Frequently Asked

• Why must I file Annual Returns?

  It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

• 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

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

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

• 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 eligible for Patent registration?

  Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

  • Must be new,
  • Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
  • Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
  • And must not be against public policy or morality.

• 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.

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

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

• Will my trademark registration in Nigeria protect me worldwide?

  No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.