This article is written to give step by step on how to make CAC annual returns payment online. It is no longer a news that the filing of annual returns with the Corporate Affairs Commission (CAC) is now done online.
If you want to file the annual returns with the Corporate Affairs Commission in the past, individuals needed to obtain the annual return form from the Commission and complete it accordingly. The completed form will be returned with the copy of proof of payment of the applicable annual fee to the CAC office. Payments of the CAC annual return fees were usually done at the bank then. Therefore, your bank teller served as your proof for the payment of the fee.
Now, things have changed following the digitalization of the Corporate Affairs Commission. So, you don’t need to be surprised that people can now make CAC annual returns payment online now. If you don’t know how to go about the whole process, I am here to guide you on how to go about it.
To make CAC annual returns payment online, you should follow the following steps:
- Visit CAC online portal for post-incorporation services https://post.cac.gov.ng/
- Login to the platform using your username and password. If you have forgotten your password, you just need to click on “forgot password”. Then, type in your username and click on “reset password”. It is important to note that you need to be a CAC accredited agent before you can login into CAC post-registration section of their website. If you are not an accredited agent, you may need to engage the service of one.
- After you have logged in, you will need to enter the name or registration number of the business that you want to file its annual returns and click “search”
- From the dashboard, locate and click a tab “Annual Returns” at the left side of the portal.
- Fill the annual return form online and navigate until you get to the point where you will be asked to make payment. This is at the point where you will make the CAC annual returns payment online
- When you click on “Payment”, a Remita invoice will be generated. You can proceed to make CAC annual returns payment online by providing the details of your card and the One Time Password (OTP) that will be sent to your registered telephone number with you bank. Nevertheless, you have the option of taking the Remita RRR to your bank and make the payment there.
Benefits of Paying CAC Annual Returns Fee Online
Making Corporate Affairs Commission (CAC) annual returns payment online offers numerous benefits that streamline the process and enhance overall efficiency. Here are some key advantages:
- Convenience: Online payments eliminate the need to physically visit CAC offices or banks, saving time and effort for business owners. Payments can be made from anywhere with an internet connection, providing ultimate convenience.
- Time-Saving: Online payments drastically reduce processing time. Manual payment processes often involve waiting in queues and dealing with paperwork, whereas online payments can be completed within minutes, allowing business owners to focus on other essential tasks.
- 24/7 Accessibility: Online payment platforms are accessible 24/7, including weekends and holidays. This flexibility means that businesses can make payments at their own convenience, even outside traditional banking hours.
- Reduced Errors: Manual payment processes can lead to errors in calculations. But if you make your CAC annual returns payment online, calculation of the applicable annual returns fee is done automatically. Online payment also ensure the accuracy of the account numbers, or other details. Online systems typically have validation mechanisms in place to prevent errors, ensuring accurate and timely payments.
- Instant Confirmation: Online payments of annual returns fee provide immediate confirmation of successful transactions. This eliminates uncertainty and offers peace of mind to business owners, knowing that their payments have been received.
- Secure Transactions: Reputable online payment platforms use advanced security measures like encryption and two-factor authentication, ensuring the safety of sensitive financial information.
- Cost-Efficiency: Online payments of annual returns fee eliminate the need for paper-based processes, reducing printing and administrative costs. Businesses also save on travel expenses that would otherwise be incurred for in-person payments.
- Digital Records: Online payment systems generate digital receipts and records, which are easily accessible and can be stored electronically. This simplifies record-keeping and audit trail maintenance.
- Faster Processing: Online payments of CAC annual returns fees are processed electronically, reducing the time it takes for funds to be credited to the recipient’s account. This can be especially beneficial for meeting deadlines or avoiding penalties for late payments.
- Easy Tracking: Online payment platforms often provides tools to track payment history and view past transactions. This makes it simple to monitor annual returns payments and maintain a clear overview of financial activities.
- User-Friendly Interface: CAC online platform is designed with user-friendliness in mind. It features intuitive interface that guide users through the payment process step by step.
- Environmental Impact: By reducing the need for paper-based processes, online payments contribute to environmental sustainability and paper waste reduction.
In summary, making CAC annual returns payments online offers business owners a faster, more convenient, secure, and efficient way to fulfill their obligations. It aligns with the trend toward digitalization and automation of business processes, ultimately saving time and resources while enhancing accuracy and compliance.
For free consultation on how to file CAC annual returns, send WhatsApp message to 08155554892 or fill this online form