HOW TO GET REGISTERED WITH NSITF

HOW TO GET REGISTERED WITH NSITF

The purpose of NSITF registration is to provide a system of compensation for employees in the instance of casualties or even death in the work environment.  The NSITF is the acronym for Nigeria Social Insurance Trust Fund. It is an active and committed government institution saddled with the responsibility of catering for the employee’s welfare and safety within the working environment. It is backed up by the Employees Compensation Act (ECA) 2011 which not only offers compensation for work-related injuries but fights against deprivation and income security for affected employees. The NSITF scheme doesn’t just provide compensation but also makes...

NITDA REGISTRATION AS ICT SERVICE PROVIDERS IN NIGERIA

NITDA REGISTRATION AS ICT SERVICE PROVIDERS IN NIGERIA

NITDA registration is a mandatory requirement for all ICT service providers or contractors providing services to any Ministry, Department, or Agency (MDA) in Nigeria. The National Information Technology Development Agency (NITDA) is a government agency empowered to regulate and promote the use and development of Information Technology in all spheres or sectors of Nigeria through the development of IT framework, standards, guidelines, regulations, and policies. It is a mandatory requirement that all ICT service providers or contractors providing services to any Ministry, Department, or Agency (MDA) register and get certified with the NITDA as this ensures the delivery of quality...

CAN I GET A TAX EXEMPTION LETTER FOR MY NGO

CAN I GET A TAX EXEMPTION LETTER FOR MY NGO

An NGO is an association of persons registered under Section 590 of CAMA 2020 for the advancement of religious, educational, literary, scientific, social development, cultural, sporting, and charitable purposes, they are also referred to as non-profit organizations. In light of the significant role played by NGOs, the Government sees the need and reason to grant certain tax incentives to NGOs for their humanitarian services. According to Section 23 (1) of the Companies Income Tax Act, “the profit of any statutory, charitable, ecclesiastical, educational or other similar associations are exempted from Companies Income Tax obligation provided such profits are not derived...

DIFFERENCE BETWEEN A COMPANY LIMITED BY GUARANTEE AND AN INCORPORATED TRUSTEE

DIFFERENCE BETWEEN A COMPANY LIMITED BY GUARANTEE AND AN INCORPORATED TRUSTEE

When it comes to setting up a charity organization in Nigeria, the popular entity choice that comes to mind is registering such an organization as an incorporated trustee. However, most people fail to realize that there is an alternative choice of entity known as a Company Limited by Guarantee, probably due to the fact that it is the least popular entity type in Nigeria. For those who are aware that this type of entity exists as a choice of entity, the question remains, which of the two entities is ideal for registering my non-government organization (NGO) or charity organization in...

HOW CAN I GET A RESIDENCE PERMIT IN NIGERIA

HOW CAN I GET A RESIDENCE PERMIT IN NIGERIA

WHAT IS A RESIDENCE PERMIT? This is a document that authorizes a person especially a foreign national to live in Nigeria. It grants the holder rights as regards living for a specified period of time subject to renewal. The Nigerian Immigration Service through the Director of Immigration i.e. the Comptroller General is charged with the responsibility of issuing residence permits in Nigeria. WHO CAN APPLY? Persons who are eligible to apply for permanent residence in Nigeria are: 1. ECOWAS National (citizens) resident in Nigeria. 2. Expatriates or Foreigners. 3. Other special individuals. HOW CAN I APPLY FOR A RESIDENCE PERMIT...

HOW DO I PROTECT MY APP IDEA

HOW DO I PROTECT MY APP IDEA

So you have an app idea you believe is novel and has never been created. You are also aware of the need to have your app idea protected legally prior to launch, but you are uncertain about how to go about it. In this article, we’ll highlight the various ways you can legally protect your app idea after launch. Before we proceed, however, it’s important we stress the fact that an idea in itself cannot be offered legal protection. The law only offers protection to an existing invention or innovation HOW DO I PROTECT MY MOBILE APP IDEA? Legally speaking,...

HOW TO START A RECORD LABEL IN NIGERIA-LEGAL CONSIDERATIONS

HOW TO START A RECORD LABEL IN NIGERIA-LEGAL CONSIDERATIONS

INTRODUCTION The afrobeat in Nigeria has recently gained global attention and recognition, and this has given rise to the attraction of investors both locally and in the diaspora. An important sector of the Nigerian music industry has contributed its quota towards promoting talented artists and that is the record labels. In this article, we will be considering what you need to know about setting up a record label in Nigeria. If you are interested in owning a record label, you should consider reading this. WHAT IS A MUSIC RECORD LABEL A Music Record Label is a group or an institution...

FREE TRADE ZONES IN NIGERIA

FREE TRADE ZONES IN NIGERIA

In the bid to maximize tax incentives, most businesses (both local and foreign) opt for setting up their businesses within free trade zones. In this article, we examine the purpose of free trade zones, who can operate within a free trade zone, incentives for operating within a free trade zone as well as other considerations you need to be aware of if you wish to operate within free trade zones in Nigeria. WHAT ARE FREE TRADE ZONES? A free trade zone (FTZ) is a specified geographical area within a country where goods can be manufactured, imported, exported, stored, handled, reconfigured,...

FREQUENTLY ASKED QUESTIONS ABOUT SCUML REGISTRATION IN NIGERIA

FREQUENTLY ASKED QUESTIONS ABOUT SCUML REGISTRATION IN NIGERIA

Months ago, we wrote an article on SCUML registration, and the article has given rise to many questions please click here to read the article. In this post, we will be handling as much as possible, every question you could possibly have about SCUML registration in Nigeria. The questions we will be providing answers to are borne from the inquiries we’ve received from this subject over time. FREQUENTLY ASKED QUESTIONS ABOUT SCUML REGISTRATION IN NIGERIA WHAT IS SCUML? SCUML is the acronym for Special Control Unit on Money Laundering. It is an agency that was established under the Obasanjo’s administration...

SHARE NOMINEE AGREEMENT

SHARE NOMINEE AGREEMENT

This agreement has elements of a trust transaction and is used in situations where shares are acquired from a company or entity but are registered in the name of a nominee on behalf of the beneficial shareholder. This agreement enables the owner of the share to take care of his/her share through a nominee without his identity being revealed. In a share nominee agreement, the nominee has no benefit over the shares. WHO ARE THE PARTIES INVOLVED IN A SHARE NOMINEE AGREEMENT From the above definition, there are two parties involved in a share nominee agreement which are: a. Nominal...