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. 

• Do I need a Company Secretary?

  A limited liability company (LLC) must not have a company secretary.

• What is an execution clause in a contract?

  This is the section in which the parties sign the contract or agreement.

• Is there a penalty for late renewal of registration of products with NAFDAC?

  Yes, there is a late renewal fee, which is dependent on the category of the product.

• What is personal data?

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

• What is the difference between licensing and assigning a patent?

  Licensing a patent means granting permission to another individual or organisation to make, use as well as sell the creation that has been protected by patent.

  A patent assignment on the other hand, is a finished exchange of patent rights starting with one individual then onto another person.

• 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.

• Does a trademark search automatically reserve my trademark name?

  No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.