Filing of annual return is a mandatory requirement for every Business, Company or Incorporated trustee, i.e. all entities registered by the Corporate Affairs Commission must file Annual Returns. Filing of annual returns is one of the proofs that such company is still actively in operation and still engaging in business activities or otherwise. It also a requirement for post incorporation activities.
It is an obligation that business entities have to file which indicates the affairs of the company or how the company has been run for a specified period of time.
Annual Returns just as the name implies must be made every calendar year (i.e. annually). However, new companies are not required to file annual returns until after the first 18 months of its incorporation. However, for older companies, the annual return is due no later than 42 days after its Annual General Meeting. Filing should be done not later than the 30th day of June each year except year of incorporation.
The documentation required usually depends on the type of entity that wants to file annual returns. The following CAC forms are required for each entity
The process for filing annual returns entails are as follows ;
The Applicant is expected to visit the CAC website to download the Annual Returns form or obtain same from the CAC office.
Upon downloading the appropriate form, the Applicant is to print and fill in necessary details, some of the information includes:
The Applicant after filling the form is to visit the CAC office for assessment. The official fee for the various entities are:
The above fee will be in addition to any default fee in case the Applicant has outstanding payments.
Upon assessment by the CAC, the Applicant then goes ahead to make payment online via the Remitta portal and prints out receipt. After payment, the Applicant is to submit the filled form with the accompanying documents:
After submission, CAC will process the application and issue the Annual return documents for the year(s) paid for.
Failure to file annual return by corporate body may attract various consequences, which includes the payment of the default fees by defaulting company and every director or officer of the company by the CAC.
A company qualifies as a small company in a year if for that year the following conditions are satisfied:
When filing annual returns for a small company, a certificate indicating the above mentioned conditions must be annexed to the annual returns which is proof that the company is a small company.
Need to File Annual Returns? Contact us via the details below
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