Annual Returns For Company

NGN 12,500.0

3 days

Corporate Returns

File this service

Description

Information about the compliance service

The annual returns filling with the Corporate Affairs Commission (CAC) is a mandatory process that all Nigerian companies must complete to show to the CAC that their company is active, compliant and operational.

Requirements

Info and documents needed for this service

  1. Company Details.
  2. Registered address.
  3. Details of company’s directors, shareholders, and secretary.
  4. Annual Return Details: state the year the annual return relates to and the financial year end/accounting year end and also supply information regarding the turnover and the net assets of the business.
  5. Changes in company’s share capital.
  6. Details of company’s charges (if applicable).
  7. A statement of the company’s affairs (including assets and liabilities).
  8. A Written copy, certified both by a director and by the secretary of the company to be a true copy, of every balance sheet and profit and loss account laid before the company in a general meeting held in the year to which the returns relate (including every document required by law to be annexed to the balance sheet).
  9. The auditor's report and director's report must be submitted along with each balance sheet, with certified copies signed by both a director and the company secretary.
  10. Other documents evidencing the payment of all necessary fees or dues may also be annexed.



Process

Steps involved in this compliance service

  1. Fill the annual returns form.
  2. Provide your Company RC Number.
  3. Other useful information you will fill include the following:

    • Branch Address of the company (if any)
    • Annual Return Details: In this section, you will state the year the annual return relates to and the financial year end/accounting year end. You will also supply information regarding the turnover and the net assets of the business.
    • Particulars of Proprietor/Partners: This is the section where you will provide the information about the proprietor and partners of the business name.
    • Particulars of Corporate Partner (if any). If your business named is joint owned by a corporate body, you will fill the name, registration number, and address of the corporate body.
    • Authentication: This is where the name and email address of the proprietor, partner or any person that authorized the annual return.

FAQs

Frequently asked questions about this service

  1. Is there a penalty for not filing of annual returns for a company? Yes, there is. Each company has to within 42, days of its Annual General Meeting submit to the Commission in the prescribed form a statement of its accounts; or a letter explaining absence of statement of accounts. Non-compliance with this provision attracts penalty and the risk of having their company struck off the companies register.
  2.  Is there a penalty for late filing of annual return for a company? Yes, there is. There is a penalty fee of ₦5000.
  3. Are annual returns only for large companies? No. All registered companies, including small and medium-sized enterprises (SMEs), are required to file annual returns with the CAC.
  4. Are annual returns the same as tax returns? No, they are not. Annual returns are filed with the CAC to update the company’s information, while tax returns are filed with the relevant tax authorities to report the company’s income and tax liability.

Note that the fee of 12,500 covers annual returns filing for companies for only a single year. If there are any outstanding filings from previous years, a penalty fee for late filing applies for each of those years. The fees vary depending on the number of years whose annual returns are outstanding. Where it is discovered that there are outstanding/backlog filings from previous years, an invoice would be sent via mail covering the additional penalty fees for late filing that are due.
     
Back to compliance services