It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

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.

• 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. 

A limited liability company (LLC) must have a company secretary.

Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

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.

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

This is one of the key elements of a contract because is shows the meeting of the minds of both parties

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

This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

SON stands for ‘Standards Organization of Nigeria’

SON Product Registration scheme is mandatory for all SON’s regulated products as mandated by SON Act 56 of 1971, 20 of 1984, 18 of 1990 as amended.

This is irrespective of the registration done by NAFDAC

1. Product traceability in the Nigerian market
2. Detection of counterfeit products
3. Barriers to the circulation of substandard goods
4. The official SON Product Registration Logo and number are displayed on registered products.

1. Seizure of goods by the Inspectorate and Compliance Directorate
2. Payment of a fine.
3. Prosecution

The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

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

Yes, you can process/register multiple products at the same time

You can start renewal 6 months to the date of expiry.

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

Nothing, the purchased form will be in your account for future use.

Data protection is a legal process of protecting sensitive data.

No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.

No, you can’t use the data collected for one purpose for a different purpose.

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

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

No, copyright does not protect domain names.

You do not require permission under the Nigeria Law to use or copy a copyright material when it is for research purpose, educational, non-commercial purpose, reviews and criticism etc

However, when the copies are large, you must seek permission from the copyright owner.

No, you must not register your work under the Nigerian law but you have the option to do so. This is because as soon as the original work becomes fixed and tangible it automatically becomes copyrightable.

The creator of the original copyright work (the Author) is the one who benefits but he can transfer his right to a third party.

The nature of copyright is territorial, so the copyright work is only protected in the country of registration

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.

Yes, it does.

No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.

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.

To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.

Copyright is the exclusive legal right given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorise others to do the same.

1. 1. Music, books, brochures and written materials.
   2. Photographs, drawings and illustrations.
   3. Films and videos.
   4. Logos and packaging.
   5. Computer programs and games.

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.

Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

• Must be new,
• Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
• Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
• And must not be against public policy or morality.

The main reason to register a patent is to ensure that the inventor is able to exclusively commercially exploit an invention. The rights to a patent are vested in the “Statutory Inventor” i.e. the first person to file and register the patent.

Once granted, a patent is valid for 20 years.

Licensing a patent means granting permission to another individual or association 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.

The design must be new and original. This means that it must be a unique design not similar to an already existing design.

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

1. It gives commercial value to the owner.
2. It protects the owner of the design from imitation of the design..
3. It constitutes an asset of the company and it helps in fair return on investment.

Yes, it can be protected under copyright law as a work of Art.

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

The right of the owner of an industrial design includes the licensing and authorization of another person to use the design.

The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

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

Yes, you can process/register multiple products at the same time

You can start renewal 6 months to the date of expiry.

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

Nothing, the purchased form will be in your account for future use.

A minimum number of two (2) directors is required to form a company.

A minimum of two (2) shareholders is required to form a company.

Any two adults can be directors in a company.

Yes your kids can hold shares in your company but there must be a minimum of two adult shareholders before kids can be included.

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

• 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. 

The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.

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.

You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.

A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.

You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source ad 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.

Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

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.

Yes, it does.

No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.

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.

To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.