What is a certificate of Good standing?

What is a certificate of Good standing?

March 25, 2019

A certificate of good standing is a document that is  given to a corporate entity to show that it has met all statutory requirements and it is authorized to do business in that state. It verifies that a company is duly registered and authorized to do business.

In other words, it is a document that states that a company has paid all its taxes, it’s up to state with all necessary requirements, has filled Annual Returns with the corporate Affairs commission and is authorized to do business in that state.

You are required to apply for a certificate of good standing from time to time during the life span of the company.

The Corporate Affairs Commission (CAC) is the one in charge of issuing out a certificate of good standing to companies in Nigeria.

Some of the advantages of a Certificate of Good Standing is that you can show it to a foreign investor, apply for loans from banks, show the credibility of the company etc.

Do you want to obtain a Certificate of Good Standing? Or you have any question or clarification regarding the topic in this post that was not answered/provided by this post? Do you have questions regarding what the law states about a particular legal issue? Log on to our website – www.618bees.comor 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.

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Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • 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
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     
  • 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.
  • What is the importance of registering a patent?

    The main reason to register a patent is to ensure that the inventor is able to exclusively commercially exploit an invention. The rights to a patent are vested in the “Statutory Inventor” i.e. the first person to file and register the patent.
  • 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.

     
  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.
  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.
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