Yearly Archives - 2018

17 Dec

THE IMPACT OF SME’S

Dear Subscriber, From the roadside salon that engages five stylists to the trendy tech startup that has fifteen staff on its payroll or the manufacturer that has hundreds of causal workers, the SME sector remains the highest employer of labour and hence the lifeblood of the economy. Statistics also show that at least 50% of these business ventures fail within the first five years.  A major hindrance to the growth of this critical sector is defective business processes and lack of [...]

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25 Jun

THE CEO’s GUIDE TO CHOOSING A BOARD OF DIRECTORS

Dear Subscriber, Limited Liability Companies are basically owned by Shareholders who then appoint a Board of Directors to oversee the affairs of the Company. The Board of Directors' key purpose is to ensure the Company's prosperity and in achieving this they must deal with challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics. As a CEO, building the Board of Directors for your Company is very important as they will help shape the future of your company and [...]

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21 May

4 BUSINESS REQUIREMENTS IN NIGERIA

Dear Subscriber, You have identified a niche market, done your market research, created a business plan, incorporated a limited liability company or registered a business name, and you are all set to transform your idea to reality. But before you open for business, it is important that you consider all of the legal requirements for running a successful venture. This week we discuss some of the core requirements a new business owner should put in perspective- Taxes Companies or Business Names are required to [...]

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22 Apr

CONTRACTING WITH INFLUENCERS

Dear Subscriber, Traditional media channels (TV, Radio, Print etc) are facing a losing battle with emerging digital information channels (Facebook, YouTube, Instagram etc) and it is only a question of time before traditional media as we know it becomes extinct.   With the advent of new media came a new crop of Influencers who have acquired massive followership on social media platforms. The size of their followers has helped them gain the attention of corporate brands who then engage them to [...]

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02 Apr

MAKE IT HAPPEN

Dear Subscriber, Easter symbolizes  hope, renewal, and a new life. At IOC Law we pray that in this season you will experience the hope of new beginnings and success in your endeavors. As we celebrate the death and resurrection of Jesus Christ we  are inspired by this video on how an Eagle survives old age. The morale is that we sometimes need to get rid of old memories, habits and other limitations in other to take advantage of the present. Enjoy and [...]

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Tax Relief
18 Mar

TAX RELIEFS IN NIGERIA

Dear Subscriber, On the 31st Of March 2018, the Voluntary Asset and Income Declaration Scheme (VAIDS) will expire. VAIDS is an amnesty granted for taxpayers to regularize their tax status before the expiry date in exchange  for forgiveness of overdue interest and penalties, and the assurance not to face criminal prosecution. Currently records of defaulters are being pooled from Bank Verification Numbers (BVN), Land Registries, Payment Platforms, Nigeria Customs Service, the Corporate Affairs Commission (CAC) etc and there is a [...]

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11 Mar

A-Z OF TAXATION IN NIGERIA

Dear Subscriber, Tax is a charge or form of levy imposed by the government of on all kinds of property, persons and transactions, to raise money for public needs. Due to the dwindling and erratic income from Crude Oil, the Nigerian Government has renewed focus on taxation by introducing several initiatives which are meant to expand the tax net. This latest emphasis has created anxiety for a lot of entrepreneurs and in a bid to douse these fears and amplify tax [...]

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18 Feb

WHY YOUR “TERMS OF USE” IS IMPORTANT.

Dear Subscriber, In the last decade a lot of businesses have migrated online and it’s now commonplace for entrepreneurs to count website development as an integral part of the startup process. One of the most important but often overlooked parts of a website development project is the creation of Terms of Use page. Typically website owners pay scant attention to this page because of typical assumptions like:  Does anyone ever read that mumbo jumbo at the bottom of websites? Do [...]

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Corporate Governance Nigeria
11 Feb

CORPORATE GOVERNANCE EXPLAINED (UPDATED)

SMEs are essential to economic growth all over the world as they are a major source of employment and contribute towards the gross domestic product. Statistics however show that 50% of SME’s fail within the first five years of existence and one of the main reasons for this abysmal statistic is the lack of proper business structure also known as Corporate Governance. Corporate or company governance is a term that has been trending recently and it is now proven that [...]

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Founderes guide to venture capital
04 Feb

THE FOUNDER’S GUIDE TO VENTURE CAPITAL

Dear Subscriber, At inception businesses are typically financed by the 3 ‘F’s (i.e. Friends, Family and Fools) but at the point when a Company is desirous of scaling its growth it is common that it seeks Investors to bring in funds to help propel its growth in exchange for equity(certain number of shares). Investing at this stage of the business comes with a huge load of risk as the Investor could either make significant returns when the shares grow in [...]

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