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.

• What’s the difference between a business name and an LLC?

  • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

  • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 

• What is a testimonium clause in an agreement?

  This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

• What is SON?

  SON stands for ‘Standards Organization of Nigeria’

• What is personal data?

  This is any information that can be used to identify an identifiable human person such passport photograph.

• Can I grant another person the permission to use my design?

  The right of the owner of an industrial design includes the licensing and authorization of another person to use the design.

• When can I start renewal of the registration of my product(s) with NAFDAC?

  You can start renewal 6 months to the date of expiry.

• How many shareholders do I need to start a company?

  A minimum of one (1) adult shareholder is required to form a company.

• How long does a trademark registration in Nigeria Last?

  Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.