[b]AFTER BUSINESS NAME REGISTRATION WITH CAC WHAT NEXT?
[/b]
A lot of business owners, after successful registration of their businesses with CAC, they proceed to the bank with the Certificate of registration and other documents to open a corporate account and after then say goodbye to CAC, they proceed to run their businesses.
Some only go to C.A.C when they need to make some changes on their businesses details like e.g change of address, change of Proprietors details, change of directors and so on.

This has led to the Corporate Affairs Commission listing out about 100,000 business and Organisations to be deleted from their data base in the next 90 days, while other non compliant companies have been deactivated and currently showing INACTIVE on the C.A.C portal. (Visit https://search.cac.gov.ng/home to check yours)

INACTIVE Companies risk losing business transactions and contracts as a search conducted by prospective clients on their business will reveal the business as being INACTIVE, they also risk visa denials upon application. When a business remains INACTIVE with C.A.C for too long they will be listed among the defaulters list and risk being permanently deleted from the C.A.C database for non compliance.
Deleted Companies and businesses risk losing their businesses, investments, money in bank and properties in the business name as the company will cease to exist.

AFTER BUSINESS REGISTRATION WHAT NEXT?

C.A.C expects you to file annual Returns every year. Annual Returns is a payment and written statement made to update the commission that your business is still functional.

Annual Returns for a business name is 3k
Annual Returns for a LTD company is 5K

Since Annual Returns can only be filed using accredited agent portal, you will need to contact a C.A.C accredited agent to do the filing for you and he will charge a token to do so.
Annual Returns for a particular year must be filed on or before 30th June the following year as failure to do so will attract an additional penalty of 5K per year.


In my experience as a C.A.C agent, I have witnessed a lot of business owners abandon their businesses as a result of accumulated annual returns fees and penalties. Some business owners always opt for a fresh registration for the cost of 21,000 instead of paying Returns of over 100,000 but the disadvantage of that is losing the brand that you have built for years and have been widely known for.
So my candid advice for your dear business owner, is that you always file your annual returns as at when due and you will never lose your business, investment or property.

Kingsley Okon
C.A.C Registration Consultant
King Kong of C.A.C
C.E.O
Hitmern Business Services
08163319401
Hitmernbs@gmail.com

To file your annual returns with CAC reach out to us @ Business Axis.

11, Imperial Shopping Mall, Kekere Bus stop Ado Road Ajah Lekki Lagos or visit

www.businessaxis.com.ng

I have actually helped a couple of people from Nairaland Reactivate their businesses, they saw this post and reached out to me.

However, they alot were not able to come back to drop review as they could not locate the post or remember how they got my contact.

I got a few to drop review for me on my business Google page, so I am sharing below.

You can also search for Business Axis (CAC Registrations)

Thank you