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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On 24 June 2019, the Nigerian President signed the Nigeria Police Trust Fund (Establishment) Bill (“Police Trust Fund Act” or “the Act”) into law. The Act establishes the Nigeria Police Trust Fund (Trust...
This is a tax imposed on the supply of goods and services, under the Nigerian Tax law, VAT is fixed at 7.5% of the value of the taxable goods and services. Section 8 of the Value Added Tax Law, which was...
A company is required to register for taxes in Nigeria, also individuals, employees, partnerships, and communities pay personal income tax in Nigeria. Personal Income tax is payable to the relevant tax...
A shareholder’s Agreement outlines how a company is to be operated, the rights and obligations afforded to the shareholders, and the relationship between the company and the shareholders. The purpose of a...
Consortiums are companies which are composed of separate and different companies coming together to pool resources for an agreed objective or specific duties. Each company will be responsible for the...
As a general rule, a Holding Company (HoldCo) is defined as “any corporation that owns controlling shares (more than 50% shares) in another company (subsidiary) or companies (subsidiaries) to influence...
NOTAP which means the National Office for Technology Acquisition and Promotion was established by the NOTAP Act, CAP N62 Laws of the Federation of Nigeria (LFN) 2004 was given the mandate to encourage a more...
Section 834 of the Companies and Allied Matters Act 2020 stipulates the requirement and procedure for the removal of a trustee of a non-profit organisation in Nigeria. To remove a trustee of a non-profit...
Under Section 598 of the Companies and Allied Matters Act 2020 (CAMA), a Secretary of an Incorporated Trustee can be changed or removed. However, the change must be effected by the procedure as laid down in...
One of the most common misperceptions of entrepreneurship is that what makes a successful business is the idea for a unique product — that if you just have that one great idea that nobody has thought of...
The Money Lenders License granted in Lagos to lenders has a one year duration period, this means its usually valid between January 1st to December 31st yearly. This therefore the lenders have to renew their...
There are various forms by which the shares of a company can be distributed to members or other interested parties, such as investors. Though they achieve the same purpose, they are quite different...
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