The 618 Bees blog
Practical guides to starting, running and protecting your business in Nigeria. Find the answers you need, wherever you are in your business journey.
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Tax Clearance Certificate (TCC) in Nigeriais a document issued by the FederalInland Revenue Service(FIRS) or States Inland Revenue Service showing that the applicant’s taxes has been filed up to date and...
The law is trite that no foreigner can engage in business in Nigeria without a business permit except those expressly exempted by the Companies and Allied Matters Act Cap C20 LFN 2004. As such, a registered...
The Act comes into effect on Saturday the 1stof February, 2020. Value Added Tax (VAT) has increased from 5% to 7.5% but items in the VAT exemption list are tax free. If you have a business that reports less...
Confidentiality clause is that part of an agreement that prevents the other party to the agreement from revealing vital information that they became privy to as a result of being a part of the agreement...
So many persons see the Finance Bill as a welcome change in Nigeria Tax regime because of some of the favourable additions to the bill. Although there is a debate that the Increase in Value Added Tax from 5%...
The essence of an indemnity clause is to allocate risk from one of the contracting parties to the other. When an indemnification clause is inserted into a contract, it is meant to transfer risk between the...
Yes a foreigner can be a director in a Nigerian Company. Although there is no express provision for this in the Companies and Allied Matters Act 2004, the law also doesnot preclude a foreigner from being a...
A Company Limited by Guarantee means a private company that does not have shareholders or share capital. It has members called guarantors that undertake to contribute should the company need it. It cannot...
A confidentially clause just like the word confidentially implies, is the section of a legal agreement that prohibits a party from disclosing important information such as trade secret that they might become...
A trustexists where a person called a trustee is given the right by a person (Trustor) to hold title to a property for another person who is known as a beneficiary. A trust is a legal way to hold and protect...
A trust is an arrangement where a person’s gives another party the legal right to manage his/her assets for the benefit of another person. A trust can be a property, a bond, mutual funds or even stock. To...
For a finance company to be registered in Nigeria, an application must first be made in writing to the Central Bank of Nigeria (CBN) with the following details; An application fee in a draft of N100, 000(one...
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