Why will I be choosing,1 year personal mentorship from this billionaire,than taking the cash offer, business partnership,access to their network? Well,for many,they would prefer to take the cash offer,and use it to build their life,or start from somewhere,but this is the problem,if you take this offer, without any financial education,self development,or any knowledge on the reality of business,money,life,and success,this money offer,will just be a waste of opportunity to you. And if you say,let you choose access to network,you will also need to develop your capacity,and abilities,to the level,that you can give solutions to these sets of new network, problems. Because,even billionaires,have their own problem,just like the masses,today. But,if you choose business partnership offers,you also loose opportunity to personal mentorship from this billionaire,but with 1 year personal mentorship from this billionaire,you also have open opportunities to his or her network, business partnership,money in some cases,and many other things,not mentioned here in the options,if you go for this personal mentorship from this billionaire. I rest my case. But remember,the choice is yours.

In a simple answer,yes, because it’s a taxable income. But understand this,the way personal income tax is being done,is different from how,a company income tax is tax. Let me explain for better understanding,in a way,even mama ngozi will understand,shall we?
Short answer,yes,your company will likely pay some taxes,as a business in Nigeria,but at reduced rates. Let me explain this more better, than this;
Key Taxes For Your Scenario!
A) Company Income Tax(CIT)

Your annual turnover is ₦9.4M,making it,a small Company(not greater than ₦25M)

And your CIT(company income tax)rate is 0%(so,you don’t pay CIT)

B) Value Added Tax(VAT)

If registered with the CAC,7.5% on taxable goods,& services

And,you collect this VAT,from customers and remit,or send it,to FIRS

C) Withholding Tax(WHT)

Deducted on certain payments(contracts,rent,services)

And,acts as advance tax credit,to your business.

D) PAYE(if you have employees)

You must deduct,and remit employees’ income tax,as a company in Nigeria.

E)Annual Filing Requirement:

Even with 0% CIT,for your company case,you must file annual returns,with Federal Inland Revenue Service,every year. Mandatory to every registered company or business in Nigeria.
What Determines Your Tax Position?

° Turnover(not share capital),drives CIT classification
° Nature of business(VAT applicability)
° Whether you have staffs, or contractors
Simple Guidance!
° You won’t pay CIT,at your current size,or on this your business scenario.
° You still have compliance obligations,as a company or business in Nigeria,which includes (VAT, WHT, filings)
° Keep proper records,inorder to maintain eligibility,as a small company
Quick Tip!

Consult a licensed Nigerian tax practitioner,for your business or company,for accurate filings, and to avoid penalties.
FAQ
Do small companies,like this,pay tax in Nigeria?

Some of them,pay 0% CIT,just like for this scenario here,this company won’t pay for company income tax,but must comply with VAT,WHT,and filings.
Does share capital affect tax?

No,instead,your business turnover, yearly,determines CIT rate,not share capital.

To invest safely,as a beginner in Nigeria,using investment apps,I recommend,you using,any SEC aligned,trusted apps,but also start small,and focus on low risk,long term investing. Let make clearer to everyone,more better,shall we?

1) Choose licensed,beginner friendly platforms:

You can start with;

° Cowrywise(for mutual funds, because of it,low risks)

° PiggyVest(fixed returns)

° Risevest(For U.S. assets,& it protects your money,against naira decline)

And,for stocks later,use this;

° Bamboo or Trove

2) Start with safer investments:

As a beginner, always begin with;

° Low risk investment like,Mutual funds

° Treasury bills,& bonds

° Dollar portfolios

And,only move to individual stocks, after understanding the market.

3) Follow a simple process:

° Sign up(BVN verification,& your NIN,will be needed for platforms like, Risevest,for account verification)

° Fund with a small amount(like from ₦1700 to ₦20k)

° Invest gradually,and consistently

° And, always check performance, occasionally(not daily, especially for platforms,that manage your investment for you,like Risevest)

4) Use a safe strategy:

° Start small,and scale gradually

° Diversify(don’t put all money,in one place)

° Focus on long term growth

5) Avoid common mistakes:

° Chasing quick profits

° Using unverified apps

° Investing all your money at once

° Panic selling,during market drops

Key principle,& strategy to follow!

Use regulated apps,invest small, diversify,and stay long term,because, that’s how to avoid regret.

Here’s the simple step,and what to consider first;

Cover needs,secure safety,invest first,& spend the rest.

1) Needs come first:

Always pay for your essentials, first ,like,you can bring out,some portion of your income or money,for your basic needs(food,housing,bills, health,etc).

2) Build a safety net:

Save 3,to 6 months,of expenses,first,that is,after being out,your basic needs money,aside, before,any serious investing, especially,for any emergency.

3) Invest before spending:

Automatically invest,10–20%,of your income,though,it’s depends on the amount,you earn,and your management skills,in terms of, family size,personal use,and things,in between,then spend what’s left.

4) Control wants:

Always pause,before spending on, non essential things. Because,if it’s not meaningful,you invest instead,that is,after your basic needs, emergency funds,have been kept aside,or settled.

5) Think long term:

Sometimes ask,“Do I want this now,or more money later?”

My final point,discipline first,lifestyle second,then,wealth always compounding.