Ikorodu, a rapidly growing business hub in Lagos State, is home to a diverse range of businesses, including trading, manufacturing, and services. Every registered business and company in Ikorodu is legally required to file annual returns with the Corporate Affairs Commission (CAC).
Failure to file annual returns can result in financial penalties and eventual business deregistration. This guide explains how businesses in Ikorodu can file their annual returns through an accredited CAC agent, the fees involved, penalties for late filing, and why compliance is essential.
For filing of annual returns, call us or send WhatsApp message to 08155554892. 
If you want to get updates for FREE so as to avoid penalties for late filing, SUBSCRIBE HERE |
Understanding CAC Annual Returns for Businesses in Ikorodu
Many business owners in Ikorodu confuse CAC annual returns with tax returns filed with the Federal Inland Revenue Service (FIRS) or the Lagos State Internal Revenue Service (LIRS). However, CAC annual returns are separate from tax filings and must be submitted yearly to keep a business active in CAC records.
Key Differences:
FIRS/LIRS tax returns handle tax obligations.
CAC annual returns confirm that a business is still legally operational.
Failure to file CAC annual returns results in financial penalties and possible business deregistration.
What Are CAC Annual Returns?
Annual returns are mandatory yearly filings required by CAC for all registered businesses in Nigeria. They help CAC maintain accurate records and ensure that businesses remain legally recognized.
Important Points to Note:
A business must file annual returns every year after its first 18 months of registration.
Only CAC-accredited agents can file annual returns—business owners cannot file directly.
Failure to file leads to penalties and possible deregistration.
Why Businesses in Ikorodu Must File Annual Returns
Legal Compliance: Keeps the business active in CAC’s records.
Avoidance of Late Penalties: Late filing attracts increasing fines.
Business Credibility: Banks, investors, and clients check CAC records before engaging with a company.
Uninterrupted Business Operations: Businesses that fail to file may struggle to obtain CAC documents.
How to File Annual Returns in Ikorodu
Since only CAC-accredited agents can process annual returns, businesses in Ikorodu should follow these steps:
- Hire a CAC-Accredited Agent
Choose a licensed CAC agent, such as cacannualreturns.com, for seamless 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 Ikorodu
Lack of Awareness: Many business owners do not know CAC annual returns are required.
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 handle the process efficiently.
Keep Business Records Updated: Ensure CAC has the correct business details.
Where to Get Assistance for Filing Annual Returns in Ikorodu
CAC Office in Lagos State: Business owners can visit the nearest CAC office.
Accredited CAC Agents: Using an agent ensures quick and accurate filing.
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 Ikorodu?
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 and Call to Action
Filing annual returns is a legal requirement for businesses in Ikorodu. 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 us at 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.