Namibia is considered one of the richest and most influential countries in the African continent. That is why many foreign entrepreneurs strive to set up businesses there.
Organizational forms for businesses in Namibia
You can register a commercial structure in Namibia in one of the following forms:
- a company with limited liability of its participants (public or private);
- firm without limitation of liability;
- partnership;
- trust institution.
The most common form among foreign capital owners is a private company with limited liability. The staff of the enterprise must include at least 50 people. To create such an organization, you will need the following:
- determine the name of the company and approve it in the Register. If a suitable name is selected, it will be reserved for the next 60 days;
- pay registration fees and purchase revenue stamps from the Tax Administration;
- register an enterprise and obtain an appropriate certificate giving the right to conduct commercial activities;
- the Statute and Memorandum must be filed by a shareholder of the company, a lawyer of the firm or a local accountant.
Tax system in Namibia
- A company registered in Namibia is not subject to taxes on inherited property and donated items.
- Capital gains are not taxed.
- The income tax is 32%. The exceptions are companies operating in the mining industry.
- The upper threshold for individuals is 36%.
- Individuals who earn up to 20 thousand in local currency – the Namibian dollar – are exempt from paying tax on their profits.
For mining companies, the rate is 25% – this is the minimum rate. Diamond mining companies pay tax at a 55% rate. Firms working with the production and sale of oil and gas, as well as products from them, pay 32%.
The amount of the tax duty may vary, since there is a separate tax system for each type of company. The duty on the production of goods and their imports ranges from 5 to 15 percent. VAT is calculated at a rate of 0-15% based on the type of product.
If you need to register a company in Namibia, our specialists will help you register a company quickly and efficiently. Also, you can buy a ready-made company in Namibia. Write to us in the CRM form and we will help you register a company.
Eternity Law International specialists will provide you with qualified advice on the acquisition of an offshore company, opening a bank account in any jurisdiction, as well as further support of your company’s activities at any stage.
We offer ready-made European and offshore companies. It takes 2 days to reissue documents for new owners.
If you have any questions or need advice on registering or buying a company, call us at the phone numbers listed on the website, or write to us in the CRM form located at the bottom of the page. Our specialists will answer you online.