Business

Business Permits in Nigeria
10 Apr

DOING BUSINESS IN NIGERIA – A GUIDE TO FOREIGN PARTICIPATION (PART 2)

Dear Subscriber, In continuation of our series on Doing Business in Nigeria – A Guide to Foreign Participation we now discuss some of the essential Permits required for Foreigners to carry on business in Nigeria. A. Business Permit: Foreign nationals must obtain a business permit before beginning a profession, business or trade in Nigeria. This permit allows for the local operation of a business with foreign interest and this is issued by the Federal Ministry of Interior. Some of the requirements for obtaining  [...]

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03 Apr

DOING BUSINESS IN NIGERIA – A GUIDE TO FOREIGN PARTICIPATION (PART 1)

Dear Subscriber, In a bid to ease the hurdles associated with Doing Business in Nigeria , the Presidential Enabling Business Environment Council (PEBEC) recently approved a 60-day national action plan to be implemented across three priority areas – Entry and Exit of goods; Entry and Exit of people and Government Transparency and Procurement. We have since started seeing some of the effects of this plan especially at the Corporate Affairs Commission and Nigerian Customs Service. These efforts are part of the [...]

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Company registration in Nigeria
01 Apr

HOW TO REGISTER A COMPANY IN NIGERIA

Dear Subscriber, Starting a business begins with an idea to fulfill a need in return for compensation. As the idea takes form, the owner of the idea starts putting a structure around it by letting the world know what he/she is offering and how they can patronize the product or service. The business then progresses to the point where people start paying for the service or product and at this point it becomes obvious that for the business to be [...]

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12 Mar

HOW TO RECOVER DEBTS IN NIGERIA (PART 1)

The Blacks Law Dictionary defines insolvency as when a Company is unable to pay its debts. Once this is established it triggers a statutory procedure by which the Company is relieved of its debts by undergoing a judicial supervised winding up or liquidation for the benefit of its creditors. Unfortunately this procedure is not usually considered in the debt recovery process in Nigeria because of the perception of delay in getting justice, it however remains a veritable way of [...]

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06 Feb

TECHNOLOGY TRANSFER AGREEMENTS IN NIGERIA

Dear Subscriber, In the last few decades technology has greatly disrupted the way humans live and the export of technology remains a key revenue earner  in developed countries e.g. in 2016, India generated about $100 billion from the export of software to other countries. The reverse is the case in Nigeria which has lagged in the development of home grown technological solutions that can empower its citizenry and generate foreign exchange. This scenario is however changing and there are indications that [...]

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23 Jan

UNDERSTANDING CROSS-BORDER CONTRACTS

Dear Subscriber, Every nation has an excess of something which is required in another country. The process of exchanging these goods or services is known as  international or cross-border trade and in most countries this forms a substantial portion of the Gross Domestic Product (GDP). Ensuring that business entities that are separated by borders, diverse laws and cultural differences do business seamlessly has always been of paramount concern and this concern has led to the development of some internationally accepted contracts [...]

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08 Jan

BUSINESS OUTLOOK IN 2017

2016 was quite eventful globally. The World witnessed political and economic change that generated ripples that was felt all across the globe. Notably, Britain voted to leave the European Union and the USA voted Donald Trump who has vowed to trash the status quo. Here in Nigeria, our economy was heavily battered by recession caused in part by the drastic fall in crude oil prices and tensions in the Niger Delta region. The apparent disconnect between the monetary and fiscal [...]

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28 Nov

A CASE FOR CROWDFUNDING IN NIGERIA

Dear Subscriber Small and Medium Scale Enterprises (SME’s) are known to be the engine room of economic growth  as they generate the bulk of business activities in most countries. Nigeria is not an exception to this rule as available data shows the country’s SME’s are the highest employers of labour and usually provide a huge chunk of products and services. SME’s are however hampered by a variety of factors, chief of which is access to capital to propel ideas or [...]

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07 Nov

NEGOTIATING FRANCHISE AGREEMENTS

Dear Subscriber, Buying a franchise offers advantages to entrepreneurs who are intimidated by starting a business from scratch and are unwilling to buy an existing business. In simple terms a franchise is the right granted by a business owner or inventor (franchisor) to another individual or company (franchisee) allowing the use of its trademark, name, processes, good will etc. in the delivery of a service or sales of goods.   Whilst buying a franchise jump-starts your business by allowing you leverage [...]

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23 Oct

DEALING WITH INVESTORS

Dear Subscriber, Cash flow is like blood to a business and without which a business is primed for failure. Within limited resources every business is expected to manage all its cost centers including operations, personnel, marketing, compliance etc. and still declare profits at the end of the financial year. This constant pull on scarce resources coupled with the exorbitant bank interest rates has propelled entrepreneurs to regularly seek funding from willing investors. Investors can either be friends and family or properly [...]

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