IMPORTANCE OF FILLING FOR CAC ANNUAL RETURNS, AND CONSEQUENCES OF NOT DOING SO.

1. If your Business/Establishment doesn't file for Annual returns, the status of your Business will be ...INACTIVE on CAC portal.., which probably suggests that you're no longer in business.

2. Failure to file for Annual returns for a year will attract a fine of #5,000 added to the original fee of #3,000 annual payment for business names, making it a total of #8,000 per year, depending on the number of years your business failed to file.

And for Company, it's a fine of #5,000 added to the original fee of #5,000 per annum which brings it to #10,000 also depending on the number of years such Company refused to file.

3. The commission is empowered by law, to strike out any Business name/Company who fails to file for its Annual Returns for a period of 10 consecutive years.

This means that, such Business or Company stand to lose its registered Entity with the Commission, and as such a different body can register such name after it is has been striked out.

4. Failure to file for Annual returns, could make your Business/ Company lose some major contracts from investors and clients, since your Business/Company will be showing INACTIVE, which could suggest to clients that you aren't a serious Business person or that your establishment is no longer existing.

5. Failure to file for Annual returns could equally hinder you from accessing some grants/loans from angel investors and Banks, as they may not be convinced to render you such financial assistance since your establishment is INACTIVE on CAC portal, this doesn't speak well of your ability to put such funds into proper use.