Hello Tribe!

I hope the day is coming on fine as it should?

Today, let us briefly look at Annual returns and why it is important you pay attention.

What are Annual returns?

Annual returns are an obligatory and relatively small fee that you pay to the Corporate Affairs Commission (CAC) once every year.

It is more like servicing the CAC for helping you facilitate business through them.

The problem with so many people is that they think it is a form of Tax.

But it is not.

It also has nothing to with whether you have made a profit in your business for that day or not.

Annual returns are not about profit or loss

It is not like the tax you pay to the government where you can state whether you have started a business or started making profits or not.

The funny thing is that it is applicable even when you haven't started a Business.

Yes.

It is that serious.

The CAC requires businesses and non-business organizations registered with it to file these returns as a way to indicate that it should keep supporting you as you are still an active organization

What that means is that if you don't pay, CAC assumes that you are no longer in business and might go ahead to delist your company from the database of registered Companies.

For business names and Incorporated Trustees, your annual returns are due after six months of registration.

For Limited liability Companies, your annual returns are due one year after incorporation.

With these little points of mine, I hope I have been able to convince and not confuse you on what annual returns are all about and why you should pay it?

To your Legal sense.

Barinaada

for:BarinaadaLegal

P.S. If you need to reach me directly for your business needs, call me here>>08030900036