Yearly Archives - 2015

06 Jul

21 TRADE INCENTIVES FOR BUSINESSES IN NIGERIA

The Nigerian Government has put in place a variety of incentive schemes which aims to support the development and growth of commercially viable and sustainable enterprises through the provision of tax reliefs, grants or guarantees. In continuation of our series on Doing Business in Nigeria, we now bring you a comprehensive overview and qualifications for accessing the various schemes. INCENTIVE QUALIFICATION 1. PIONEER STATUS Pioneer status is a 5 (five) year tax holiday granted to qualified industries anywhere in the Federation or 7 [...]

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21 Jun

DOING BUSINESS IN NIGERIA: HOW TO GET FINANCE FOR YOUR IDEA

Getting finance to kick start and run your idea can be a daunting challenge in Nigeria, and without capital it’s difficult to take your idea to the next level. In continuation of our series on Doing Business in Nigeria we now bring you several ways in which startups can access necessary capital to drive their ideas. A key starting point to raising capital is financial planning which basically involves the calculation of the amount of expenditure you will incur and [...]

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17 Jun

DOING BUSINESS IN NIGERIA: TOP 5 LEGAL MISTAKES MADE BY ENTREPRENEURS

Deciding to start a business can be one of the most exhilarating decisions you can make in your life and it usually starts with an idea which is then researched and documented in the form of a business plan. Many entrepreneurs however fail to pay attention to legal issues which can lead to conflict among stakeholders and/or death of the business. We have now identified the Top 5 legal mistakes made by entrepreneurs and how you can avoid them: Wrong [...]

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10 Jun

DOING BUSINESS IN NIGERIA’S FREE TRADE ZONES

A free trade zone is an area where trade barriers have been eliminated. In such selected areas goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of the customs authorities. Free-trade zones are usually located around major seaports or international airports. An example is the Lekki Free Trade Zone which is strategically located around the Proposed Cargo Airport and Lekki Deep Sea Port. Nigerian Government has so far licensed over 32 Free Trade Zones located in [...]

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08 Jun

DOING BUSINESS IN NIGERIA: 5 THINGS TO NOTE BEFORE SIGNING ANY CONTRACT

LEGAL TIPS: - ALWAYS CONSULT A LAWYER TO REVIEW OR DRAFT YOUR CONTRACTS - NEVER SIGN ANYTHING THAT YOU DON'T UNDERSTAND OR AGREE WITH - DO NOT PROMISE SOMETHING YOU CANNOT PROVIDE OR FULFILL - ALWAYS PUT YOUR CONTRACTS IN WRITING - ALWAYS KEEP A COPY OF ALL DOCUMENTS YOU SIGN A contract is like a promise between people. It is an understanding, a deal between two or more people or organizations to do certain things. Each person or organization who agrees to do something [...]

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31 May

COMPLETE INVESTORS GUIDE TO NIGERIA (2014)- FREE DOWNLOAD

With the recent successful handover of power from ex-President Goodluck Jonathan to President Muhammadu Buhari, Nigeria has given the world another reason to consider it as a preferred Investment destination. Apart from political stability (since 1999) other reasons to consider an investment in Nigeria include Large Consumer Market (Population is estimated at 200m and growing), Abundant resources, Strong Banking and Financial Sector, Free Market Economy, Improving infrastructure, Government Incentives etc. The Nigerian Investment Promotion Commission (NIPC) has now created an Investor’s [...]

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18 May

DOING BUSINESS IN NIGERIA: WHY YOU NEED A NON-DISCLOSURE AGREEMENT

WHAT IS A NON-DISCLOSURE AGREEMENT? -           - I have a brilliant business idea.  -I need Investors and Partners.  -         -  Who do I share my idea with?            - How do I ensure my idea is not stolen? Ideas rule the world and most entrepreneurs have probably been faced with the fear of losing their business idea to potential investors/ partners. It’s in situations like these that a confidentiality agreement otherwise known as a Non-Disclosure Agreement (NDA) becomes applicable, simply speaking it’s [...]

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10 May

7 SIMPLE WAYS YOU CAN PROTECT YOUR IDEA FROM THEFT

(INITIALLY PUBLISHED ON FORBES.COM) As a business grows, pitching becomes increasingly important. As the business seeks investors, new clients, or even new employees, a business owner must repeatedly reveal details about the company to others. Idea theft is an ongoing concern for many of these business owners, who see themselves as having an advantage by being at the forefront of the market. A competitor could snatch the idea and put it to use themselves, leaving the business with little recourse. Interestingly, however, [...]

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03 May

DOING BUSINESS IN NIGERIA: BUSINESS NAME OR LIMITED LIABILITY COMPANY?

This is a continuation of our series on Doing Business in Nigeria. Every prospective business owner must decide whether it will be a Business Name (BN) or a Limited Liability Company (LLC). The choice depends on the type of business you run, how many owners it would have, and your financial situation. No one choice suits every business: Business owners have to pick the structure that best meets their needs. Through this article you will be introduced to the [...]

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