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How To File An Annual Return with Corporate Affairs Commission (CAC)

Filing of Annual Return with Corporate Affairs Commission
How To File An Annual Return with Corporate Affairs Commission (CAC).

Annual return may be a mandatory statutory requirement for each registered business entity or organisation in Nigeria, no matter the legal structure, either an Registered Business Names (Enterprise, Sole Trader etc), or Incorporated Trustee to file their annual returns with the company Affairs Commission not later than 30th June per annum except the civil year during which the business name is registered doesn’t end by December.

Limited liability (private or public) Company to file their annual returns with the Commission immediately after 42 days of the holding of the annual general meeting for the year

The law requires every company or registered corporate entity to file returns annually within the prescribed form provided not later than 18 months after incorporation with the company Affairs Commission (CAC), which facilitate accurate keeping of an up so far records of the registered company with the commission and to point out that the corporate isn’t dormant, but operative.

The law empowers the Commission to cross off the name of a corporation or business from the Register of Companies, whereby their is cheap basis to believe that a corporation isn’t operational , after following due process of law of inquiry on the status of the corporate .

In most cases the commission relies on one major criterion that the failure to file annual returns is a sign of the corporate being dormant.

Procedures for Filing of Annual Returns in Nigeria
For Enterprises (Registered Business Names)
Duly completed appropriate Annual Returns form
The annual return form should be signed by the business proprietors, and/or by a director and secretary of the corporate
Submit the finished form for verification and assessment
Payment of the specified annual returns filing fee at the participating authorised bank
Obtain and keep the receipt/teller as evidence of payment
Submit the finished form with proof of payment to the commission officials
An acknowledgement are going to be issued by the CAC after filing and processing.

Note:

The annual return should be filed not later than the 30th day of June annually except year of incorporation
Penalty for late filing of annual returns for registered business names – ₦2,500
For Companies

Duly completed appropriate Annual Returns form

Provision of Statement of Affairs, if the corporate is yet to commence business or Audited budget signed by a licensed practising accountant and two Directors or Director and Secretary of the corporate .

Submit the finished form for verification and assessment

Payment of the specified annual returns filing fee at the participating authorised bank
Obtain and keep the receipt/teller as evidence of payment
Submit the finished form with proof of payment to the Commission officials
An acknowledgement are going to be issued by the CAC after filing and processing.

Note: Annual returns must be filed with the Commission immediately after 42 days of the holding of the annual general meeting for the year

Penalty need to purchased late filing of annual return.

For Trustees
Annual Returns Requirements for filing annual returns of incorporated trustees include the
following:

duly completed annual return form
payment of fees
Not later than 30th June or 31st December annually except year of incorporation
Note: Penalty for late filing of annual returns for Trustees – ₦5,000

Annual Report by Exempted Foreign

Company Annual report by an exempted foreign Company shall disclose the following:
• Place/country of registration
• Date of registration and certificate number
• Principal place of business in place/country of registration
• Share capital of the corporate (if any)
• Principal place of business in Nigeria
• Date of exemption
• Description of business in Nigeria
• Expected date of completion of business in Nigeria
• Name and address of every director, partner or other principal officers of the corporate since date of exemption and any
changes therein

Advantages of filing Annual Returns

the company Affairs Commission in September 2015 starts the delisting or stricking of the many dormant registered companies thanks to not filing of their annual returns with the commission.

Helps to stay the corporate or entity’s name on the register at CAC. Failure to file annual returns may be a signal that the corporate might not be operational . intrinsically it might be de-listed from the register.

The annual cost of the filing fee isn’t expensive but if not done the corporate risk the prospect of its records being cross off .

If the filing annual returns isn’t done within the stipulated period, the corporate or business won’t only pay the filing fee, but will incur additional fee as penalty for late filing of annual returns which is above the filing fee.

It saves time especially within the situation when a business or company need a post incorporation service and need to obtain a document or process the other application at the CAC, the commission won’t process any application by a registered entity unless the annual returns which been filed are up so far and penalties, if any, paid up.

An up-to-date annual return filing is typically one among the wants for many contract bids privately or private establishments.

FEES

Filing of Annual Returns for little Company (Registered Business Name)
Filing of Annual Returns for personal Company
Filing of Annual Returns for Public Company
Filing of Annual Returns for Company Limited by Guarantee
Filing of Annual Returns for Foreign Company
Contact Us, processing fees depend upon period of year(s)

PROCESSING PERIOD

Application for filing of annual return with CAC – allow up to 7-10 working days for processing.


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