Blog – Page 6 of 17 – Lex-Praxis Legal Solicitors

April 20, 2023April 20, 2023

AML/CFT POLICY – EVERYTHING YOU NEED TO KNOW

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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,...

March 30, 2023March 30, 2023

WHEN TO REGISTER YOUR TRADEMARK

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By Cynthia TishionIn Intellectual Property Law

As a business owner, you’ve probably heard or read a thousand and one reasons why it is important to protect your brand through trademark registration (We are also guilty of over-flogging the issue lol). You are probably wondering, is it mandatory that I do so? Isn’t my business registration enough to protect my brand? To help you answer this question, we will be discussing in this article, 3 circumstances where you should seriously consider a trademark registration for your business. Before we proceed with our points, please bear in mind that a trademark is any symbol, word, and collection of...

March 23, 2023March 23, 2023

WHAT ARE THE BENEFITS OF HAVING A COMPANY REGISTERED IN THE US FROM NIGERIA

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By Cynthia TishionIn Business Law

Perhaps, you’ve come across conversations or posts related to having your company registered in the United States, and you’re probably wondering; “What’s the benefit of having your business registered in the United States while I’m based in Nigeria? If you are a Nigerian-based startup, an online vendor, a freelancer, etc. and this sounds like a question you’ve asked yourself lately, this article will show you 5 reasons why you should consider setting up your business in the US even if you do not live or work there. BENEFITS OF REGISTERING YOUR COMPANY IN THE USA FROM NIGERIA 1. YOUR BUSINESS...

March 23, 2023March 23, 2023

HOW STARTUPS CAN RAISE FUNDS THROUGH SYNDICATE FINANCING

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By Cynthia TishionIn Uncategorized

In our previous article, we considered Syndicate Investment or Financing from the perspective of investors. You may read the article HERE. In this article, we will consider how Startups can raise funds through Syndicate Financing. A syndicate investment is an investment vehicle made up of a group of individual or institutional investors in which a lead investor (also known as a Syndicate lead), sources for investments, conducts due diligence, and secures allocation for other investors referred to as “backers”. As explained in our previous article, the syndicate investment model is carried out in such a way that a special purpose...

March 16, 2023March 16, 2023

SYNDICATE INVESTMENT; EVERYTHING INVESTORS NEED TO KNOW

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By Cynthia TishionIn Startup Law

As an investor, you will agree that one of the challenges that come with investing in Startups is the possibility that such startups may be a bad investment as a result of the inability of the latter to meet up with growth projections and expectations. In addition, the unstable state of the global economy hasn’t made the Startup ecosystem any easier, with the mass layoff of employees. To this end, most institutional investors such as Venture Capital (VC) firms, have become more cautious when it comes to investing in startups. This is where the Syndicate investment Structure comes in as...

March 9, 2023March 9, 2023

HOW TO START AN ONLINE BROKERAGE FIRM IN NIGERIA

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By Cynthia TishionIn Startup Law

So, you are a founder (or team of founders) on a mission to provide access to borderless digital investment and wealth management opportunities to individuals and businesses in Nigeria. You’ve done your market analysis and your service offering fits the description of what the foremost digital brokerage investment companies in Nigeria with the likes of Bamboo, Chaka, Risevest, etc. provide, that is; offer retail investment services in which Nigerian users are allowed to invest fractionable amounts to publicly listed companies in Nigeria and possibly around the world. You are however uncertain about the regulatory requirements for setting up an online...