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 is the first thing I must do to register a business in Nigeria?

  To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

• 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.

• Can an industrial design be sold?

  An industrial design is a company asset and the right to sell is in the hands of the registered owner.

• 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.

   

• Can a minor be a company director?

  No, a minor cannot be a director. A minor under Nigerian Law is anyone who is below 18 years of age.

• 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.