Frequently Asked

• What additional documents do I require to file my Annual Returns?

• 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

   

• 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.

• Does copyright protect website Domain names?

  No, copyright does not protect domain names.

• 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 directors do I need to start a company?

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

• How long does a trademark registration in Nigeria Last?

  Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.