Frequently Asked

• When are Annual Returns due for filing?

  A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

  The Annual Returns for Business Names is due not later than the 30^th of June each year except in the year the business was registered.

• Must my Company Secretary be a Lawyer?

  Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

• What are the terms of a contract?

  • an offer and an acceptance.
  • competent parties
  • Consideration
  • Legal subject matter
  • Mutual agreement/ Assent
  • Conesus ad idem
  • Obligation

• Is there a penalty for late renewal of registration of products with NAFDAC?

  Yes, there is a late renewal fee, which is dependent on the category of the product.

• What is classified as personal data?

  Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

• What is the difference between licensing and assigning a patent?

  Licensing a patent means granting permission to another individual or organisation to make, use as well as sell the creation that has been protected by patent.

  A patent assignment on the other hand, is a finished exchange of patent rights starting with one individual then onto another person.

• Do I have to physically drop off my product sample at NAFDAC office?

  No, you can choose to have it sent to NAFDAC office

• Why do i need a Shareholders Agreement?

  You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.

• Why do I need a trademark?

  You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.