CAC Urges Companies To File Annual Returns

The Corporate Affairs Commission (CAC) has urged registered entities operating in the country to file in their annual returns.

The commission said this on Wednesday in a tweet on its official page

Have you been filing your Annual Returns with the CAC as required by Law? Are you aware that CAC will soon strike off all defaulting registered entities from its database? Hurry and file your Annual Returns Now. Thank you

— CAC Nigeria (@cacnigeria1) February 5, 2020

An annual return is a mandatory requirement every enterprise or incorporated trustees must file yearly by delivering to CAC a return in the prescribed form containing specified matters related to the organisation in accordance with Companies and Allied Matters Act (CAMA).

According to CAC, any company that neglects the directive as provided by the law will risk being delisted from its register.

In 2008, 10 companies were de-registered and in 2016, 38 companies were also deregistered.

However, new companies may not file its return within the first 18 months of its incorporation, while for older companies; the annual return is due  42 days after its Annual General Meeting.

Procedure For Filing Annual Returns In Nigeria

For Business Name:

1.     Purchase annual returns form

2.     Fill the form properly

3. The annual return shall be signed by the proprietors, and where a company is a proprietor, by a director and secretary of the company

4. Submit the completed form for verification and assessment

5. Pay the required annual returns fee to the authorised bank

6.     Keep your receipt/teller as evidence of payment

For Companies:

1. Have your Company’s Statement of Affairs or Audited Statement of Accounts prepared. You need the service of a licensed practising chartered accountant for this.

2.     Purchase annual returns form

3.     Fill the form properly and sign

4.  Attached your Company’s Statement of Affairs or Audited Statement of Accounts duly signed by the Director and Company’s Secretary.

5.     Submit the completed form for verification and assessment

6.     Pay the required fee to the authorised bank

7.     Keep your receipt/teller as evidence of payment