Why do people dump their old existing entities and register a new one?
For fear of not paying huge annual returns penalties.
But aren't you going to pay annual returns for the new one when it is due for it?
A business owner, yes I will prefer paying as at when due.
Dear Business Owner,
Don't dump your old business due to huge penalties. Annual returns is mandatory whether you have done business with the entity or not.
Pay up the penalties and use your company. If you are not interested in the entity sell it, after annual returns payment and other necessary post incorporation stuffs have been done.
Also, where a director removed was also a shareholder, he or she is still part and parcel of the company. They can only leave the company as a shareholder through surrender and reallotment.