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

  • Why must I file Annual Returns?

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

  • Do I need a Company Secretary?

    A limited liability company (LLC) must have a company secretary.

  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

  • 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 shareholders do I need to start a company?

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

  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.

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