Frequently Asked

• Why must I file Annual Returns?

  It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

• 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 are the terms of a contract?

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

• Can I process/register multiple products at NAFDAC at the same time?

  Yes, you can process/register multiple products at the same time

• Can I use the data collected legally for one purpose for another purpose?

  No, you can’t use the data collected for one purpose for a different purpose.

• Do I need permission to copy or use any copyright material in Nigeria?

  You do not require permission under the Nigeria Law to use or copy a copyright material when it is for research purpose, educational, non-commercial purpose, reviews and criticism etc

  However, when the copies are large, you must seek permission from the copyright owner.

• What will happen if I buy the wrong category of forms with NAFDAC?

  Nothing, the purchased form will be in your account for future use.

   

• Who can be directors in my company?

  Any two adults can be directors in a company.

• What is a trademark?

  A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.