Annual Returns: What You Need to Know

Filing annual returns is a mandatory obligation for all registered companies in Nigeria, as stipulated by the Corporate Affairs Commission (CAC). It's a yearly submission that provides an update on the company's activities, financial position, and changes in its structure.

Why are Annual Returns Important?

• Compliance: It ensures your company remains compliant with the Companies and Allied Matters Act (CAMA).
• Active Status: Failure to file can lead to your company being marked as inactive or even struck off the register.
• Transparency: It provides updated information to the public and regulatory bodies.

What's Required?

Typically, you'll need to submit:

• Audited financial statements (for most companies).
• Directors' report.
• Shareholders' information.
• Details of any changes in the company's structure or operations.

Ensure you file your annual returns promptly to avoid penalties and maintain your company's good standing with the CAC.