Benin City, the capital of Edo State, is a major commercial and industrial hub in southern Nigeria. With thousands of registered businesses and companies operating in trade, manufacturing, services, and agriculture, compliance with the Corporate Affairs Commission (CAC) regulations is essential.
One critical legal requirement for businesses is the filing of annual returns with CAC. This guide explains how businesses in Benin City can file their annual returns through an accredited CAC agent, the costs involved, penalties for late filing, and how to stay compliant.
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Overview of Business Compliance in Benin City
Benin City is home to many registered businesses, ranging from small-scale enterprises to large corporations. However, many business owners mistakenly believe that paying taxes to the Federal Inland Revenue Service (FIRS) is the same as filing CAC annual returns.
Key Difference:
FIRS tax returns deal with income tax obligations.
CAC annual returns confirm that a business is still active and legally compliant.
Failure to file annual returns on time can result in penalties and potential deregistration of the business.
What Are Annual Returns?
Annual returns are mandatory yearly filings required by CAC for all registered businesses and companies in Nigeria. They ensure that a business remains legally recognized and its records up to date.
Key Points to Note:
Annual returns must be filed every year after the first 18 months of business registration.
Only accredited CAC agents can file annual returns—business owners cannot do it directly.
Failure to file on time results in penalties and possible deregistration.
Why Is Filing Annual Returns Important in Benin City?
Legal Compliance: Ensures that your business remains in good standing with CAC regulations.
Avoidance of Penalties: Late filing attracts financial penalties that increase over time.
Business Credibility: Banks, investors, and clients check CAC records before engaging with a company.
Uninterrupted Operations: Non-compliance can lead to difficulties in updating business records or obtaining CAC documents.
CAC Filing Process for Businesses in Benin City
Since only accredited CAC agents can file annual returns, businesses in Benin City must follow these steps:
- Engage a CAC-Accredited Agent
Choose a reputable agent, such as cacannualreturns.com, to handle the filing.
- Provide Necessary Information and Documents
CAC Registration Number
Business Name or Company Name
Updated company details
Financial statements (for limited liability companies)
- Payment of Filing Fees and Charges
Business Name: ₦3,000 (late filing penalty: ₦5,000).
Limited Liability Company: ₦5,000 or more, depending on share capital (late filing penalty: ₦5,000 per year of default).
Agency Fee: ₦5,000 (for processing and filing via an accredited agent).
- Submission & Confirmation
The agent submits the filing to CAC.
CAC updates the business’s status and provides confirmation.
Common Challenges in Filing Annual Returns in Benin City
Lack of Awareness: Many business owners do not realize they must file annual returns.
Network and Portal Issues: CAC’s online platform sometimes experiences downtime.
Incorrect Information: Errors in company details can lead to rejection and delays.
Delays in Processing: High demand can slow CAC processing times.
How to Avoid Penalties and Late Fees
File on Time: Ensure annual returns are filed promptly to avoid penalties.
Use a Trusted CAC Agent: Accredited agents ensure correct and smooth filing.
Keep Business Information Updated: Confirm that CAC records reflect accurate company details.
Where to Get Help for Filing Annual Returns in Benin City
CAC Benin City Office: Located at No. 19, Akpakpava Street, Benin City, Edo State.
Accredited CAC Agents: Businesses should work with professionals for stress-free filing.
Online Assistance: Visit cacannualreturns.com for quick and reliable filing services.
FAQs on Filing Annual Returns in Benin City
Q: Can I file my annual returns myself?
No, only accredited CAC agents are authorized to file annual returns.
Q: What happens if I don’t file my annual returns?
Late filing attracts penalties, and prolonged default can lead to business deregistration.
Q: How much does it cost to file annual returns in Benin City?
Business Name: ₦3,000 (late filing penalty: ₦5,000).
Limited Liability Company: ₦5,000+ (late filing 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 penalties will apply for each year missed before you can update your records.
Conclusion
Filing annual returns is an essential legal requirement for businesses in Benin City. To avoid penalties and ensure compliance, business owners should file on time through an accredited CAC agent.
Need assistance? Visit us at cacannualreturns.com today for professional help in filing your annual returns quickly and correctly.
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.