Running a business in Nigeria is an exciting adventure, but keeping up with regulations can feel like another hurdle.
One crucial yet sometimes overlooked requirement is the annual filing with the Corporate Affairs Commission (CAC).
But fear not, entrepreneur! This post will break down annual filings into easy-to-swallow bites.
Why File Annually?
Think of annual filings as your yearly report card for the CAC because that’s what it actually is, it keeps them updated on your company’s status, including directors, shareholders, and financial health, it’s your business ‘proof of life’ !and that is why when you dont file annual returns, they render your company status to be INACTIVE on their portal.
This transparency builds trust and ensures you stay compliant. Plus, avoiding penalties for late filing is always a win!
Who Needs to File?
Pretty much everyone! Whether you’re a full-fledged company or a registered business name, the CAC wants to hear from you. There are some exceptions for small companies in their third year of operation, but it’s best to consult a professional for specifics.
Business name, Limited companies, NGOs/Churches are all to file annual returns.
Deadlines and Penalties: Don’t Be Slacking!
The deadlines differ depending on your business type. Companies have 42 days after their Annual General Meeting (AGM) to file, while business names have a deadline of June 30th every year (except for the year of registration). Missing these deadlines can lead to hefty fines, so stay on top of your game!
Filing Made Easy: We are Your Friend!
Annual returns is not expensive.
- For Business name, its just #3000 per annum
- For Limited, its #5000 per annum
- For Incorporated Trustees, it’s #5000 as well.
But when you fail to file at the appropriate time, you incur penalty.
Penalty for late filing for both Business name and Limited is #5000 while that of of Incorporated Trustee is #10,000.
Only accredited agents like us can help you file your annual returns, it’s not something you can do as a public agent hence you have to reach out to us to do it for you.
This saves you time and eliminates the hassle of paperwork. Simply gather the necessary documents (financial statements, directors’ report, etc.) and let’s handle the rest.
Need Help? Don’t Go It Alone!
If navigating the filing process seems daunting, don’t hesitate to seek help from a chartered accountant or lawyer. They can ensure your filings are accurate and completed on time, giving you peace of mind.
Annual filings: A breeze, not a burden!
By understanding the importance, deadlines, and online filing options, you can conquer annual filings in Nigeria. Remember, staying compliant keeps your business healthy and allows you to focus on what truly matters: growing your venture!
Need help with your Annual Filing? Contact us today on 08109733748 or visit www.femisewo.com.