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 an execution clause in a contract?

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

• What is SON?

  SON stands for ‘Standards Organization of Nigeria’

• What is classified as personal data?

  Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

• 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.

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

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

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

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

• 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.