HOW TO NOTARIZE A DOCUMENT IN NIGERIA
Post

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...

BENEFICIAL OWNERSHIP REPORTING INFORMATION REQUIREMENT FOR US REGISTERED COMPANIES
Post

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...

CBNs REVIEWED GUIDELINE FOR INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA
Post

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...

HOW DO I CLOSE A COMPANY IN NIGERIA?
Post

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,...

HOW DO I CLOSE A COMPANY IN THE USA
Post

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...

CBN GUIDELINE ON CRYPTOCURRENCY OPERATION IN NIGERIA
Post

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...

WHAT IS FIRS TAX PRO-MAX
Post

WHAT IS FIRS TAX PRO-MAX

WHAT IS TAX PRO-MAX Taxpromax is one of the newest innovations of the Federal Inland Revenue Service (FIRS) launched to simplify tax compliance and to enhance a digital tax administration process in Nigeria.  Taxpromax is a self-service platform or portal that enables taxpayers to file tax returns, pay taxes, process and validate Tax Clearance Certificates,...

HOW TO REGISTER A CHURCH IN NIGERIA
Post

HOW TO REGISTER A CHURCH IN NIGERIA

A church is a religious organization comprising a group of people who together share the same belief. To operate and function as a legally recognized institution, a church must be registered. To register a church in Nigeria, it is hereby advised to get registered as an “Incorporated Trustee” because it falls under a non-profit organization....

WITHHOLDING TAX IN NIGERIA
Post

WITHHOLDING TAX IN NIGERIA

Withholding tax (WHT) was introduced into the Nigerian Tax system to reduce and possibly terminate the incidents of tax evasion. In this article, we examine frequently asked questions on the subject such as; what is withholding tax in Nigeria, who pays withholding tax in Nigeria, how it works within the Nigerian tax administrative system, exemptions,...