sufficient capital allotted for the business, and you should submit this at the registrar.
The costs of setting up an LLC in Namibia amounts to $3,450 a year and there are annual company costs in the second year. After that, it will amount to $2,180. The average involved amount is $11,900. This already includes company incorporation, setting up a corporate bank account and registered office, and all of the government registration fees.
Taxes in Namibia
If you own a company in Namibia, you do not have to pay for gift tax and inheritance tax. The income you get from capital gains does not have tax. There is a 32% income tax for your company, but this does not include mining enterprises.
Individuals have a marginal tax rate of 36%. Those people with income that is up to 20,000 Namibian dollars are exempted from income tax.
The Value Added Tax (VAT) is at 15%, but this depends on the type of product/s.
If you need assistance to set up your business in Namibia, you can contact us. We have experts who are more than happy to help you get started right away.