Akure, the capital of Ondo State, is a fast-growing business hub with thriving enterprises in agriculture, trade, oil and gas, and professional services. To maintain legal recognition and avoid penalties, every registered business and company in Akure must file annual returns with the Corporate Affairs Commission (CAC).
Failure to comply can lead to financial penalties and possible business deregistration. This guide explains how businesses in Akure can file their annual returns through an accredited CAC agent, including the filing fees, penalties for late filing, and why compliance is important.
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Understanding CAC Annual Returns for Businesses in Akure
Many business owners in Akure mistakenly believe that filing tax returns with the Federal Inland Revenue Service (FIRS) or the Ondo State Internal Revenue Service (ODIRS) is enough. However, CAC annual returns are separate from tax filings and must be submitted yearly to maintain legal status.
Key Differences:
FIRS/ODIRS tax returns focus on a business’s tax obligations.
CAC annual returns confirm a business’s active legal status and compliance with CAC regulations.
Failure to file CAC annual returns can result in financial penalties and possible deregistration from CAC records.
What Are CAC Annual Returns?
Annual returns are mandatory yearly filings that help CAC maintain updated records of all registered businesses and companies in Nigeria.
Important Points to Note:
Businesses must file annual returns every year after their first 18 months of registration.
Only CAC-accredited agents are authorized to file annual returns—business owners cannot file directly.
Failure to file leads to penalties and possible removal from CAC records.
Why Businesses in Akure Must File Annual Returns
Legal Compliance: Ensures the business remains recognized by CAC.
Avoidance of Late Penalties: Prevents financial losses due to non-compliance.
Business Credibility: Banks, investors, and clients check CAC records before engaging with a company.
Uninterrupted Business Operations: A non-compliant business may face restrictions when making changes or obtaining CAC documents.
How to File Annual Returns in Akure
Since only CAC-accredited agents can process annual returns, businesses in Akure should follow these steps:
- Hire a CAC-Accredited Agent
Choose a licensed CAC agent, such as cacannualreturns.com, for smooth and fast filing.
- Provide Required Business Information
Business Name or Company Name
CAC Registration Number
Updated business details
Financial records (for companies only)
- Pay the Filing Fees
Business Name: ₦3,000 (Late penalty: ₦5,000)
Limited Liability Company: ₦5,000+ depending on share capital (Late penalty: ₦5,000 per year of default)
Accredited Agent’s Processing Fee: ₦5,000
- Submission and Confirmation
The accredited agent submits the filing to CAC.
CAC updates the business’s compliance status and provides confirmation.
Challenges Businesses Face When Filing Annual Returns in Akure
Lack of Awareness: Many business owners are unaware that CAC annual returns are mandatory.
Portal Issues: CAC’s online platform sometimes experiences delays.
Incorrect Business Records: Errors in business registration details can cause processing delays.
Accumulated Penalties: Businesses that miss multiple years must pay penalties for each year before their records can be updated.
How to Avoid Late Filing Penalties
File Early: Submit your annual returns before the deadline.
Use a CAC-Accredited Agent: Professionals ensure the process is completed correctly and on time.
Keep Business Records Updated: Ensure CAC has the correct business details to prevent processing delays.
Where to Get Assistance for Filing Annual Returns in Akure
CAC Office in Ondo State: Business owners can visit the nearest CAC office for inquiries.
Accredited CAC Agents: Filing through an accredited agent ensures quick and error-free processing.
Online Services: Visit cacannualreturns.com for professional assistance.
Frequently Asked Questions (FAQs)
Q: Can I file my annual returns myself?
No, only CAC-accredited agents are authorized to file annual returns.
Q: What happens if I don’t file my annual returns?
Failure to file results in financial penalties and possible business deregistration.
Q: How much does it cost to file annual returns in Akure?
Business Name: ₦3,000 (late penalty: ₦5,000).
Limited Liability Company: ₦5,000+ (late penalty: ₦5,000 per year of default).
CAC Agent Processing Fee: ₦5,000.
Q: Can I still file if I have missed multiple years?
Yes, but you must pay penalties for each missed year before your business status can be updated.
Conclusion
Filing annual returns is a legal requirement for businesses in Akure. To avoid penalties and maintain compliance, business owners should file their annual returns on time through an accredited CAC agent.
Need help with filing? Visit cacannualreturns.com today for expert assistance.
Adebayo Oluwole is a seasoned chartered accountant and a member of Chartered Institute of Taxation of Nigeria with over twenty years of experience. His expertise cuts across accounting, auditing and taxation. He has helped hundreds of individuals translate their dreams into reality by offering them pre and post registration services. His focus is to help SMEs grow in the marketplace.