Do incorporated trustees need to file Annual Returns?  

Do incorporated trustees need to file Annual Returns?  

July 23, 2019

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

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • 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 are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
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    • Conesus ad idem
    • Obligation
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     

  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

  • When registered, how long does a patent last for?

    Once granted, a patent is valid for 20 years.

  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.

  • Who can be directors in my company?

    Any two adults can be directors in a company.

  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.

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