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It is advisable for tech companies to have a good grasp of the laws and regulations necessary for starting up a business. Aside from the specifications of the CAMA act, there are various laws set in place by governing bodies to ensure that tech companies give only secured services to their clients. These laws and regulations checkmate the activities of brands and companies. They ensure that customers and clients are not put in a place where they are exposed to risk or harm. Also, they ensure that the end consumers are not exposed to hackers. One of these overriding laws is the CAMA Act. The CAMA mandates that every business must be registered under the Corporate Affairs Commission. This is because only a registered business can indemnify clients from loss and provide damages. There is a limited extent to which a client can sue an individual running a solo business but a registered business can cover both the business owners and the clients in question. Data Privacy Laws mandate that tech companies like FinTech, AgricTech and other companies that would require the use of technology to get details of clients should ensure that they use encrypted websites to protect the security of their clients. While it is true that encrypting websites can be more expensive than an unencrypted website, these companies are mandated to encrypt their website or face fine charges.
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Every Tech startup must understand the laws regulating Domain names. It is advisable that every tech company buy a domain name, however, they cannot use a domain name of another company or one that is closely linked to another business. Closely linked domain names can be blacklisted and this is because domain names help clients verify the website they are visiting. A similar domain name can strike a red flag. Companies must, as a matter of necessity, seek legal advisory. This cannot be ignored as a legal adviser helps to protect the company from incurring legal damages and going against the stipulations of the law. A company or startup should not think to do without the services of a lawyer. This is a must-have for any Tech firm that intends to do well in the 21st century. A lawyer is necessary and in addition to the Tech firm needs, an accountant is highly important. There are company laws and regulations governing the use of money in tech businesses. Suffice to say, while a tech firm may get a good grasp of the existing laws set in place, they must use the existing office of a lawyer and or accountant to get the job done. Let us know in the comments section, below, other laws and regulations that you believe that a tech business needs in Nigeria as of 2021. Featured Image Source: Current School News
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