In-depth guides for the Nigerian entrepreneur to start and grow a business that makes you proud
How Are Associations Defined in Nigeria In the Companies and Allied Matters Act (C.A.M.A) 2020 an association is a body of persons, registered under Section 823 of Part F of the Act known as Incorporated Trustees (I.T.) and its best suited for: Registering an association is similar to all other forms of entities under the…
Introduction A money-lending business is considered a type of financial institution. It is, however, limited to issuing consumer loans and debts. When you choose to get a money-lending business registered as a company, the share capital should not be less than N20 million. You will also need to fully understand and adhere to all laid…
What is a Company in Nigeria? A company is a recognised legal entity formed by at least two persons to carry out a business activity with the aim of making profit. CAC recognises the following types of companies as provided in the Companies and Allied Matters Act; Limited Liability Company The owners of this type…
Withholding Tax (WHT) is an advance payment on income tax. In practical terms, it’s a small percentage of your income that’s held back (or “withheld”) by the entity paying you, whether that be a business or an individual.
Let’s help you understand your WHT obligations and rates as a resident or non-resident company doing business in Nigeria.
What is Money Laundering? The term “laundering” means cleaning. This translates money laundering literally to “money cleaning.” Money laundering is, however, broadly defined as concealing the origin of illegally earned money by converting it into a legitimate source. The perpetrators get most of these funds from illegal activities; for example, embezzlement, corruption, drug trafficking, kidnapping,…
What are Tax Incentives? By lowering the amount of tax paid to the government, a tax incentive is a policy the government adopts with the goal of motivating people and businesses to invest more money in their operations. Who is Entitled to Tax Incentives in Nigeria? For ease of reference, we will classify companies into…
Key Stakeholders in the Tax System in Nigeria The Government This includes the federal, state, and local governments with their respective ministries and agencies. The government is obligated to: The Taxpayer A taxpayer is a person or group of persons or an entity that pays or is liable to tax. As a taxpayer, you are…
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Navigating the legal landscape of business structures in Nigeria can be daunting. Our comprehensive guide breaks down the options, advantages, and factors to consider when choosing the right entity for your venture.
As a business owner, it is important to understand the impact/implications and key provisions of Nigeria’s recent CAMA 2020. Let’s walk you through it.
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