Nigeria Highlights:
- An EoR (Employer of Record) package is the most efficient and effective way to deploy local or foreign employees in Nigeria.
- 1WB acts as an EoR ensuring full compliance with country’s regulations.
- The whole deployment process takes about 1 week.
- Handling payroll processing, immigration and taxes compliantly, swiftly and cost efficient.
- Personal income tax rate is 24%.
- Corporation tax rates: 30% for large companies, 20% for medium companies and 0% for small companies
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Social Security Contributions
1)Payroll contribution Employers are required to contribute 1% of their payroll cost.
2)Pension contribution The minimum contribution is 18% of monthly emolument (with a minimum contribution of 10% by the employer and 8% by the employee).
3)National Housing Fund (NHF) contribution NHF contributions are applicable to Nigerian employees earning a minimum of NGN 3,000 per annum. The employer is required to deduct 2.5% of basic salary from employees earning more than NGN 3,000 per annum and remit it to the Federal Mortgage Bank of Nigeria. - Work permit - 1WB can sponsor either the Combined Expatriate Residence Permit and Aliens Card (CERPAC) or the Temporary Work Permit (TWP). The Combined Expatriate Residence Permit and Aliens Card (CERPAC) grants a foreigner the permission to live and work in Nigeria for up to two years, which is subject to renewal. Therefore, the Nigerian CERPAC can simply be defined as work and resident permit required for any foreigner to reside in Nigeria, whereas the Temporary Work Permit (TWP) cannot last beyond 6 months.