Do foreign companies need to file Annual Reports?

Do foreign companies need to file Annual Reports?

July 23, 2019

Annual report filing is a way of informing the Commission that your Company is still in business, thus it is mandatory for every Company that is carrying on business in Nigeria.

Every company that was incorporated in Nigeria is obligated to file Annual Reports with the Corporate Affairs Commission (CAC), and that includes foreign Companies.

Both Foreign companies that intend to carry on business in Nigeria that have been incorporated as a separate legal entity and those exempted in accordance with the provisions of S 56 of the CAMA are obligated to file their annual reports with the commission. See S. 57 CAMA.

Note that new companies have a grace period of 18 months within which to file their Annual Reports with the commission while older companies should file not more than 42 days after the date of their Annual General Meeting. For more details on how to file your annual reports, visit our website – www.618bees.com

Do you have any question or clarification regarding the topic in this post that was not answered/provided by this post? Or you have questions regarding what the law states about a particular legal issue? Log on to our website – www.618bees.com or call us on 23412803791 to speak to any of our consultants that are always on hand to provide answers to such questions.

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Team 618 Bees

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     

  • Is it legal to transfer the personal data you obtained legally to another person?

    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.

  • Can an industrial design be sold?

    An industrial design is a company asset and the right to sell is in the hands of the registered owner.

  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office

  • How many directors do I need to start a company?

    A minimum number of two (2) directors is required to form a company.

  • Does Trademark registration protect my website domain name?

    Yes, it does.

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