Ogbomoso, one of the largest cities in Oyo State, is known for its growing commercial activities in agriculture, trade, and small-scale industries. Businesses operating in Ogbomoso must comply with Corporate Affairs Commission (CAC) regulations, including the mandatory filing of annual returns.
Many business owners are unaware that failure to file annual returns can lead to penalties and eventual deregistration. This article explains the process, fees, penalties for late filing, and how businesses in Ogbomoso can remain compliant by using accredited CAC agents.
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Understanding CAC Annual Returns for Businesses in Ogbomoso
Some business owners mistakenly believe that submitting tax returns to the Federal Inland Revenue Service (FIRS) or the Oyo State Internal Revenue Service (OYSIRS) fulfills all regulatory obligations. However, CAC annual returns are separate from tax filings and must be submitted yearly to keep the business legally recognized.
Key Differences:
FIRS tax returns deal with taxation and government revenue.
CAC annual returns confirm that a business remains operational in CAC’s official records.
Failing to file CAC annual returns on time attracts financial penalties and may lead to the business being struck off the register.
What Are Annual Returns?
Annual returns are mandatory filings that all registered businesses and companies in Nigeria must submit every year to confirm they are still active. This is different from tax filings and helps CAC maintain updated business records.
Important Notes:
Annual returns become due 18 months after business registration and must be filed every year thereafter.
Business owners cannot file annual returns directly; only CAC-accredited agents are authorized to process the filings.
Failure to file within the stipulated time results in penalties and can lead to business deregistration.
Why Filing Annual Returns Is Important for Businesses in Ogbomoso
Ensures Legal Compliance: Keeps the business in good standing with CAC.
Prevents Late Penalties: Filing on time avoids additional charges.
Boosts Business Credibility: A compliant status builds trust with banks, investors, and partners.
Facilitates Business Updates: A business must be up to date with CAC before making any post-registration changes.
How to File Annual Returns in Ogbomoso
Since only accredited CAC agents can process annual return filings, businesses in Ogbomoso should follow these steps:
- Engage a CAC-Accredited Agent
It is important to hire a licensed professional, such as cacannualreturns.com, to ensure smooth processing.
- Provide Required Business Details
Business Name or Company Name
CAC Registration Number
Updated business information
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 issues confirmation.
Challenges Business Owners Face When Filing Annual Returns in Ogbomoso
Lack of Awareness: Many business owners are unaware of the requirement.
Portal Downtime: CAC’s online system can sometimes be slow or unresponsive.
Incomplete Records: Incorrect or outdated business details can delay processing.
Accumulated Penalties: Businesses that fail to file for several years may face higher penalties.
How to Avoid Late Filing Penalties
File on Time: Ensure annual returns are submitted before the deadline.
Use a CAC-Accredited Agent: Working with professionals prevents errors and delays.
Keep Business Records Updated: Ensure CAC has the latest information about your business.
Where to Get Assistance for Filing Annual Returns in Ogbomoso
CAC Office in Oyo State: Business owners can visit the nearest CAC office.
Accredited CAC Agents: To avoid long queues and processing delays, businesses should file through an accredited agent.
Online Services: Visit cacannualreturns.com for fast and reliable filing 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?
Your business will accumulate penalties, and prolonged default may lead to deregistration.
Q: How much does it cost to file annual returns in Ogbomoso?
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 will be required to pay penalties for each missed year before updating your business status.
Conclusion
Filing annual returns is a crucial obligation for businesses in Ogbomoso. To avoid penalties and remain compliant, business owners should file their annual returns through a CAC-accredited agent before the deadline.
Need help with filing? Contact cacannualreturns.com today for fast and professional filing services.
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.