How To Start A Business in Namibia

How to Start a Business in Namibia - Step by Step Guide

Starting a business in Namibia involves a series of steps to ensure compliance with legal and regulatory requirements. Below is a detailed guide for both locals and foreign investors, including the associated fees and taxes.

Step-by-Step Guide for Namibian Nationals

1. Choose Your Business Structure: Select an appropriate business structure, such as a sole proprietorship, partnership, or a private limited company.
2. Register the Business Name: Register your business name with the Business and Intellectual Property Authority (BIPA).
   Business and Intellectual Property Authority (BIPA)
3. Obtain a Tax Identification Number (TIN): Register for a Tax Identification Number (TIN) with the Namibia Revenue Agency (NamRA).
   Namibia Revenue Agency (NamRA)
4. Register with the Social Security Commission (SSC): Register employees with the Social Security Commission for social security contributions.
   Social Security Commission (SSC)
5. Obtain a Business License: Depending on the nature of your business, you may need to obtain a business license from the local municipality.
   Fees: Fees vary depending on the business sector (approx. NAD 1,000 to NAD 10,000).
6. Open a Business Bank Account: Open a business account with any commercial bank in Namibia.
   Fees: Fees depend on the bank and account type.

Step-by-Step Guide for Foreign Investors

1. Choose a Business Structure: Foreign investors typically opt for a private limited company, joint venture, or representative office.
2. Obtain Investment Approval: Foreign investors must submit an application to the Namibia Investment Promotion and Development Board (NIPDB) for approval.
   Namibia Investment Promotion and Development Board (NIPDB)
3. Register the Business: After obtaining investment approval, register the business with the Business and Intellectual Property Authority (BIPA).
4. Obtain a Tax Identification Number (TIN): Register with Namibia Revenue Agency (NamRA) for a Tax Identification Number.
5. Register for VAT (if applicable): If the business’s annual turnover exceeds NAD 500,000, you must register for VAT.
   Fees: NAD 1,000 for registration.
6. Obtain Business Licenses and Permits: Depending on the business sector, additional licenses or permits may be required from the relevant local authorities.
   Fees: Varies by sector and local authority.
7. Register with the Social Security Commission (SSC): All employees must be registered with the Social Security Commission for social security contributions.
8. Open a Business Bank Account: Open a business bank account with any commercial bank in Namibia.

Estimated Duration

• For Locals: 1-2 weeks
• For Foreign Investors: 6-8 weeks (includes investment approval process)

Useful Resources

• Business and Intellectual Property Authority (BIPA)
• Namibia Revenue Agency (NamRA)
• Social Security Commission (SSC)
• Namibia Investment Promotion and Development Board (NIPDB)