How to File Annual Returns with Corporate Affairs Commission
Procedures for Filing of Annual Returns in Nigeria.
It is mandatory for every registered business to file their annual returns with the Corporate Affairs Commission not later than 30th June every year except the calendar year in which the business name is registered does not end by December.
This is the only way of informing the Commission that your company is still a going concern. If you don’t file your annual returns over a long period, the Commission can strike off your business name or company from the Register of companies. Also, the Commission may not grant the request for due diligence from Banks in respect of your application for opening of bank account or bank loans. The filing fee is relatively cheap but if you don’t file your annual returns within the stipulated period, you will not only pay the filing fee, you will pay additional fee as penalty which is higher than the filing fee.
Read Also: How to Register a Business Name with Corporate Affairs Commission
Procedures for Filing Annual Returns
The procedures for filing returns for enterprises and incorporated companies are almost the same but for the purpose of clarity, the two procedures are separately itemised below:
For Enterprises:
- Purchase annual returns form
- Fill the form properly
- The annual return shall be signed by the proprietors, and where a company is a proprietor, by a director and secretary of the company
- Submit the completed form for verification and assessment
- Pay the required annual returns fee to the authorised bank
- Keep your receipt/teller as evidence of payment
For Companies:
- Have your Company’s Statement of Affairs or Audited Statement of Accounts prepared. You need the service of a licensed practising chartered accountant for this.
- Purchase annual returns form
- Fill the form properly and sign
- Attached your Company’s Statement of Affairs or Audited Statement of Accounts duly signed by the Director and Company’s Secretary.
- Submit the completed form for verification and assessment
- Pay the required fee to the authorised bank
- Keep your receipt/teller as evidence of payment
Read Also: Addresses of Corporate Affairs Commission in Nigeria