Filing annual returns in Nigeria is a mandatory requirement for all registered companies, whether they are active or dormant. This process is handled by the Corporate Affairs Commission (CAC) and involves submitting financial and operational details of the company for a given year.
Here’s a step-by-step guide on how to file annual returns:
Step 1: Prepare Necessary Documents
Ensure you have the following documents ready:
Financial Statements:
Audited financial statements for the year in question (for companies).
Annual Return Form: CAC Form 10 or CAC Form 20, depending on the type of entity.
Details of Directors and Shareholders: Updated information on the company’s directors and shareholders.
Step 2: Complete the Annual Return Forms
For Limited Liability Companies (LLCs): Use CAC Form 10. Provide details such as the company's registered address, director and shareholder details, share capital, and audited financial statements.
For Small Companies or Business Names: Use CAC Form BN/AR2 for business names or the appropriate annual return form for small entities.
Step 3: Pay the Filing Fees
Pay the prescribed filing fees, which vary depending on the type and size of the company. You can make payments via the CAC online portal or through accredited banks.
Step 4: Submit the Annual Returns
Log in to the CAC online portal: CAC e-Services Portal
Fill in the necessary details and upload the completed forms along with the required documents.
Submit the application and payment receipt to the CAC.
Step 5: Obtain Acknowledgment
Once the submission is completed and approved, you will receive an acknowledgment from the CAC as proof of filing.
Important Points to Note
Deadline: Annual returns must be filed within 42 days after the annual general meeting for companies or by June 30th for business names each year.
Penalties: Failure to file annual returns on time may result in penalties or being marked as inactive by the CAC.
Following this guide will ensure your company remains compliant with Nigeria's corporate laws.