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....
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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...
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...
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
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
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...
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...
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
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
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...
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