Filing of Annual Return with Corporate Affairs Commission

Filing of Annual Return with Corporate Affairs Commission

 

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Annual return is a mandatory statutory requirement for every registered business entity or organisation in Nigeria, regardless of the legal structure, either an Registered Business Names (Enterprise, Sole Trader etc), or Incorporated Trustee to file their annual returns with the Corporate Affairs Commission not later than 30th June every year except the calendar year in which the business name is registered does not 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 in the prescribed form provided not later than 18 months after incorporation with the Corporate Affairs Commission (CAC), which facilitate accurate keeping of an  up to date records of the registered company with the commission and to show that the company is not dormant, but operative.

The law empowers the Commission to strike off the name of a company or business from the Register of Companies, whereby  their is reasonable basis to believe that a company is not in operation, after following due process of inquiry as to the status of the company. In most cases the commission relies on one major criterion that the failure to file annual returns is an indication of the company being dormant.

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Procedures for Filing of Annual Returns in Nigeria

For Enterprises (Registered Business Names)

  1.         Duly completed appropriate Annual Returns form
  2.         The annual return form should  be signed by the business proprietors, and/or by a director and secretary of the company
  3.         Submit the completed form for verification and assessment
  4.         Payment of the required annual returns filing fee at the participating authorised bank
  5.         Obtain and keep the  receipt/teller as evidence of payment
  6.         Submit the completed form with proof of payment to the commission officials
  7.         An acknowledgement will be issued by the CAC after filing and processing.
Note: 
The annual return should be filed not later than the 30th day of June each year
 except year of incorporation 
Penalty for late filing of annual returns for registered business names 

For Companies

  1.         Duly completed appropriate Annual Returns form
  2.         Provision of Statement of Affairs, if the company is yet to commence business or Audited Financial Statement signed by a licensed practising chartered accountant and two Directors or Director and Secretary of the company. 
  3.        Submit the completed form for verification and assessment
  4.        Payment of the required annual returns filing fee at the participating authorised bank
  5.         Obtain and keep the  receipt/teller as evidence of payment
  6.         Submit the completed form with proof of payment to the Commission officials
  7.         An acknowledgement will 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 have to paid for late filing of annual return.

For Trustees

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

  1. duly completed annual return form
  2. payment of fees
Not later than 30th June or 31st December each year except year of incorporation 

Note: Penalty for late filing of annual returns for Trustees apply,

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 company (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 each director, partner or other principal officers of the company since date of exemption and any
changes therein

Advantages of filing Annual Returns

  1.         The Corporate Affairs Commission in September 2015 starts the delisting or stricking of many dormant registered companies due to not filing of their annual returns with the commission.
  2.         Helps to keep the company or entity’s name on the register at CAC. Failure to file annual returns is a signal that the company may not be in operation. As such it could be de-listed from the register.
  3.         The annual cost of the filing fee is not expensive but if not done the company risk the chance of its records being strike off.
  4.         If the filing annual returns is not done within the stipulated period, the company or business will not only pay the filing fee, but will incur additional fee as penalty for late filing of annual returns which is higher than the filing fee. 
  5.         It saves time especially in the situation when a business or company need a post incorporation service and have to obtain a document or process any other application at the CAC, the commission  will not process any application by a registered entity unless the annual returns which been filed are up to date and penalties, if any, paid up. 
  6.         An up-to-date annual return filing is usually one of the requirements for most contract bids in private or private establishments.

FEES

Filing of Annual Returns for Small Company (Registered Business Name)  
Filing of Annual Returns for Private 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 on period of year(s) 
 

PROCESSING PERIOD

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

APPLY NOW

To make an application for filing of annual returns with the Corporate Affairs Commission using our service.

Complete the online Application Request Form.

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