What is a Letter of Good Standing?

What is a Letter of Good Standing?

December 16, 2019

A Letter of good standing is a letter issued by a proper authority in a jurisdiction to verify that a corporation actually exists, has paid all its statutory dues, has met all filing requirements and therefore, is authorized to transact business. This is also called certificate of authorization or certificate of existence.

In a similar light, a Certificate of Good Standing can also be viewed as a document that states that a company has been in continuous, unbroken existence since its incorporation and that no action is currently being taken to strike the company off the companies register.

The Certificate of Good Standing will not be issued if there are overdue fees or filings and cannot be issued except on request by the company through an application.

The Registrar of Companies can issue a Certificate of Good Standing which states according to the documents on the file at the Companies Registry, that the company has been in continuous and unbroken existence since the date of its incorporation; it also confirms that all administrative requirements have been complied with.

A Letter of Good standing also implies that no action is currently being taken by the Registrar of Companies for striking the company off the register and dissolving it as defunct, and also that the Registrar of Companies is aware that:

  • The company is not in liquidation or subject to an administrative order
  • No receiver or manager of the company’s property has been appointed
  • All annual returns and accounts are filed up to date
  • Proceedings to strike off the company from the Register of Companies has not been instituted and premised on this the company is in good standing to enter into businesses with the company who required this verification.

 

618 Bees can help you quickly and easily obtain a Letter of Good Standing. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission.

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • Do I need a Company Secretary?

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

  • 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 benefits of Registering with SON?
    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.
  • What is personal data?

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

  • Who benefits from copyright in Nigeria?

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

  • 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

  • Can my kids be shareholders in my 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.

  • 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.

Call Us Now on +234 901 719 0079 Chat on WhatsApp