Limits in n-categories

We define notions of direct and inverse limits in an $n$-category. We prove that the $n+1$-category $nCAT'$ of fibrant $n$-categories admits direct and inverse limits. At the end we speculate (without proofs) on some applications of the notion of limit, including homotopy fiber product and homotopy coproduct for $n$-categories, the notion of $n$-stack, representable functors, and finally on a somewhat different note, a notion of relative Malcev completion of the higher homotopy at a representation of the fundamental group.