Business

02 Dec

LEGAL IMPLICATIONS OF A PRO FORMA INVOICE

Dear Subscriber, Invoicing is an integral part of businesses processes and the term proforma invoice is something we regularly come across, especially in shipping, and is sometimes confused with a commercial invoice or purchase order. The pro forma invoice is a preliminary invoice issued by the supplier in response to a purchase order (issued by buyer) and is subject to adjustments in terms or pricing and quantity. Once you accept the pro forma Invoice, the supplier would then issue the commercial invoice. In business when [...]

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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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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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FINTECH REGULATION IN NIGERIA
28 Jan

FINTECH IN NIGERIA: THE EMERGING REALITIES.

Dear Subscriber, In the past decade, technological disruption has gone from being a gradual event to something that happens almost daily. This is making it difficult for businesses, professionals and governments alike to keep up – and stay competitive and relevant. This rapid change is also taxing existing models and requiring an appreciation of new forms of knowledge and service delivery. For example, Chinese scientists successfully cloned monkeys recently and the question now is- are these monkeys to be considered [...]

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Business in 2018
22 Jan

BUSINESS OUTLOOK IN 2018

Dear Subscriber, The year 2017 was quite eventful in Nigeria and the front burner issue for a major part of the year was the health of the president, however in his absence the country took giant steps towards easing the process of doing business and expansion of the tax net through the Voluntary Assets Income Declaration Scheme (VAIDS). With the strengthening of oil prices and stability of production witnessed towards the 2nd Quarter of the year, the Nigerian economy successfully exited [...]

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16 Jul

INVESTING IN NIGERIA’S FREE TRADE ZONES

Dear Subscriber, 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 and the Nigerian Government through the Nigeria Export Processing Zones Authority (The Authority) has so far licensed about 33 Free Trade Zones located in different parts of the Country. Examples are the Lekki Free [...]

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29 May

NIGERIA: THE EMERGING TIGER

Dear Subscriber, Nigeria is generally seen as a difficult environment to start and sustain a business. However, the story is gradually changing and Nigeria is now on a march to regain lost economic glory with the introduction of strategic policy reforms which will change the game for Africa’s most populous country. To celebrate Nigeria’s Democracy day, we bring you specific policy shifts that underline the fact that Nigeria is now open for business.   A: Starting a Business Company Registration timeline revised: [...]

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08 May

WHY YOU SHOULD INVEST IN NIGERIA.

Dear Subscriber, With a population of over 180 million and a gross domestic product (GDP) of $509 billion, Nigeria is one country that cannot to be overlooked. An indication that the country is open for business is the variety of business incentives and trade stimulants which the Government has put in place to support the development and growth of commercially viable and sustainable enterprises. In earlier posts we have explained Business Formation and Business Permits, now in continuation of our series [...]

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