STARTING A NEW BUSINESS IN NIGERIA AS A FOREIGNER

STARTING A NEW BUSINESS IN NIGERIA AS A FOREIGNER

Starting a new business in Nigeria as a foreigner can be a daunting task, especially if you don’t reside there. However, this doesn’t imply that it’s an insurmountable process. To assist you in your journey, we have compiled a basic legal checklist that we believe will ensure a hassle-free launch of your business in Nigeria. LEGAL CONSIDERATIONS FOR STARTING YOUR BUSINESS IN NIGERIA AS A FOREIGNER 1. The ideal entity type and requirements. There are many types of business entities available for those who want to start a business in Nigeria. However, some of these entities may not be suitable...

EXPATRIATE EMPLOYMENT LEVY IN NIGERIA-EVERYTHING YOU SHOULD KNOW

EXPATRIATE EMPLOYMENT LEVY IN NIGERIA-EVERYTHING YOU SHOULD KNOW

On Tuesday, February 27th, 2024, the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria launched the Expatriate Employment Levy (EEL). This levy was introduced to balance the benefits of expatriate employment with Nigeria’s local labour market and resources due to the increase in the imported workforce within the country. The EEL will be implemented from Friday, 15th March 2024, while the last date of compliance is Monday, 15th April 2024. This article will examine the new policy’s requirements and operations, as well as their overall impact on stakeholders. WHAT IS THE EXPATRIATE EMPLOYMENT LEVY (EEL)...

HOW TO REGISTER A SCHOOL IN NIGERIA

HOW TO REGISTER A SCHOOL IN NIGERIA

If you are interested in finding out how a school is registered in Nigeria, it is essential to be aware of the recent policies and guidelines created by the government and respective agencies. In this article, we will discuss these new policies and other key considerations for registering a school in Nigeria. HOW ARE SCHOOLS REGISTERED IN NIGERIA? To register a school in Nigeria, you need to follow certain procedures. The first step is to register with the Corporate Affairs Commission. According to the new policy, all schools must be registered as a company. Additionally, at least one member (director)...

HOW TO NOTARIZE A DOCUMENT IN NIGERIA

HOW TO NOTARIZE A DOCUMENT IN NIGERIA

If you need to notarize a document for official purposes in Nigeria but don’t know how to do it, this article is for you. Not all official documents require notarization, but many can only be recognized internationally if they are notarized. Examples of documents that can be notarized include academic records, birth certificates or attestations of birth, sponsorship letters, bank statements, police clearances, and more. If you find yourself in such a situation, we believe this article will guide you through the process. WHERE CAN I NOTARIZE MY DOCUMENTS IN NIGERIA? In Nigeria, only a Notary Public who is appointed...

BENEFICIAL OWNERSHIP REPORTING INFORMATION REQUIREMENT FOR US REGISTERED COMPANIES

BENEFICIAL OWNERSHIP REPORTING INFORMATION REQUIREMENT FOR US REGISTERED COMPANIES

The Corporate Transparency Act of 2021 in the United States mandates that both local and foreign entities must disclose their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the US Department of the Treasury. This compliance requirement forms a part of the U.S. government’s efforts to make it more challenging for dishonest individuals to conceal or profit from their illegally obtained funds through shell companies or other unclear ownership structures. This article will address frequently asked questions about Beneficial Ownership Information reporting as a compliance requirement for US companies WHAT IS BENEFICIAL OWNERSHIP...

CBNs REVIEWED GUIDELINE FOR INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA

CBNs REVIEWED GUIDELINE FOR INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA

The Central Bank of Nigeria (CBN) released revised guidelines for International Money Transfer Services in Nigeria on January 31, 2024. The guidelines are aimed at liberalizing the foreign exchange market, ensuring transparency in foreign exchange transactions, boosting diaspora remittances and foreign capital inflows, promoting efficient price discovery mechanisms, and improving the ease of doing business for International Money Transfer Operators. This article aims to examine the key changes that have been made to the pre-existing guidelines and their implications for stakeholders in the sector. KEY HIGHLIGHTS OF THE REVISED GUIDELINES 1. Minimum Share Capital Requirement: The Central Bank of Nigeria...

REGISTERING A COMPANY LIMITED BY GUARANTEE IN NIGERIA – A PRACTICAL GUIDE

REGISTERING A COMPANY LIMITED BY GUARANTEE IN NIGERIA – A PRACTICAL GUIDE

To register a company limited by guarantee in Nigeria, there is a mandatory requirement to obtain the authority of the Attorney General of the Federation, as per Section 26(4) of the Companies and Allied Matters Act (CAMA) 2020. To reduce delays in the registration process, the CAMA has provided a 30-day timeframe for the Attorney General to grant the necessary authority for the registration of a company limited by guarantee, if there are no valid reasons for failing to approve the application. In order to improve the efficiency of the registration process, the Guidelines for the Issuance of the Attorney...

HOW DO I CLOSE A COMPANY IN NIGERIA?

HOW DO I CLOSE A COMPANY IN NIGERIA?

Just like a natural person is birthed, journeys through the process of life, and dies, so does a business organization undergo a compelling journey from inception, and sometimes the decision to shut down or cease its operations becomes inevitable. In Nigeria, there are laid down rules and laws governing the operations of business organizations (companies, business names, and non-profit organizations) and this extends to its closure stage. The primary laws that oversee the end of a company are the Companies and Allied Matters Act, 2020, and the Insolvency Regulation 2022. This article seeks to examine the legal intricacies and processes...

HOW DO I CLOSE A COMPANY IN THE USA

HOW DO I CLOSE A COMPANY IN THE USA

Like starting your business in the United States, closing a company in the USA (particularly as a foreigner) can be an emotional one. However, no matter the reason behind the decision to close your business, please take note that doing so is not limited to stopping business activities. There are other legal and tax procedures to follow while doing so. This process is also known as dissolving a company. In this article, we will be considering what you need to know about how to close a company in the USA and we will be considering it from both the legal...

CBN GUIDELINE ON CRYPTOCURRENCY OPERATION IN NIGERIA

CBN GUIDELINE ON CRYPTOCURRENCY OPERATION IN NIGERIA

Following the directive restricting banks and other financial service providers from operating accounts for cryptocurrency service providers in 2021, the Central Bank of Nigeria on 22 December 2023, issued guidelines on the operation of bank accounts of firms transacting in crypto assets and cryptocurrency (also referred to as Virtual Asset Service Providers (VASPs). Within this context, VASPs are defined as entities that conduct the following activities for and on behalf of the following persons; a. exchange between virtual assets and flat currencies b. exchange between one or more forms of virtual assets c. transfer of virtual assets d. safekeeping and/or...