What Are Annual Returns?

An annual return is not the profit your company made in a year, it is not a financial document,
but rather a yearly statement by an active registered business name or company which is
meant to keep CAC updated about the company’s activities, composition, and its financial position.

Advantages of filing Annual Returns

1. The Corporate Affairs Commission in September 2015 starts the delisting or stricking of many dormant registered companies due to not filing of their annual returns with the commission.

2. Helps to keep the company or entity’s name on the register at CAC. Failure to file annual returns is a signal that the company may not be in operation. As such it could be de-listed from the register.

3. The annual cost of the filing fee is not expensive but if not done the company risk the chance of its records being strike off.

4. If the filing annual returns is not done within the stipulated period, the company or business will not only pay the filing fee, but will incur additional fee as penalty for late filing of annual returns which is higher than the filing fee.

5. It saves time especially in the situation when a business or company need a post incorporation service and have to obtain document or process any other application at the CAC, the commission will not process any application by a registered entity unless the annual returns which been filed are up to date and penalties, if any, paid up.

6. An up-to-date annual return filing is usually one of the requirements for most contract bids in private or private establishments.


PROCESSING PERIOD
Application for filing of annual return with
CAC - allow up to 7-10 working days for
processing.

How to check If your Business Name or Company is inactive:

1. Go to Your Chrome or Firefox Browser
2. Type in search.cac.gov.ng
3. When it Opens, Put in Your BN number or RC number and click on the green search icon on the right
4. You will see your Business Name or Company showing either active or inactive

Hope you find this information helpful to the optimal success of your business operations.

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