Filing of annual returns for Company @ C.A.C.

Filing annual returns for Company @ C.A.C. is very essential for your business legal status update. That’s one of the reasons why Complete Entrepreneurship Summit (CESSUMMIT) organizes entrepreneurs’ summits from time to time to educate, mentor, train, and encourage entrepreneurs to grow their businesses by complying with these statutory requirements.

This article highlights how you can handle C.A.C.  annual returns for company.  Need for payment of annual returns, the dangers/penalties associated with not filing annual returns in Nigeria. Therefore, we provide guidelines for filing annual returns in Nigeria.  So, if your question is; how do I file an annual return in Nigeria or why & who files annual returns? Here are the answers. If also you want to know how much the annual returns cost, still read on.

Post Focus:

Why do I read Filing of annual returns for Company @ C.A.C? This is the focus of this post. And, to let you know how to go about it.

So, filing annual returns for a company with the Corporate Affairs Commission (CAC) is a legal requirement in many jurisdictions, including Nigeria. There are several reasons why this filing is necessary:

1. Compliance with the law: Filing annual returns is a legal obligation imposed on companies by the Companies and Allied Matters Act (CAMA) or other applicable legislation. By submitting annual returns, a company demonstrates its compliance with the legal framework and regulatory requirements.
2. Financial transparency: Annual returns provide an overview of a company’s financial status, including its assets, liabilities, share capital, and details of shareholders. This information enhances transparency and allows stakeholders such as investors, creditors, and regulatory bodies to assess the financial health of the company.
3. Maintenance of company records: Filing annual returns helps maintain accurate and up-to-date records of the company. It ensures that essential details such as the registered office address, directors’ information, and shareholding structure are recorded and available for public inspection.
4. Avoiding penalties and legal consequences: Failure to file annual returns within the specified timeframe may result in penalties, fines, or other legal consequences. Non-compliance can lead to the suspension or deregistration of the company, which can have serious implications for its operations.
5. Continuity of legal existence: Annual returns help establish the ongoing existence of a company as a legal entity. By filing these returns regularly, the company confirms its intent to continue its operations and maintain its legal standing.
6. Access to certain privileges: In some instances, compliance with annual return filing may be a prerequisite for accessing certain privileges or benefits. For example, companies may be required to submit annual returns to qualify for government contracts, grants, or loans.

It’s important to note that the specific requirements and procedures for filing annual returns may vary depending on the jurisdiction and the applicable laws. It’s advisable to consult with a legal professional or the CAC directly for accurate and up-to-date information on the requirements of your specific company.

Filing of annual returns for Company @ C.A.C.

Solution for Filing of annual returns for Company @ C.A.C.

In actual fact, this post gives solutions to how to file annual returns with Corporate Affairs Commission. On the other hand, non-Filing of Annual Returns @ Corporate Affairs Commission is becoming risky for businesses. This is because – Nigerian firms risk delisting over failure to file annual returns. In fact, CAC moves to delist firms for failure to file annual returns soon.

Mandatory Filings:

Furthermore, note that filling of annual return is mandatory for:

• A small Or Big  Company    
• Private company other than a small company
• Public company 
• Company Limited by Guarantee  
• Enterprises – Business Name
• Incorporated Trustees – NGOs.

Benefits of Filing: Filing of annual returns for Company @ C.A.C.

Importance & Benefits of Rendering Annual Returns:

• It’s a legal corporate duty.
• Updates the Company as a going-concern
• Allow companies to make changes in their incorporation documents
• Avoid delisting

As part of CAC compliance efforts, it employs the provisions of the statute to usually compel companies who want to undertake any business at the Commission to ensure that their annual returns are up to date before any activity could be permitted on the records of the company.

Penalty for Non-Compliance: Filing of annual returns for Company @ C.A.C.

Major penalty for non-compliance include:

• 100% penalty on the regular fee
• Not allowed to make any adjustment on the incorporation documents
• Inability to access Incorporation file for information
• And, finally, delisting of the company after due process.

How Then Do I Comply with This Regulation?

We suggest two ways of doing this.

1. Get a C.A.C. accredited consultant to do this for you, or
2. Do it by yourself if you have the capacity to do it.

Therefore, if you so desire to make the Annual Returns filing for enterprises & companies in Nigeria, then visit CAC website and;

• Download CAC Form 10 online and print it.
• Fill it as provided and directed
• Get the assessment done at CAC office – i.e. to determine how much to pay for it.
• Make payments online and print the receipt.
• Attach relevant documents on the filled form, and
• Submit the application at CAC office.
• Then, get your Annual Returns document for the year(s) paid for from CAC office.

For more information click here

Related Facts to Filing of annual returns for Company @ C.A.C.:

How do I file annual returns with CAC?

To file annual returns with the Corporate Affairs Commission (CAC) in Nigeria, you need to follow these steps:

a. Obtain the necessary documents: Gather the required documents, such as the company’s financial statements, auditor’s report, annual returns form, and other relevant records.

b. Review the financial statements: Ensure that the company’s financial statements are accurate and up-to-date. This includes the balance sheet, income statement, and cash flow statement.

c. Engage an external auditor: Hire a qualified external auditor to audit the financial statements. The auditor will provide an auditor’s report, which is a requirement for filing annual returns.

d. Complete the annual returns form: Obtain the annual returns form from the CAC website or their office. Fill out the form accurately, providing the necessary details about the company, its directors, shareholders, financial information, and any changes that have occurred since the last filing.

e. Pay the requisite fees: Calculate the applicable filing fees based on the company’s authorized share capital. Make the payment through the approved channels specified by the CAC.

f. Submit the documents: Compile all the necessary documents, including the completed annual returns form, auditor’s report, financial statements, and proof of payment. Submit these documents to the CAC office or through their online portal, following their prescribed guidelines.

Filing of annual returns for Company @ C.A.C.

When should a company file annual returns in Nigeria?

In Nigeria, companies are required to file their annual returns with the CAC within 42 days after their Annual General Meeting (AGM). The AGM should be held within six months from the end of the company’s financial year.

The specific deadline for filing annual returns may vary depending on the CAC’s regulations and any updates to the Companies and Allied Matters Act (CAMA). It is important to stay informed about any changes in the filing requirements and deadlines set by the CAC.

How are annual returns filed?

Annual returns in Nigeria are typically filed electronically through the CAC’s online portal. Here is a general overview of the process:

a. Obtain the necessary documents: Gather the required documents, including the completed annual returns form, financial statements, auditor’s report, and proof of payment.

b. Create an account: If you haven’t done so already, create an account on the CAC’s online portal and ensure you have a valid email address.

c. Fill out the online form: Access the CAC’s annual returns filing section and fill out the form accurately with the required details about the company, its directors, shareholders, financial information, and any changes that have occurred.

d. Upload supporting documents: Scan and upload the necessary supporting documents, such as the financial statements, auditor’s report, and proof of payment.

e. Review and submit: Double-check all the information and documents you have provided, ensuring they are accurate and complete. Once satisfied, submit the annual returns filing electronically through the portal.

f. Receive confirmation: After submission, you should receive a confirmation or acknowledgment from the CAC indicating that the filing of your annual return has been received.

Filing of annual returns for Company @ C.A.C.

How do you prepare a company’s annual return?

Preparing a company’s annual return involves several steps. Here’s a general outline of the process:

a. Gather financial information: Collect all relevant financial data, including the company’s income statement, balance sheet, cash flow statement, and any supporting schedules.

b. Review financial records: Ensure that the financial records are accurate and up-to-date. Perform a thorough review and reconciliation of accounts, verify transactions, and ensure compliance with accounting standards.

c. Engage an external auditor: Hire a qualified external auditor to conduct an audit of the company’s financial statements. The auditor will examine the financial records, provide an independent opinion on their accuracy, and issue

How to file annual returns on the CAC portal:

To file annual returns on the CAC (Corporate Affairs Commission) portal in Nigeria, follow these steps:

a. Visit the CAC website: Go to the official website of the CAC and access the online portal.

b. Create an account: If you don’t have an account, create one by providing the required information and verifying your email address.

c. Log in to your account: Enter your login credentials to access your account on the CAC portal.

d. Select “Annual Returns”: Look for the option or menu that allows you to file annual returns and click on it.

e. Fill out the form: Complete the online form with accurate details about the company, directors, shareholders, financial information, and any changes that have occurred since the last filing.

f. Upload supporting documents: Scan and upload the necessary supporting documents, such as the financial statements, auditor’s report, and proof of payment.

g. Review and submit: Double-check all the information and documents you have provided. Once satisfied, submit the annual returns filing electronically through the portal.

h. Make the payment: Calculate the applicable filing fees based on the company’s authorized share capital. Proceed to make the payment through the approved payment channels provided on the portal.

i. Receive confirmation: After submission and payment, you should receive a confirmation or acknowledgment from the CAC indicating that the filing of your annual return has been received.

Filing of annual returns for Company @ C.A.C.

Filing of annual returns for company CAC in Nigeria:

The filing of annual returns for a company with the CAC in Nigeria is a mandatory requirement. Here are the key steps involved:

a. Prepare the necessary documents: Gather the required documents, such as the company’s financial statements, auditor’s report, annual returns form, and proof of payment.

b. Review the financial statements: Ensure that the financial statements are accurate and up-to-date, including the balance sheet, income statement, and cash flow statement.

c. Engage an external auditor: Hire a qualified external auditor to audit the financial statements. The auditor will provide an auditor’s report, which is necessary for filing annual returns.

d. Complete the annual returns form: Fill out the annual returns form with the company’s information, including details about the directors, shareholders, financials, and changes that have occurred.

e. Pay the filing fees: Calculate the appropriate filing fees based on the company’s authorized share capital. Make the payment through the approved payment channels.

f. Submit the documents: Compile all the necessary documents, including the completed annual returns form, auditor’s report, financial statements, and proof of payment. Submit these documents to the CAC office or through their online portal, following the prescribed guidelines.

Filing of annual returns for Company @ C.A.C.

How much is CAC annual returns for a limited company:

The filing fees for CAC annual returns vary based on the authorized share capital of the limited company. As of my knowledge cutoff in September 2021, the fees were structured as follows:

• Companies with an authorized share capital of less than ₦1 million: ₦5,000.
• Companies with authorized share capital between ₦1 million and ₦500 million: ₦15,000 plus 0.3% of the authorized share capital.
• Companies with authorized share capital above ₦500 million: ₦25,000 plus 0.1% of the authorized share capital.

Please note that these fees are subject to change, and it is essential to verify the latest fee structure on the CAC website or by contacting the CAC directly.

Filing of annual returns for the business name:

The process of filing annual returns for a business name in Nigeria is similar to that of a limited company, but there are some key differences:

a. Gather the necessary documents: Collect the required documents for filing annual returns for a business name, including financial records, business name registration certificate, and any other relevant documents.

b. Review financial records: Ensure that the financial records for the business name are accurate and up-to-date. Review income and expense statements, bank statements, and any other financial documents.

c. Complete the annual returns form: Fill out the annual returns form provided by the CAC with the necessary information about the business name, such as the owner’s details, financial information, and any changes that have occurred.

d. Pay the filing fees: Calculate the applicable filing fees for business names based on the CAC’s fee structure. Make the payment through the approved payment channels specified by the CAC.

e. Submit the documents: Compile all the required documents, including the completed annual returns form, financial records, and proof of payment. Submit these documents to the CAC office or through their online portal according to their guidelines.

It’s important to note that the specific requirements and processes for filing annual returns for a business name may be subject to updates or changes by the CAC. Stay informed about any modifications to the filing requirements and deadlines by referring to the latest guidelines provided by the CAC.

CAC annual returns online: Filing of annual returns for Company @ C.A.C.

The CAC provides an online portal that allows individuals and businesses to file their annual returns electronically. The online platform offers a convenient and streamlined process for submitting the required documents and information.

By accessing the CAC’s official website and creating an account on their online portal, you can file your annual returns online. The process generally involves completing the relevant forms, uploading the necessary supporting documents, making the payment, and submitting the filing electronically through the portal.

Using the CAC annual returns online service saves time and reduces the need for physical visits to the CAC office. It also provides a secure and efficient way to ensure compliance with the annual returns filing requirement.

CAC annual return form:

The CAC annual return form is a document used for providing information about a company or business name when filing annual returns with the CAC. The form captures details such as the company or business name’s information, directors, shareholders, financial statements, and any changes that have occurred since the last filing.

The exact format and content of the annual return form may vary based on the specific requirements set by the CAC. It is crucial to use the most up-to-date version of the form, which can be obtained from the CAC’s website or their office.

When completing the annual return form, ensure that all information is accurate, complete, and up-to-date. The form serves as an essential document for the CAC to maintain accurate records of companies and business names operating in Nigeria.

Filing of annual returns for Company @ C.A.C.

Cessummit Professional Services:

The Best Option:

As you can see, the process of making this annual return may be cumbersome for those without the necessary facilities and time in particular. It may also be costlier going back and forth CAC office. The truth is that this is a professional’s duty. That’s why we advised that you get the services of CAC accredited consultants to do this for you. The fees are always cheaper than when you do it by yourself.

As accredited CAC consultants, we have the necessary qualifications and expertise to assist you in the task you require. Our primary goal is to provide professional services while ensuring efficiency and saving you valuable time. We understand the importance of delivering high-quality results promptly.

Our services are available at a minimal cost, making it a cost-effective solution for your needs. We strive to maintain professionalism in all our interactions, ensuring that you receive the best possible assistance. Our team is experienced and knowledgeable in the specific area you require assistance with, guaranteeing that your requirements are handled with expertise.

If you are interested in availing of our services or have any further inquiries, please feel free to contact us during work hours at 09053130518 or reach us via email at cessummit0518@gmail.com. We are readily available to discuss your specific needs and provide the necessary guidance to move forward.

Conclusion: Filing of annual returns for Company @ C.A.C.

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Finally on Filing of annual returns for Company @ C.A.C.

In conclusion, the filing of annual returns with the Corporate Affairs Commission (CAC) is a crucial obligation for every company. By completing this process, companies demonstrate their compliance with regulatory requirements and maintain their legal status. Annual returns provide an opportunity for companies to update their records, disclose relevant information, and showcase their financial standing. Timely submission of annual returns to the CAC ensures transparency, accountability, and good corporate governance. It is essential for companies to prioritize this responsibility to uphold their reputation, foster trust among stakeholders, and contribute to a thriving business environment. By fulfilling their annual return filing obligations, companies can confidently pursue their goals and focus on their core operations while meeting their legal obligations.

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