A Complete Guide on Namibia Company Formation
Located in southwest Africa on the Atlantic Coast, The Republic of Namibia is recognized as one of the most picturesque countries. Favourably artistic with a diversity of flora and fauna, geological formations, and distinct company registration opportunities all serve as characteristic features of Namibia. There are different forms of doing business in Namibia, such as limited liability company, a company with unlimited liability, and more. However, the most prevalent form of Namibia Company Formation is a private company with limited liability.
About the Namibia Company Formation
- An interested investor must do owed diligence concerning international regulations, legal processes, and sufficient investment for success.
- By considering specific industry registration requirements, accounting, and audit services, interested aspirants must register a company or a branch.
- Register for income tax and earn Namibian source income.
- Register the entity for Value Added Tax (VAT). If you are going to import goods and services in Namibia, then you must register for import VAT and get taxable supplies.
- Consider migration, expatriate, and payroll administration. After that, register the entity for employees’ tax and social security. Make payment for the registration fees followed by the attainment of revenue stamps in the Tax Authority.
- Shareholders of the company in Namibia, lawyer, or local accountant of the company should submit
- Memorandum and Charter. Other considerations include financial services, construction, forex implications, and more.
- For conducting full-fledged activity of the company in Namibia, one should obtain a license on transportation, development, and extraction of mineral resources.
- Income tax for Namibia Company Formation excluding mining enterprises in 32%.
- When the current export turnover surpasses the basic export turnover by 10% or less, then income deduces by 25%
- If the current export turnover surpasses the basic export turnover by more than 10% and less than 25%, income deduces by 50%.
- If the current export turnover surpasses the basic export turnover by more than 25%, then the income deduces by 75%.
- Export Processing Zone enterprises can hold foreign currency accounts in local banks.
Why Should You Go for Company Formation in Namibia?
- Namibia offers tremendous opportunities for investment across multiple sectors such as manufacturing, agriculture, fishing, tourism, and more.
- The country has a highly competitive incentive and economic administration. It adds a high attraction for investors by creating an ideal business environment.
- The government is placing private-public partnership reforms top of its priority list. It means the right investor can take benefit from numerous business opportunities.
- Manufacturers receive higher benefits compared to those who only export finished goods.
- NIC or Namibian Investment Centre links closely with the Offshore Development Company.
- Namibia Government accepted the EPZ administration as a legal framework for endorsing export-led industrialisation of the highly sector-driven national economy.
- To benefit from a government scheme, an investor should register with the Ministry of Finance as an exporter or manufacturer of goods.
- Enterprises with EPZ status do not pay sales tax, transfer and stamp duties on services required for EPZ activities, and corporate tax.
- Two harbours make Namibia an ideal place as the gateway to SADC economies.
Who Can Help Me With Company Registration in Namibia?
Get detailed information on the latest projects and how to register a company in Namibia by consulting us at 3E Accounting Firms. Of course, with the help of our professional experts, your incorporation process doesn’t seem to be challenging anymore. Being the leading company, we help our clients troubling with the procedure of doing business in Namibia.
Contact us to get help for the excellent start of successful international business and company registration in Namibia. Our highly-qualified specialists will offer you all the relevant information concerning Namibia company formation.