Trellis
Structure before scale · Cross-border venture structuring

Where your equity sits decides what you can do next.

Trellis designs the whole stack: the offshore holding company your investors and your exit sit in, the UAE operating entity your business runs from, and the Nigerian compliance layer that holds it up. Drawn correctly at the start, before it costs real money to redraw.

BVICAYMANDELAWAREMAURITIUSDIFCADGM·UAE MAINLANDUAE FREE ZONES·NIGERIA
Two layers, one foundation. One architecture.
The problem

The wrong structure loses rounds, blocks banking, or gets expensive at exit.

Most cross-border structures are chosen before anyone has asked what the structure actually has to do. A founder incorporates in Delaware for perception, then closes a round that was never US-led. A trading business buys the free zone licence it found online, then discovers it cannot invoice the UAE customers it set the company up to serve. A company builds offshore and leaves the Nigerian entity underneath it uncompliant, so the first serious diligence exercise stalls on statutory registers nobody kept.

Structure is cheap to get right at the outset and expensive to fix later. Flips, continuations, re-domiciliations and zone migrations cost real money and stall live deals. We get the architecture right first, so diligence is a formality rather than a fire drill.

The mistake we see most

The reflex Delaware C-Corp

A Nigerian founder incorporates in Delaware because "that's what startups do." The round closes with European and African investors. No US lead, no US accelerator. The founder is now permanently inside the US tax net, facing full 30% withholding on future dividends (Nigeria has no US income tax treaty) and an expensive, punitive path out. None of it was necessary. All of it was avoidable at incorporation.

The distinction most founders miss

Your holding company and your operating company are two different companies. Most founders build one.

Where your equity sits and where your business runs are separate questions with separate answers. Conflating them is the most common structuring error we see. Underneath both sits a third thing almost nobody budgets for: the compliance layer in the country where you actually operate.

Entity one · HoldCo

Where your equity sits

Optimised for investor acceptance, tax neutrality, and legal certainty.

  • Investors and the cap table
  • SAFEs, term sheets, share classes
  • Founder and ESOP equity
  • The eventual exit or listing
Entity two · OpCo

Where your business runs

Optimised for hiring, visas, payroll, and operational banking.

  • Your team and their residency visas
  • Payroll and employment contracts
  • The operating bank account
  • Licences and physical presence
Underneath · The compliance layer

Statutory registers, tax filings, data protection, employment and AML in the country where the business trades. It is the part diligence actually examines, and a clean holding company on top of an uncompliant local entity is not a clean structure. It is the same problem, one floor down.

Two entities, one foundation. Trellis designs all three, and how they fit together.

What we do

Two layers. Designed together, priced separately.

Where your equity sits and where your business operates are different questions with different answers, different currencies, and different timelines. We build both, and the join between them.

Above

The holding layer

Where equity sits · USD · Project-priced

The entity that holds your equity, faces your investors, and carries your exit. Optimised for acceptance, tax neutrality and legal certainty, and kept deliberately clean.

Holding company structuring and formation

Matching the holding jurisdiction to what the structure actually has to do: your stage, your lead investor's geography, your sector, and where the value will eventually be realised.

  • Jurisdiction assessment and written structuring memo
  • Formation across BVI, Cayman, Delaware, Mauritius, DIFC and ADGM
  • Migrations, continuations and conversions when the structure has to grow up
  • Trust and foundation layers where ownership needs to sit outside the founder's estate
  • Regulatory licensing strategy: keeping the licence in the operating entity, never in the topco
  • Ongoing offshore compliance: substance, beneficial ownership filings, annual returns
Priced per engagement. The jurisdiction assessment is a fixed fee and stands alone.
Below

The operating layer

Where the business runs · UAE and Nigeria

The entities that actually trade, hire, invoice and bank. Optimised for operations, not for investors. Most groups need one lane; a Nigerian business expanding internationally usually needs both.

UAE operating base

A licensed, bankable UAE entity built around what you are trying to unlock, whether that is expansion, contracting, invoicing, residency or a regional trading base. Delivered end to end with our licensed UAE partners, with Trellis client-facing throughout.

  • Jurisdiction selection across mainland and the free zones, based on activity and banking
  • Incorporation, licensing and activity scoping
  • Residence visas for founders, dependants and team
  • Corporate bank account preparation and submission
  • Corporate tax registration, economic substance and UBO filings
  • Annual renewal and ongoing compliance
USD · Project-priced · Quoted on scope

Nigerian compliance infrastructure

The layer underneath. Governance, tax, data protection, employment and AML built as a system rather than assembled under audit pressure. Productised, with published prices.

  • Compliance Health Check: a full diagnostic and risk score
  • Corporate governance: statutory registers, minute book, CAC filings
  • NDPA 2023 data protection readiness
  • AML and KYC programmes for regulated entities
  • HR and employment documentation
  • Tax remediation support and a compliance calendar
Naira · Fixed prices, published below
How an engagement runs

Advice first. Then execution you never have to manage.

This is how a structuring engagement runs. The Nigerian compliance products start with the Health Check instead, and the prices are published below.

STEP / 01

Structuring consult

Thirty minutes on your round, your investors, and your team plan. We map what the structure has to do before deciding what it should be.

STEP / 02

Structuring memo

A written recommendation covering jurisdiction, entity type, and the reasoning, specific to your deal size, investor geography, and sector. Yours to share with counsel and your cap table.

STEP / 03

Entity setup

We run the incorporation, filings and registered-agent workstream end to end, through our own network of registered agents and, in the UAE, licensed formation partners. You sign what needs signing; the plumbing stays invisible.

STEP / 04

Ongoing compliance

Substance requirements, beneficial-ownership filings, annual returns. The obligations founders rarely budget for, kept clean so diligence never surprises you.

The operating layer · Nigeria

The compliance layer, with the price on the tin.

Nigerian regulators are enforcing what they used to only publish. Most companies discover the gap during a bank audit, a data protection query, or the first serious round of investor diligence. This is the layer that stops that, and unlike the offshore work, it has a fixed price you can see before you call us.

Compliance Health Check A full diagnostic across corporate, tax, regulatory, governance, NDPA, employment and contracts. You get a risk score, a gap analysis, a prioritised remediation roadmap with costs, and a debrief call. The entry point to everything else, and useful on its own. ₦150,000
Corporate governance build All statutory registers created and populated, minute book reconstructed, resolutions documented, CAC annual returns brought current. You get the records investors and acquirers ask for and most companies cannot produce. Keeping them current after handover is yours. Scoped after Health Check
NDPA data protection readiness build Data audit, privacy policy, processing agreements with your vendors and partners, data subject rights procedure, breach response protocol, consent framework, staff data-handling policy and NDPC registration guidance. You get a compliance-ready framework. Maintaining it, responding to subject requests and filing breach notifications as they arise is yours. ₦500,000
AML / KYC policy and framework build For regulated entities. We build the architecture: enterprise risk assessment, board-approved AML/CFT policy, tiered customer due diligence procedures, PEP and sanctions screening protocols, suspicious transaction reporting, record-keeping standards, SCUML registration support, staff training programme and a transaction monitoring framework. What you get is a defensible, board-ready compliance system. Running it day to day, filing the reports, and keeping the screening current is yours. ₦750,000 – ₦1,000,000
HR and employment build Employment and contractor agreements, intellectual property assignment, core HR policies, and the PAYE and employee tax position brought into order. You get the documentation and the framework. Managing people and payroll after handover is yours. Scoped after Health Check

Prices are fixed for the scope described and payable to begin. Each module builds the policies, procedures, registers and documentation your company needs. Operating the system after handover, filing ongoing returns, and responding to regulators or data subjects as matters arise is the company's responsibility, not ours. Government filing fees, notary costs and external auditor fees remain the client's responsibility and are charged at cost. Modules are scoped after the Health Check, because pricing a remediation before diagnosing it is guesswork. Where a matter requires regulatory representation or contentious work, we refer it to specialist counsel.

Why this sits beside the offshore work

An offshore holding company does not remove a single Nigerian obligation. Licensed activity in Nigeria still needs a Nigerian licence in a Nigerian entity, and the operating company underneath your structure is the one the regulator, the bank and the acquirer will actually examine. A clean topco above an uncompliant OpCo is not a clean structure. It is a structure with the problem moved one level down.

Start with the Health Check
Capability map

The jurisdictions we work in, and what each is for.

HoldCo tier · where equity sits
BVIBritish Virgin Islands

The seed-stage default. Fast, universally accepted, and light on local substance for pure equity holding, though where the company is actually run now matters for Nigerian tax.

KYCayman Islands

The institutional standard. Series B and beyond, fund-familiar documents, IPO-ready.

DEDelaware

When a US accelerator or lead demands it. Chosen knowingly, with the tax consequences priced in.

MUMauritius

Deep familiarity with pan-African funds and DFIs, and a substance-real alternative to the Caribbean. Treaty positions are checked corridor by corridor, never assumed.

DIFCDubai International Financial Centre

Gulf capital's home address. Prescribed Companies, foundations, and DFSA proximity.

ADGMAbu Dhabi Global Market

Direct English common law. SPV and foundation stacks; the region's digital-asset lead.

OpCo tier · where the business operates (UAE)
IFZAIFZA

The lean team base in Dubai. Cost-led and fast, for founder-plus-small-pod setups.

MFZMeydan Free Zone

IFZA's closest alternative. Central Dubai address, integrated payment options.

DMCCDMCC

Built for headcount and trade. Stronger banking relationships; scales past the smaller zones' visa ceilings.

DIFC-IDIFC Innovation

For fintechs on a licensing path, inside the DFSA's ecosystem from day one.

RAKEZRAKEZ

Cost-efficient for trading, light industrial and warehousing, away from Dubai pricing.

MAINLANDUAE mainland

Where customers are physically in the UAE. Retail, hospitality, services and any activity a free zone licence cannot reach.

Named above are the jurisdictions we most often recommend and have direct experience delivering. Our coverage extends to mainland licensing across the Emirates and to the wider free zone landscape. Which one we recommend follows from your activity, your banking requirement, your substance position and your visa plan, not from package price.

Foundation · where the group actually operates
NGNigeria

The compliance layer underneath: CAC, FIRS, NDPA, SCUML and the sector regulator. The entity a bank, an acquirer or a lead investor's counsel will actually examine, and the one this firm builds infrastructure for at a fixed, published price.

How we choose

We will tell you the jurisdiction you found online is the wrong one.

There are dozens of jurisdictions competing for your incorporation fee, and the marketing does not distinguish between the ones that will work for your business and the ones that will not. Not every option is as operationally practical, as bankable, or as suitable as it looks on a comparison page.

We assess before we recommend

Your activity, your operating model, your banking requirement, your tax position, your residency needs and where you expect to be in three years. The recommendation follows from those. It does not follow from which package we happen to sell.

We will say no

Where we see a material operational or compliance risk in what a client has asked for, we explain it and recommend the better structure. Sometimes that costs us the incorporation. A structure that cannot bank, cannot invoice its customers, or collapses at renewal costs us more.

We will tell you when it isn't us

Some work sits outside what we do. Contentious matters, tax representation and regulatory defence go to specialist counsel. A licence that turns on municipal approvals and premises goes to the specialists in that. We are still the right adviser for the ownership structure above it.

The objective is not to issue a licence. It is to build a structure that operates, banks, stays compliant, and does the thing you are paying for it to do.

The structuring advisor

A few questions. A directional starting point.

Tell it what you are actually trying to do, whether that is raising, expanding, holding assets or getting compliant, and it asks the questions that path needs. You get an educational first read, including the parts nobody selling incorporations tends to mention. Then book a consult to pressure-test it properly.

Trellis Structuring Advisor Question 1
Who we work with

Founders raising, businesses expanding, families structuring.

Founders raising international capital

One decision at incorporation shapes your tax position, your diligence experience and your exit. We help you make it knowingly, before it is expensive to undo.

Established businesses expanding

Trading, distribution and service businesses that have outgrown a single-country structure and need a credible international base for contracting, invoicing and banking. This is where a UAE entity earns its cost, and where the wrong zone quietly fails.

Regulated fintechs

The point where structure meets regulation. Keeping the holding layer clean while the licensing strategy, Gulf or Nigerian, gets built underneath it, and keeping the AML programme defensible.

Private clients and family holdings

Holding assets, structuring investments, planning succession. Where the question is not how to raise but how to hold, and how ownership passes on. Trust and foundation work, with the limits of each stated plainly.

Accelerators, funds and DFIs: there is a separate section for portfolio-wide work.

For accelerators, funds and DFIs

Structuring support across your whole portfolio, not deal by deal.

One structuring mistake in a portfolio company surfaces at the worst possible moment: mid-diligence, mid-raise, or mid-exit. We work with the platforms that see these mistakes at scale, before they get expensive.

Accelerators

Cohort structuring support

Your companies incorporate correctly before demo day, and their first institutional round stops stalling on structure.

  • Structuring workshop for each cohort, tailored to the batch
  • Office hours during the program for company-specific questions
  • Pre-demo-day structure review across the cohort
Discuss a cohort partnership
VCs and DFIs

Portfolio structuring counsel

Clean topcos, honest Delaware decisions, and migration paths mapped before they become urgent, across the whole book.

  • Portfolio structure audit: what each company has vs. what its next round needs
  • Pre-term-sheet structuring reviews for new investments
  • A standing resource your founders can call before they sign anything
Discuss portfolio support
Recent work

Structures we've built.

Trading & commodities · Founder-led

Mauritius trust with a Dubai operating entity

A founder needed long-term ownership held outside the operating business and a credible base for regional trade. We structured a Mauritius trust over the holding layer with an IFZA operating company in Dubai, and ran the offshore KYC, licensing and formation workstream end to end.

Fintech · Pre-Series A

Nigeria-to-Mauritius holding structure

A Nigerian operating company needed an investor-facing holding layer before raising. We built the Mauritius Global Business Company structure and sequenced the share allotment to manage the Nigerian capital gains exposure on transfer, coordinating CAC registration and Mauritius FSC licensing.

Crypto & payments · Revenue-stage

Compliance remediation under enforcement pressure

A revenue-generating Nigerian fintech was operating with no AML framework, no data protection documentation and no statutory registers, with a payment processor audit pending. We ran a full Health Check, scored the exposure, and built the governance, AML/KYC, NDPA and employment layers in parallel workstreams, with a compliance calendar handed over at the end.

About the team

Two founders. One does the advising, one makes it happen.

Co-founder · Structuring & Advisory

Samuel Oloke

Samuel is a Nigerian lawyer who works on where equity should sit and why. He advises founders and business owners on holding-company jurisdiction across BVI, Cayman, Delaware, Mauritius, DIFC and ADGM, and on the operating-entity question across the UAE, matching the structure to what it actually has to do rather than to what is fashionable.

He has designed and executed offshore holding structures end to end, including a Nigerian to Mauritius Global Business Company structure sequenced to manage capital gains exposure on the share transfer, alongside fintech regulatory and capital-raise advisory work. His job is translating dense offshore and tax questions into decisions people can act on. He is a Chartered Secretary (ICSAN) and an Associate of the Chartered Institute of Arbitrators.

Co-founder · Partnerships & Compliance

Mide Alabi

Mide is a lawyer and compliance advisor focused on corporate services and data protection. He co-founded Trellis and runs two things a client is implicitly buying but rarely sees: the network of registered agents, corporate service providers and licensing partners in every jurisdiction Trellis works in, and the compliance function that keeps client structures clean once they exist, from substance requirements to beneficial-ownership filings to the annual obligations nobody budgets for.

His work is what lets Trellis move from advice to execution without the client managing the plumbing themselves. It is also the reason the firm can put its own name on delivery in the UAE.

Mide is a member of the Nigerian Bar Association (NBA), the Nigerian Gas Association, the Data Privacy Lawyers Association of Nigeria (DPLAN), and the Chartered Institute of Arbitrators UK (CIArb UK).

Common questions

Asked on almost every first call.

Do I really need two companies?
If you're raising international capital and building a team outside one country, almost certainly. Your holding company is optimised for investors: tax neutrality, familiar documents, clean cap table. Your operating entity is optimised for visas, payroll, and banking. One entity doing both jobs does both badly, and unpicking it later costs far more than setting it up correctly now.
My accelerator wants a Delaware C-Corp. Is that a problem?
Not necessarily, but it should be a knowing choice. Delaware is a US taxpayer, and Nigerian founders face full 30% US withholding on future dividends because Nigeria has no US tax treaty. If the program or a US lead actually requires Delaware, take it with eyes open. If nobody is actually requiring it, a tax-neutral topco usually serves you better. We wrote about this in detail in our insights.
Does an offshore holding company mean I avoid Nigerian regulation?
No, and be suspicious of anyone who suggests otherwise. Licensed activity in Nigeria still needs the Nigerian licence, in a Nigerian entity. The offshore layer organises your equity and your international operations; it never removes local regulatory obligations where you actually operate.
Can a UAE free zone company sell to customers in the UAE?
Generally not directly. A free zone licence lets you trade internationally without restriction, contract with customers outside the UAE, hold shares, employ staff on your own visa quota and open UAE bank accounts. What it does not do is let you invoice mainland UAE customers directly or hold mainland premises. Where you need the mainland, the routes are a mainland branch, a separate mainland company, a distributor or commercial agent, or a dual licence where the zone offers one. Each adds a licence, cost and usually a second set of visas. It is a solvable problem, and a much cheaper one to solve at the outset than after your first UAE invoice is rejected.
Will you guarantee me a UAE bank account?
No, and nobody can in good faith. Bank onboarding is a decision for the bank, and where the ultimate beneficial owner holds a Nigerian passport with Nigerian source of funds it is slow, document-heavy and sometimes declined. Treat the licence and the bank account as two separate problems, plan on months rather than weeks, and expect to evidence source of funds and source of wealth properly. What we do is prepare the application to a proper standard, submit it to institutions currently opening accounts for profiles like yours, and pursue alternatives if the first one declines. Anyone promising you an account is telling you what you want to hear.
Does a UAE residence visa give me access to the rest of the Middle East?
No. A UAE residence visa is a UAE permit. It confers no entry or work rights in Saudi Arabia, Qatar, Bahrain, Kuwait or Oman. The GCC unified visa is often cited as the answer to this; it has slipped repeatedly, is currently expected to enter a pilot phase from late 2026, and is a tourism and family visit instrument with work and labour travel expressly excluded. What a UAE base does give you is residence for yourself and your dependants, a mechanism to bring team in, a stable operating jurisdiction, and a logistics position between Africa, Asia and Europe. That is worth a great deal. It is just not regional mobility.
Is the UAE tax-free?
No. UAE corporate tax applies at 9% on taxable income above AED 375,000. A Qualifying Free Zone Person can access a 0% rate on qualifying income, but that is subject to real conditions: adequate substance in the zone, qualifying income as defined, transfer pricing compliance, and a de minimis test on non-qualifying revenue. Mainland-source income is generally non-qualifying. Registration is mandatory regardless of the rate that applies. It is a genuine regime with genuine conditions, not a tax-free promise, and the conditions have moved more than once.
If I set up in Dubai, does my company stop being Nigerian?
Not automatically, and this is the point most people setting up offshore have not caught up with. The Nigeria Tax Act 2025 took effect on 1 January 2026 and defines a Nigerian company through three limbs joined by "or": a company incorporated in Nigeria, a company whose central place of management or control is in Nigeria, or a company whose effective place of management or control is in Nigeria. Any one of them is enough. So an offshore or UAE company whose board sits in Lagos and whose decisions are taken in Lagos may still be a Nigerian company. If the structure is meant to sit outside Nigeria, the management substance has to be built and documented rather than assumed.
Who actually does the UAE incorporation?
Trellis is your adviser and your point of contact throughout. The regulated UAE formation, licensing and immigration work is delivered through licensed UAE partners we contract with directly, under our own service standards, with Trellis remaining responsible to you. You deal with us, not with a chain of providers, and you get one scope and one fee rather than a set of separate relationships to manage.
Do the compliance packages include ongoing management?
No. Each module builds a specific framework: the policies, the procedures, the registers, the documentation. Once we hand it over, running the system is yours. Filing ongoing returns, responding to data subject requests, screening new customers, keeping the minute book current after each board meeting. We build the infrastructure so that all of those things are possible and defensible. We do not operate it for you, and the price reflects that. If you want ongoing support, that is a separate engagement scoped after the build.
Which jurisdiction is cheapest?
The wrong question, respectfully. Setup costs vary and are quoted at engagement, but the expensive part of structuring is never the setup fee. It's choosing a structure your next round has to undo. The right question is which structure your investors will accept, your team can operate from, and your exit won't be taxed through. Cheap and wrong costs more than correct.
Can you fix a structure that already exists?
Usually, yes. Delaware conversions, BVI-to-Cayman continuations, and inserting a proper holding layer above an existing local company are all well-trodden restructurings. They get more expensive the closer you are to a live round, so the best time to look at it is before the term sheet, not during diligence.
What does the structuring advisor on this site actually give me?
A directional starting point and the reasoning behind it. It asks what you are trying to do first, then follows the questions that path actually needs, so a trading business expanding to Dubai is not asked about its cap table and a family structuring its assets is not asked about its lead investor. It is general information to start a conversation, not legal advice, and every real structure depends on facts a short tool cannot capture: your existing entities, your source of funds, your tax position, and what the other side's counsel will actually ask for. That is what the consult is for.
Start the conversation

Book a structuring consult.

Thirty minutes on what you are trying to do, the structure you have, and the structure you need. Come with the questions you have been carrying around. Leave with a plan.

Not raising. Not sure you need a structure at all. Just trying to get compliant before someone asks. Book anyway. Half of our best engagements start with that question.

The fastest route

Pick a time directly. We'll review your situation before the call so the thirty minutes count.

Book a consult
OfficeLagos, Nigeria

We usually reply within one business day.