Blog – Lex-Praxis Legal Solicitors

May 25, 2023May 25, 2023

COPYRIGHT ACT 2023 NIGERIA – KEY FEATURES OF THE ACT

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By Cynthia TishionIn Intellectual Property Law

For over 30 years, the old Copyright Act has governed the protection and administration of musical, literary, and artistic work in Nigeria. The Copyright Act, of 1992 was not without its shortcomings which stakeholders continued to observe with the passage of time. However, on the 17th day of March 2023, the President of the Federal Republic of Nigeria signed the copyright bill into law. This new Act introduces new provisions and ratifies outstanding treaties. In this article, we will be considering key provisions within the new Act and how this applies to creators and inventors in Nigeria. Before we go...

May 18, 2023May 18, 2023

HOW TO CORRECT A NAME WRONGLY SPELT ON YOUR CAC DOCUMENTS

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By Cynthia TishionIn Business Law

Have you tried carrying out registration of your business with the Corporate Affairs Commission only to discover that your name or the name of another has been wrongly spelt on your business registration documents? If the scenario painted above fits your current situation, there is no cause for alarm as it is possible to have the name corrected on your registration documents even after the business has been registered. We will discuss this in detail below. PROCEDURE AND REQUIREMENTS FOR CORRECTING A NAME WRONGLY SPELT ON YOUR BUSINESS REGISTRATION DOCUMENTS Before explaining how this is done, please note that at...

May 11, 2023May 11, 2023

CERTIFICATE OF CAPITAL IMPORTATION: EVERYTHING YOU NEED TO KNOW

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By Cynthia TishionIn Business Law

If you are a foreigner or a foreign entity looking to set up a business in Nigeria or you are a Nigerian who owns a business and is about to receive funds or equipment from foreigners as a form of investment into your business, you are very likely to be required to obtain a Certificate of Capital importation (CCI). In this article, we will explain what this is all about. We hope you gain value from it. What is a Certificate of Capital Importation? Also referred to as CCI, it is a document that proves that cash, equipment, or both...

May 4, 2023May 10, 2023

HOW TO GET YOUR TAX CLEARANCE CERTIFICATE IN NIGERIA

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By Cynthia TishionIn Tax

I recently received an inquiry about obtaining a Tax Clearance Certificate and the question reads thus; “… I don’t know if a newly registered business can be given a tax clearance certificate. In summary, I want a tax clearance certificate, but there doesn’t seem to be a way for me to get one…” Upon receiving this question, I knew for a fact that there was going to be a whole lot of explaining to do about taxes in general before addressing the aspect of a tax clearance certificate. I recommended my e-book “ESSENTIAL TAX GUIDE FOR BUSINESSES” to assist me...

April 27, 2023April 28, 2023

HOW TO REGISTER A COMPANY LIMITED BY GUARANTEE IN NIGERIA

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By Cynthia TishionIn Business Law

Are, you considering registering a company limited by guarantee in Nigeria? You’ve probably heard about it, but not sure what it entails. This article will consider everything you need to know about registering a company limited by guarantee in line with the latest law governing companies in Nigeria which is the Companies and Allied Matters Act 2020. WHAT DOES IT MEAN WHEN A COMPANY IS LIMITED BY GUARANTEE A company is said to be limited by guarantee when the liability of members of the company is restricted or limited to the amount such members undertake or guarantee to contribute to...

April 20, 2023April 20, 2023

AML/CFT POLICY – EVERYTHING YOU NEED TO KNOW

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By Cynthia TishionIn Startup Law

Money laundering and financing of terrorism have been a concern for financial institutions, government organizations, policymakers, and businesses globally. In the bid to identify, monitor and put a stop to criminal activities from abusing the financial system and reduce the negative effects of criminal activities on the economy, many countries in the world (including Nigeria), have developed policies in place to fight against Money Laundering and the Financing of terrorism. In this article, we will consider the meaning and purpose of the Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) policy, as well as how startups and businesses can...

April 13, 2023April 13, 2023

HOW TO START AN AGENCY BANKING BUSINESS IN NIGERIA

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By Cynthia TishionIn Fintech

One of the many benefits of the infiltration of technology into the finance sector in Nigeria is the ease and availability of options in carrying out financial transactions. Technological innovation within the sector has in addition brought about job creation opportunities for individuals and small businesses one of which is agency banking services. In this article, we will consider; the meaning of agency banking and the requirements for starting an agency banking business in Nigeria. MEANING OF AGENCY BANKING Agency Banking is a banking model where financial institutions, banks, and even businesses use third-party agents, such as retail outlets or...

April 6, 2023April 6, 2023

CAN I REGISTER MY NAME AS A TRADEMARK

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By Cynthia TishionIn Intellectual Property Law

In the course of interacting with clients and prospects, to assist them with their trademark registration, I’ve been asked this question repeatedly. If you’ve had a similar question, I believe this article will give you the answer you seek. For context, I’ll be responding to this question as it relates to trademark registration in Nigeria. CAN I REGISTER MY NAME AS A TRADEMARK? My response to this question is that it depends on whether or not your birth name meets the criteria for approval in Nigeria. The only way your birth name may be considered for registration is if it...

April 6, 2023April 6, 2023

WHAT TYPE OF BUSINESS DO I REGISTER IN GHANA

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By Cynthia TishionIn Business Law

Registering a business in Ghana, or any other country in the world requires having such a business registered as a first step. In Ghana, there are various types of business organizations a business owner is required to choose from to have their business registered. We will be considering them below. The agency responsible for carrying out business registration in Ghana is the Registrar General’s Department. Types of business entities to Register in Ghana 1. Sole Proprietorship This type of business entity is owned and managed by an individual. The liability of a sole proprietor is unlimited. In other words, in...

March 30, 2023March 30, 2023

REQUIREMENTS FOR REGISTERING AS A INVESTMENT ADVISOR IN NIGERIA

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By Cynthia TishionIn Uncategorized

An investment adviser is a firm or an individual who for compensation, engages in the business of; 1. providing investment advice to others about the value of or investing in securities (i.e stocks, bonds, mutual funds, exchange-traded funds (ETFs), and other investment products) 2. issues report or analysis regarding securities, as a regular business or part of a regular business. Investment advisers may also provide financial advice with respect to market trends or offer financial planning services. In this article, we will consider in detail, the legal requirements for operating as an investment adviser in Nigeria. But before we do,...