Arbitration is a procedure for dispute resolution. It is carried out outside the courts and resolved by one or more people (arbitrators) who make a binding decision with the arbitration award. An arbitration award legally binds the resolution decision on both sides and is enforceable in court. More often than none, arbitration is used by corporate organizations and businesses to…
Every company that is legally set up in a country can also be legally established in any other country in the world. In Nigeria, setting up a foreign or subsidiary company is somewhat simple. The requirements and procedures for setting up a foreign business in Nigeria are almost the same for setting up a local business in Nigeria except for…
In Nigeria, A business permit is an approval given by the government, which authorizes the operation of a business by a foreigner or foreign entity in Nigeria. A business permit is issued through the Department of Citizenship and Business, Ministry of Interior to the foreign individual or organization. A business permit allows foreigners to commence business legally in Nigeria. However,…
All companies in Nigeria, either private or public are regulated by the Companies & Allied Matters Act (CAMA). The CAMA regulates and supervises the formation, registration, and incorporation of all companies and businesses in Nigeria. Unlimited companies, business registration, incorporated trustees, and the general affairs of businesses and companies in Nigeria, are all regulated by the CAMA LFN 2004. Under…
Starting a business or company in Nigeria may not be as expensive as starting one in other countries in the world, but there are legal requirements that are needed in order to run it smoothly. Besides having money for your products (capital), and advertising, you must be ready to meet up the legal requirements. Meeting these requirements will allow your…