Blog – Page 4 of 8 – Lex-Praxis Legal Solicitors

January 22, 2022January 22, 2022

HOW TO SET UP INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA

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With Nigeria’s annual remittances predicated to be USD 34.89 billion in 2023, and with about USD 2.9 billion investment funds going to African startups, 62% of which went to fintechs in 2021 as reported by Briter Bridges, a large presence of Nigerians living in diaspora, there are huge market opportunity prospects for individuals and organizations wishing to provide international money transfer services in Nigeria. As provided by the Guidelines for the Operation of International Money Transfer Services in Nigeria, 2014, (IMTO Guidelines), companies wishing to set up international money transfer services in Nigeria are required to be licensed by the...

January 14, 2022January 17, 2022

HOW TO CHANGE THE BUSINESS ACTIVITY OF A COMPANY

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By Cynthia TishionIn Business Law

According to Section 44 of the Companies and Allied Matters Act, 2020, a company is not permitted to carry out business activities not included in the object clause of the Memorandum and Articles of Association (MEMART) of such company. The MEMART of a company are important documents of any company. On the one hand, the Memorandum of association provides details of the company such as; the registered address of a company, details of share subscribers of the company, nature of business activities permitted to be carried out by the company, while the Articles of Association provides a set of rules...

November 22, 2021November 30, 2021

COOPERATIVE SOCIETIES IN NIGERIA: EVERYTHING YOU NEED TO KNOW

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By Cynthia TishionIn Uncategorized

A co-operative society is an autonomous association of persons united voluntarily with the aim of promoting the socio-economic interests of its members in accordance with co-operative principles, and facilitating the operation of those principles. Upon registration, it acquires the status of a body corporate by the name under which it is registered, with perpetual succession and a common seal with power to; (i) hold movable and immovable property of any description (ii) enter into contracts (iii) institute and defend suits and other legal proceedings in its name; and (iv) do all things necessary for the purpose of its constitution. ...

October 15, 2021October 15, 2021

CAN A FOREIGN COMPANY DO BUSINESS IN NIGERIA WITHOUT BEING REGISTERED?

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By Cynthia TishionIn Business Law

As a general rule, any company (whether local or foreign) which seeks to do business in Nigeria, must be first registered with the Corporate Affairs Commission and meet up with other requirements to be recognized by the relevant Government as a going concern. Section 78 of CAMA 2020 provides: (1) Subject to section 80- 83 of the Act, every foreign company which before or after the commencement of this Act was incorporated outside Nigeria and having the intention of carrying on business in Nigeria shall take all steps necessary to obtain incorporation as a separate legal entity in Nigeria for...

October 7, 2021October 7, 2021

WHAT TO DO WHEN ASKED TO PAY TAX OR LEVY YOU AREN’T AWARE OF

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By Cynthia TishionIn Tax

Do you operate a business in Nigeria? Ever been confronted by revenue officials at your business premises to pay taxes or levies you weren’t aware of? The fact is that in most State and local government areas, there is yet to be a unified tax payment system for taxpayers. That explains situations where certain levies are signed into law with little or no public notification to that effect. On the other hand, we have cases of fraudsters who extort unsuspecting business owners with levies unknown to law. There’s however no need for alarm. Here’s what to do in situations where...

October 4, 2021October 5, 2021

WHY TRADEMARK REGISTRATION IS IMPORTANT FOR STARTUPS

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By Cynthia TishionIn Intellectual Property Law

Few days after publishing our article on how to register a trademark in Nigeria (click HERE to read previous article), a reader asked “Is a trademark registration important, considering the fact that I have just registered my company with the Corporate Affairs Commission”? This article would address this question. But before we do that, it is important to define a trademark. WHAT IS A TRADEMARK? A trademark can be any word, phrase, symbol, design, or a combination of these things that identifies your goods or services. It’s how customers recognize you in the marketplace and distinguish you from your competitors. Having...

September 30, 2021October 4, 2021

HOW TO REGISTER A TRADEMARK IN NIGERIA

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By Cynthia TishionIn Intellectual Property Law

A Trademark is a recognizable name or design, which is legally registered and used to identify and distinguish a product or service from others. It’s serves as indication of origin and quality. They represent the “goodwill” or reputation a business and its products/services enjoys with the public. Wherein, businesses rely on their marks to identify their products and services and distinguish them from those of their competitors. The public relies on marks to distinguish among competing producers and as guarantees of quality. Some of the trademarks that can be registered include symbol, word, set of words, logo. The trademark is...

September 13, 2021September 13, 2021

HOW TO REGISTER A LIMITED PARTNERSHIP AND LIMITED LIABILITY PARTNERSHIP IN NIGERIA.

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By Cynthia TishionIn Business Law

One of the highlights of the new Companies and Allied Matters Act, which was signed into law in 2020 was the introduction of the Limited Partnership and Unlimited Liability Partnership structure for business organizations. However, since the coming into effect of the Act, members of the public have been unable to take advantage of this new structure on the Company Registration Portal (CRP) of the Corporate Affairs Commission, until recently. The introduction of the Limited Partnership and Limited Liability Partnership structure to the CRP is a welcome development as these structure enables us enjoy numerous benefits this structure affords us...

September 2, 2021September 3, 2021

HOW TO UPGRADE A REGISTERED BUSINESS NAME TO A PRIVATE COMPANY IN NIGERIA

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By Cynthia TishionIn Uncategorized

Yes, you can upgrade your registered business name to a limited liability company. To do so however, you are required to; 1. Ensure the business name has filed its annual returns with the Corporate Affairs Commission since registration and it is up to date. The purpose of filing annual returns regularly is to inform the Commission with which it was registered, that such business is a going concern. 2. Apply to the Registrar General of the Commission, requesting to upgrade your registered business name to a Limited Liability Company. You would also be expected to submit your business registration certificate...

August 20, 2021August 20, 2021

HOW TO DETECT PONZI SCHEMES IN NIGERIA

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By Cynthia TishionIn Uncategorized

Sometime in July 2021, the Vanguard newspaper headline bore the caption “ Victim of Ponzi Scheme commits suicide”. According to the article, the man the young man in question was a student who borrowed money from his friends in addition to his school fees to secure his investment in what turned out to be a fraud. It would interest you to know that the investment company in question, was registered with the Corporate Affairs Commission and as a result, the unsuspecting investors had no reason to question whether or not the activities of the company were legitimate. But when it...