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. 

• What is a testimonium clause in an agreement?

  This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

• 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

   

• What is personal data?

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

• Do I need permission to copy or use any copyright material in Nigeria?

  You do not require permission under the Nigeria Law to use or copy a copyright material when it is for research purpose, educational, non-commercial purpose, reviews and criticism etc

  However, when the copies are large, you must seek permission from the copyright owner.

• 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 do i need a Shareholders Agreement?

  You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.

• Can I trademark my logo and name separately? Why is this a good idea?

  Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.