Annual Returns filings

Annual Returns filings

July 23, 2019

The Annual Returns of a company can be defined as a yearly statement that gives essential information about a company’s activities, composition and financial position and which must be filed by every registered company/business with the appropriate authority.

In Nigeria, filing annual returns with the Corporate Affairs Commission (CAC) is a mandatory statutory requirement for every registered business, this includes Limited liability companies (private or public), sole proprietorships/Business Names and incorporated Trustees. A company’s first Annual Returns is due for filing not later than 18 months after its inception, subsequently it should be filed annually as the name implies not later than 30th June. 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.

In order for a company to file its returns yearly, it needs to attach to the completed prescribed CAC Form, its statement of Affairs if it is yet to commence operations or its Audited Financial Statement where it has commenced operations. This attachment is not necessary for Sole Proprietorships/Business Names.

Filing returns annually enables the CAC to keep up to date records of registered companies which shows that a company is operative and not dormant. It is not only mandatory but also a statutory requirement for companies registered with the commission to file returns as at when due as the law empowers the CAC to strike off the name of a business from the Register of Companies where there are reasonable basis to believe the company is not in operation and the failure to file annual returns is one of the major criteria relied on by the commission to determine the status of a company.

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 advise, 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 advise from the particular facts and circumstances at issue from a lawyer.

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Efe Ugoboro

Team 618Bees

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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.

  • Do I need a Company Secretary?

    A limited liability company (LLC) must have a company secretary.

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

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

  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time

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

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

  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source ad indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.

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