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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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...
A Trust is a tripartite relationship between three parties, where one party gives rights over his assets to another party for the benefit of a third party. There are several types of Trusts which include a...
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