Certificate of good standing

Certificate of good standing

July 23, 2019

A Certificate of Good Standing, also called a “Certificate of Existence” or “Certificate of Authorization,” is a state-issued document that shows that your company has been duly incorporated, is authorized to carry on business in that particular state and has met all statutory requirements necessary for it to carry on its businesses.

Among other things, a Certificate of good standing confirms that your business:

  • Is up-to-date on its Annual Report filings
  • Is up to date in its tax payments

Usually, companies request a Certificate of good standing for their personal records, but it may also be required by:

  • Foreign governments, if you’re applying for foreign qualification there
  • Lenders, when you’re trying to obtain financing
  • Banks, for certain transactions
  • Potential business partners or investors

You may need to present your Certificate of good standing in order to renew specific licenses or permits. In addition, if you are looking to register to do business in additional states, those states may ask for a copy of your Certificate of Good Standing

Do you need a Certificate of good standing?

Do you have any question or clarification regarding the topic in this post that was not answered/provided by this post? Or you have questions regarding what the law states about a particular legal issue? Log on to our website – www.618bees.com or call us on 012803791 to speak to any of our consultants that are always on hand to provide answers to such questions.

Team 618 Bees

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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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 30th 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. 

  • 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.

  • 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.

  • 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.

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

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

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

    A minimum number of two (2) directors is required to form a company.

  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.

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