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 30^th 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. 

• 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

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

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

• What is data protection?

  Data protection is a legal process of protecting sensitive data.

• Who benefits from copyright protection?

  The creator of a copyright work, usually referred to as the “author” of the work owns the copyright in the work in the first instance. However, the author is at liberty to transfer his rights to a third party. In such a case, the person who has obtained the right by transfer or other legal means becomes the owner of the copyright.

• Can I process/register multiple products at NAFDAC at the same time?

  Yes, you can process/register multiple products at the same time

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

  A minimum of one (1) adult shareholder is required to form a company.

• What is a trademark?

  A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.