Moving from Nigeria to UK — Entrepreneur Route

Target keyword: Nigeria to UK entrepreneur visa business Category: Relocation Crossover TLDR: The UK's Innovator Founder Visa is the main route for Nigerian entrepreneurs to build a UK-based business. This guide explains the visa, company formation, banking, and what to expect.

Why Nigerian Entrepreneurs Choose the UK

• Commonwealth connection — many Nigerians have family, education, and business ties to the UK
• English-speaking environment
• Access to European and global markets from a London base
• Strong Nigerian diaspora community (estimated 200,000+ Nigerians in UK)
• UK banking credibility for international clients

The UK Innovator Founder Visa

Replaced: The Tier 1 Entrepreneur Visa (closed 2019)

• Requirements:
• Business idea must be innovative, viable, and scalable
• Must be endorsed by a Home Office-approved Endorsing Body
• English language: B2 level
• Maintenance funds: £1,270 (held for 28 days prior to application)
• No minimum investment amount

• Endorsing Bodies (selection):
• Innovate UK
• Tech Nation (now EY)
• Local Enterprise Partnerships
• University Technology Transfer Offices
• Selected accelerators and incubators

Processing time: 8–12 weeks after endorsement Initial visa: 3 years Extension: 3 more years if milestones met Settlement (ILR): After 3 years with Innovator Founder, if innovation milestones met

Company Formation

• Once you have the Innovator Founder Visa, form your UK Ltd:
• Companies House: Online in under 24 hours; £50 application fee
• Company type: Private limited company (Ltd)
• Registered office: Must be in the UK (use a registered office service; ~£50/year)
• Director: You can be the sole director as a visa holder

Banking as a Nigerian-Born Founder

Nigerian passport holders face enhanced KYC from UK banks due to Nigeria's high-risk classification by FATF (grey list as of 2023).

• Practical options:
• Wise Business: Most accessible for Nigerian-passport-held UK Ltd
• Revolut Business: Available with thorough KYC
• Tide: SME-focused; more open than high-street banks
• Cashplus: Prepaid business account; good fallback
• Traditional banks (Barclays, NatWest): Very difficult; require extensive documentation and UK residency history

Nigerian Tax Obligations

Once UK tax resident: Taxed in UK on UK and foreign income.

• Nigerian tax: Nigeria taxes residents on worldwide income; non-residents on Nigeria-source income only. If you move to the UK, you break Nigerian tax residency after 183 days outside Nigeria. However:
• Nigeria-source income (business, rent, investments in Nigeria) remains taxable in Nigeria
• The Nigeria-UK Double Tax Treaty prevents double taxation
• Dividends from Nigerian companies paid to UK resident: 7.5–15% withholding in Nigeria; credit against UK tax

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