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. 

• 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 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 are the benefits of Registering with SON?

  1. Product traceability in the Nigerian market
  2. Detection of counterfeit products
  3. Barriers to the circulation of substandard goods
  4. The official SON Product Registration Logo and number are displayed on registered products.

• What is data protection?

  Data protection is a legal process of protecting sensitive data.

• Why should I protect an industrial design?

  1. It gives commercial value to the owner.
  2. It protects the owner of the design from imitation of the design..
  3. It constitutes an asset of the company and it helps in fair return on investment.

• 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.

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

  A minimum number of one (1) adult director is required to form 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.