Annual Returns For Incorporated Trustee

NGN 10,500.0

3 days

Corporate Returns

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Description

Information about the compliance service

An annual return is a yearly statement submitted by entities registered with Corporate Affairs Commission detailing their composition, activities and financial positions to the Commission in accordance with the provisions of Company and Allied Matters Act (CAMA) 2020.
Incorporated trustees are required to file their returns not earlier than 30th of June or later than 31st of December in each year, with the Corporate Affair Commission.

Requirements

Info and documents needed for this service

  1. Name of Association and Classification.
  2. Details of Registered Office.
  3. Details of all the Trustees of the Association, including: their names, dates of birth, gender, nationality, phone numbers, emails, occupation, service address, residential address, means of identification.
  4. Details of members of the Governing Council (Executives) of the Association, including: their names, dates of birth, gender, nationality, phone numbers, emails, occupation, service address, residential address, means of identification.
  5. Year of Return.
  6. Details of Financial Year start and Year end.
  7. Gross Assets of the Association [in Naira].
  8. Net Asset of the Association [in Naira].
  9. Bankers.
  10. Balances as at financial year end.
  11. Sources of income in the year.
  12. Details of Trustees benefits during the year.

Process

Steps involved in this compliance service

  1. File all necessary documentation and prepare relevant documents (depending on whether you are filing annual returns or bi-annual statement of affairs).
  2. Fill all required information.
  3. Submit all necessary documentation and pay the Commission’s fees at the CRP.
  4. Obtain receipt of acknowledgment of payment (from Remita).
  5. Obtain confirmation of returns filing acceptance from Corporate Affairs Commission.

FAQs

Frequently asked questions about this service

  1. Is there a sanction for late filling of annual returns for incorporated trustees?  Yes, Incorporated Trustees are required to file their Annual Returns for each year of existence between the 30th of June and the 31st of December in each year. Filing after this statutory period for any preceding year attracts penalties for late filing on the trustees of the association.
  2. How much is the penalty fee for late filling of annual return of incorporated trustees?  Upon default, a penalty of ₦5000 is required.

Note that the fee of 10,500 covers annual returns filing for Incorporated Trustees 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.
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