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 are the terms of a contract?

  • an offer and an acceptance.
  • competent parties
  • Consideration
  • Legal subject matter
  • Mutual agreement/ Assent
  • Conesus ad idem
  • Obligation

• 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.

• How long does the registration of an industrial design last?

  It is effective for an initial period of 5 years from the date of the application for registration and renewable for two consecutive periods of 5 years

• 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

• 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 do I need a trademark?

  You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.