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 5, 000 for Business Name And 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. Is it mandatory to file CAC Annual Returns even if the company is not operational? Yes. It is still mandatory to file CAC annual returns even if the company is not operational or has not conducted any business activities during the year. The rational behind this requirement is to ensure that the government and regulatory authorities have accurate and up-to-date information about the companys status, ownership, and management, regardless of its operational activities. Even if the company is not operational, providing updated information about directors, shareholders, and other key details ensures transparency and accountability. Also, if the company becomes operational again in the future, having updated records and compliance with annual returns can make it easier to resume business activities. Let's register your business and file your annual returns today. Reach out to us by Call/ on and let's handle the annual return filings for your registered Business.