Frequently Asked

• What additional documents do I require to file my Annual Returns?

• 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. 

• Why is mutual assent important in a contract?

  This is one of the key elements of a contract because is shows the meeting of the minds of both parties

• 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 personal data?

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

• 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.

• 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.

   

• 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.