Reminder: The deadline for the filing of annual returns for business names is 30 June. File now to avoid penalty for late filing.

I learnt that CAC has open a centre at Abuja for bulk registration of POS business

Registration requirements include two proposed names, personal details, ID Card, Passport(if it's business name), Signature and payment of required fee.

In a significant move aimed at enhancing transparency and regulatory oversight, the Corporate Affairs Commission (CAC) has directed all Point of Sale (POS) business operators to register their businesses.

This directive comes amidst concerns regarding the proliferation of POS businesses and the need to ensure compliance with financial regulations. The registration requirement aims to bring all POS operators under the regulatory purview of the CAC, thereby strengthening the integrity of the financial system and safeguarding against illicit activities.

Operators are urged to adhere to the registration process outlined by the CAC to avoid penalties and ensure seamless integration into the formal financial sector. This measure is expected to promote accountability, protect consumers, and contribute to the overall stability of Nigeria's economy.

Stay tuned for further updates as the registration process unfolds and its impact on the POS industry becomes clearer.

Please note that you can still file your annual returns so that you can make the status of your business active.

Wonderful

Happy Sunday. Remember that the deadline for the filing of pending annual returns is 1st April, 2024. Don't wait till that day as it falls on public holiday

If you will agree with me, it costs money to Japa from Nigeria. People Japa for different reasons. But whatever may be your reason for deciding to leave Nigeria, you need to get things right so that your money will not just go down the drain.
So, if you want to Japa, these two things will either enhance or mar your chance of being granted Visa at the embassy
1. Status of the sponsoring company: It is unfortunate that many applications are being turned down just because the company or business name presented at the embassy has not filed its annual returns up to date thereby making its status to be INACTIVE on CAC website. Some get to know about this too late, that even though they rush to file the annual returns, the approval may not meet the deadline for the processing of their application at the embassy.
So, if you don't want to tell the story "Had I Known", it is always advisable that you ensure that the status of the company you are presenting is already active before you apply at all. You can't tell exactly when the embassy will check the status of the company after the submission of your application.
2. Date of Registration of the Company: I have seen people rushing to register a business name or company just to ensure that they have their name as the proprietor or shareholder/director of the business. This sounds like a good idea. But you need to know that Oyinbo people are wise too. When they check for the registration date of the business and they realize that it is recent, they quickly conclude that the business was registered just for Japa purpose. If you don't have a business that was registered few years back, it may be better to seek for an established company that will act as your sponsor. Alternatively, you can buy existing business and do a change of partner or director. If you are considering buying existing business, you will need to factor in the cost of filing the annual returns of the business in case the status is not active.
In case you want to file your annual returns so that the status of your business can become active or you are considering buying existing business, feel free to send me a WhatsApp message. 08155554892

This has always been my dream for Nigeria. All this Japa syndrome is another modern slavery.
If this initiative is properly harnessed, it can boost our Forex tremendously.
Available for collaboration.

Am I Due for Filing Annual Return?
Many people called me to find out if they are due for filing annual return. Let me give you a template you can use to know if you are due for filing after you have registered your business name or company.
If your business is already 18 months old, then you are due to file your annual return. This has nothing to do whether you have started business activities or not.

It will interest you to know that the Corporate Affairs Commission has extended the deadline for filing of annual returns of years of defaults to April 01, 2024.
Take advantage of this so as to avoid unnecessary penalty.
You can contact me for the filing of annual returns and other CAC post incorporation services on my WhatsApp number.
See my signature below.

To God alone be all the glory

Countdown to 31st December 2023 deadline for the filing of your annual returns with Corporate Affairs Commission (CAC).
You can call or send WhatsApp message to me.

If you are yet to file your annual returns, you need to take action immediately so as not to have your business name delisted.

Regardless of the holiday, please note that you can still file your annual returns as everything is now done online.
Check my signature.

Responsible men rarely tell lies. They like to present things the way they are. Unfortunately, women don't like to hear the truth. Some of them have high tastes that are not even realistic. But when they see someone who claims to possess all their quests, that's the right guy for them.
Meanwhile, this kind of attitude is not limited to women. It also happens in labour market and in business. If you can tell the recruiter what he wants to hear, there's possibility that you will get the job.
In business, for example, if someone asks you how long will it take to get something done, when you tell them the truth, it doesn't get down well with them. You see them rushing to someone who promised to perform 'miracle' within a day. It's after they have gotten their fingers burnt that they realized their mistakes.
Even in making investment decisions, how can someone fall for a promise of 50% returns within 1-4 weeks?
So, it's not just about women alone. Truth is always bitter. However, it may be bitter but it's always to our benefits if we can swallow it.

My prayers go to all Nigerians whether in politic, religion, or whatever sector of the economy, who are working for the good of the country.

Besides the financial loss to the company, this can even endanger their own personal lives.

To everyone that has a business name or company, I need to clarify that every registered entity is required to file annual returns whether the business has commenced operation or not. However, you are not required to file annual return for the year of incorporation. For instance, if your business was registered in 2021, you will only need to file for 2022.
For consultation, you can Whatsapp 08155554892.

TreasureHunter:
What about dormant businesses that were incorporated by Nigerians who currently do not live in Nigeria, will they also be delisted?

All registered entities are expected to file annual return whether the company has started operation or not. However, you don't file annual return for the year of registration

In Nigeria, businesses of all sizes are the backbone of the economy, contributing significantly to job creation and economic growth. However, running a business comes with various responsibilities, and one crucial aspect that often goes overlooked is the filing of annual returns with the Corporate Affairs Commission (CAC). Recently, the CAC has issued a warning that it will begin delisting businesses that fail to file their annual returns. In this article, I'll explore why this seemingly mundane task is critical and how it can save your business from dire consequences.

1. Legal Compliance:
Filing annual returns is not an optional task; it's a legal requirement in Nigeria. The Companies and Allied Matters Act (CAMA) mandates all registered businesses to submit their annual returns to the CAC. Failure to do so can lead to penalties or even the dissolution of your business. By prioritizing annual returns, you demonstrate your commitment to adhering to Nigerian business laws.

2. Business Continuity:
Delisting by the CAC is a significant threat. If your business is delisted, it loses its legal status, making it impossible to engage in any legal transactions. This can result in your business being unable to open bank accounts, secure contracts, or even operate. Ensuring timely annual returns guarantees the continued existence and operation of your business.

3. Transparency and Credibility:
Annual returns provide a transparent financial snapshot of your business's activities. When you file consistently, you build trust with stakeholders, including customers, suppliers, and potential investors. It shows that your business is reliable and accountable, which can enhance your credibility in the market and attract more opportunities.

4. Access to Finance:
Some banks and financial institutions often require evidence of annual returns before granting loans or credit to businesses. Filing your annual returns on time can significantly improve your access to financial resources, allowing you to invest in growth and expansion.

5. Avoiding Penalties:
Late filing of annual returns can result in substantial financial penalties over the years. These penalties can drain your business resources and hinder growth. By prioritizing annual returns, you can avoid these unnecessary costs.

6. Facilitating Expansion and Partnerships:
If your business has aspirations for growth or plans to enter into partnerships, potential partners or investors will scrutinize your compliance record. Filing annual returns on time demonstrates your commitment to maintaining a healthy business, making it more appealing to potential collaborators.

In conclusion, filing annual returns is not just a bureaucratic task; it's a lifeline for your business. It ensures legal compliance, business continuity, transparency, and credibility. It opens doors to financial resources, and helps you avoid penalties. Most importantly, it sets your business on the path to growth, expansion, and success.

So, don't wait until the CAC takes action. Prioritize the filing of your annual returns today, and you'll be safeguarding your business's future. Remember, this one thing can truly save your business from unnecessary risks and setbacks. WhatsApp 0 8 1 5 5 5 5 4 8 9 2

This is sad. May his soul rest in peace

braine:
This is insightful, as I am currently having this issue with a company I registered in 2021.

I have not filed ever since I'm I've had a headache on how to go about it. The business has not been very active tho.

You can WhatsApp me on 08155554892

In Nigeria, Annual Returns are filed with the Corporate Affairs Commission (CAC), which is the regulatory body responsible for overseeing the registration and regulation of companies and business entities in the country. Filing Annual Returns is a legal requirement for all registered companies in Nigeria under the Companies and Allied Matters Act (CAMA) 2020.
The term "Annual Returns" refers to a mandatory filing that companies are required to submit on a yearly basis, providing updated information about the company's financial and operational status. These filings are used to ensure transparency and accountability of businesses to government authorities, stakeholders, and the public.
Here's an overview of how Annual Returns are typically filed in Nigeria:

Completion of Annual Returns Form: The company needs to complete the Annual Returns form provided by the CAC. The specific form to be used depends on the type of company (private, public, limited by guarantee, etc.). The form typically requires information about the company's directors, shareholders, registered office address, share capital, and other relevant details. This form will be filled on CAC portal.

Payment of Fees: Along with the Annual Returns form, the company is required to pay the prescribed filing fees. The fees are based on the type and size of the company. Also, if you didn’t file the annual returns with the specific timeframe, you will need to pay extra as penalty for late filing.
Submission of Documents: The completed Annual Returns form, along with the financial statements (where applicable) and proof of payment, should be submitted to the CAC. Before, this can be done physically at a CAC office. But now, filing of annual returns are done through the CAC's online portal.

Review and Approval: The CAC reviews the submitted documents for accuracy and compliance with regulations. If everything is in order, the CAC will approve the filing and update the company's records accordingly. In case there are discrepancies or missing information, the company may be required to provide additional documentation or corrections.

Issuance of Acknowledgement Letter: Once the Annual Returns are successfully filed and approved, the CAC issues Acknowledgement Letter. This Acknowledgement Letter serves as evidence that the company has fulfilled its obligation to file Annual Returns for the specified year.
Activation: If the status of the company has been inactive, you can then apply for the activation of the company. Within few days, the status of the business will change from inactive to active on the CAC’s website.

It's important to note that Annual Returns must be filed within 42 days from the company's Annual General Meeting (AGM) date. The AGM is a meeting where directors and shareholders discuss company matters, including the approval of financial statements. If the AGM is not held, the Annual Returns must still be filed within 18 months of the company's incorporation and subsequently within 42 days of each AGM. For business names, annual returns of each year must be filed between January and June 30 of the following year. Please note that you don’t file annual returns for the year of incorporation. For example, if your business is registered in 2021, the first annual return of the business will be for the year 2022 and it must be filed within the deadlines given above.
Failure to file Annual Returns within the specified timeframe can result in penalties and may lead to the company being struck off the register of companies, potentially resulting in dissolution.

Please note that you need an accredited agent to help you file your annual returns.
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Letsmeet:
Hi everyone. I just registered my business name with CAC. What are some good and high quality business ideas someone can start or go into with a CAC Certificate. Corporate kinds of businesses most preferably. Thanks for the good ideas

What are the objects of the business you registered? I think your business ideas should precede the registration. This scenario is like someone asking for course to study in the university after you have been offered ad admission to study a particular course.
The problem here is that, if your new business idea is significantly different from the objects of the business name you registered, you might need to register a new business that will align with your business idea.

They should quickly alert Fire Service

Congratulations