Aug 3, 2020

Legal Tips for Businesses In The Beauty Industry | AOC Legal

                            

Over the last 2 – 5 years, the beauty industry in Nigeria has witnessed a lot of new entrants, consisting of both small businesses and well established brands. According to Temitope Mayegun of Avila Natural Products, reports state that the global cosmetic product market was around $532 billion in 2017 and is expected to reach approximately $836 billion in 2024 with an inclusion of the Nigerian beauty market in 2018 estimated at N500 Billion annually.

Also according to Kosmetica World, Nigeria has become a destination of choice for investment by international companies that aim to seize the opportunities presented by the beauty and personal care markets.

This definitely means that the beauty industry in Nigeria is set to witness more growth and a continuous flow of injected capital by both big and small players within the industry. As much as entrepreneurs and businesses are willing to come into the business, it is important to note the following legal tips.

1.      Register Your Business

You should register your business at the Corporate Affairs Commission either as a Sole Proprietor or Limited Liability Company. Benefits of registering your company include; opening bank accounts for your business, getting loans, and builds customer confidence.

 

2.      Trademark Your Name and Logo  

Register your trademark to help protect the name and logo of your brand. This ensures you have exclusive rights over your name and logo and also provides protection from infringement.

 

3.      NAFDAC Registration

Register your product with NAFDAC (National Agency for Food and Drug Administration and Control). NAFDAC has displayed on its website, guidelines and regulatory documents for the manufacture, importation, distribution, sale and use of cosmetic products in Nigeria.  

 

4.      Keep Records

Keep records of all transactions and treatment procedures given to clients. This can also help save your business from reputational damage should a client bring a false claim of injury resulting from use of your products.

 

5.      Maintain Standards

Ensure your product meets the requisite standards, recently a popular cosmetic brand was in the news because some of the clients reported complications following the procedures.

As the cosmetic industry continues to grow, there are a couple of legal issues that may crop up for players in the industry, should you have any questions, do post a comment or contact via email at AOCSolicitors@gmail.com

 

@AOCLegal

AOCSolicitors@gmail.com



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