Do incorporated trustees need to file Annual Returns?  

Do incorporated trustees need to file Annual Returns?  

October 19, 2018

Annual Return filing is a statutory requirement for every registered business or organization with the Corporate Affairs Commission and as such it is very necessary for all registered businesses to file Annual Returns at the commission. The purpose of this filing is simply to inform the commission that the company or organization is a going concern. Failure to comply with this filing may lead to de-listing from records of companies or organisations operating in Nigeria.

How to file annual returns at CAC

  • Completion of annual returns form [CAC/ BN7]
  • Appropriate enterprises affair for the year
  • Payment of filing fees
  • An acknowledgement will be issued by the CAC after filing and processing is completed

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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’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What are the benefits of Registering with SON?
    1. Product traceability in the Nigerian market
    2. Detection of counterfeit products
    3. Barriers to the circulation of substandard goods
    4. The official SON Product Registration Logo and number are displayed on registered products.
  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.
  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.
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