AVOID PENALTIES FROM CAC ON YOUR REGISTERED BUSINESS BY FILING YOUR ANNUAL RETURNS PROMPTLY!

Annual Returns filing is a compulsory payment required from every registered business owner on a yearly basis, counting from 18 months after the date of registration for business names and companies.

These payments are quite insignificant just #3,000 for business name and #5,000 for companies but because most business owners ignore them, they keep piling up year after year with penalties that follow as a result of default, to the extent that it becomes too heavy.

Failure to file these annual returns puts your business in red light as you could be denied a contract, business visa application, and even possibility of having your business bank account frozen.

Recently, CAC turned its radar on businesses that have been owing annual returns and have their registration status showing INACTIVE.

If CAC is to implement its planned policies against businesses owing annual returns, you may be at risk of losing your company, business name, or NGO as they will delist it from their database, ensuring no individual or corporate organization does any business with you.


HOW TO CALCULATE YOUR TOTAL COST OF ANNUAL RETURNS FOR BUSINESS NAME

For Business Name filing, with BN , e.g which was registered 15/08/1997

You will file annual returns for 1998,1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023.


Total cost

Total fee per year = N3000 (Filing fee) + N5000 (penalty) + N5000 (Professional fee) = N13,000.

For 26 years filing= N13,000 X 26 years = N338,000.

= N338,000

Total cost = N338,000


HOW TO CALCULATE YOUR TOTAL COST OF ANNUAL RETURNS FOR PRIVATE LIMITED LIABILITY COMPANY

For Business Name filing, with RC , e.g which was registered 15/08/1997

You will file annual returns for 1998,1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023.

Total cost

Total fee per year = N5000 (Filing fee) + N5000 (Penalty) + N5000 (Professional fee) = N15,000.

For 26 years filing= N15,000 X 26 years = N390,000.

= N390,000

Total cost = N390,000


HOW TO CALCULATE YOUR TOTAL COST OF ANNUAL RETURNS FOR INCORPORATED TRUSTEES e.g NGOs, Association, club, church etc

For Incorporated Trustees filing, with RC , e.g which was registered 15/08/1997

You will file annual returns for 1998,1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023.

Total cost

Total fee per year = N5000 (Filing fee) + N10,000 (Penalty) + N5000 (Professional fee) = N20,000.

For 26 years filing= N20,000 X 26 years = N520,000.

= N520,000

Total cost = N520,000