Filing of 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 entrepreneur’s grow their businesses by complying to 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.
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.
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:
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:
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.
- Get a C.A.C. accredited consultant to do this for you, or
- 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.
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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.
In fact, as Accredited CAC consultants, we can do this for you at a minimal cost, if that’s Ok by you. Professionalism goes with expertise. And expertise goes with speed – time savings. These are what we will offer you. Contact on during work hours on 09053130518 or email@example.com., 08121687036
Conclusion: Filing of annual returns for Company @ C.A.C.
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