So my company is classified as a small company? What then?

Being a small company under the new CAMA 2020 entitles you to some benefits. These benefits include:

1. A reduced penalty for failure to lay and deliver financial statements as required by CAMA.

2. Small companies have been exempted from the requirement of having a minimum of 2(two) directors under CAMA 1990 and can now have a single director.

3. Small companies do not have to have a Company Secretary.

4. Small companies can now choose whether or not to have a company seal as it is no longer mandatory.

5. Small companies and companies that have not carried out business since incorporation, even if they are not small companies, do not have to file audited financial statements annually (except insurance companies and banks or any other company as may be prescribed by the Corporate Affairs Commission)

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