What is a certificate of Good standing?
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
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