Osogbo, the capital of Osun State, is a growing commercial center with businesses ranging from manufacturing and agriculture to retail and professional services. To maintain legal compliance, every registered business in Osogbo must file annual returns with the Corporate Affairs Commission (CAC).
Filing annual returns keeps your business active in CAC records, prevents financial penalties, and avoids deregistration. This article explains how businesses in Osogbo can file their annual returns through an accredited CAC agent, the associated costs, penalties for late filing, and the importance of compliance.
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 Compliance in Osogbo
Many business owners in Osogbo assume that filing tax returns with the Federal Inland Revenue Service (FIRS) or the Osun State Internal Revenue Service (OIRS) is enough. However, tax filing and CAC annual returns are two different legal requirements.
Key Difference:
FIRS tax returns relate to tax obligations.
CAC annual returns confirm that a business is still active and must be filed yearly.
Failure to file CAC annual returns results in penalties and potential business deregistration.
What Are Annual Returns?
Annual returns are mandatory yearly filings required by CAC for all registered businesses and companies in Nigeria. They serve as proof that a business is still active and allow CAC to maintain updated records.
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 Filing Annual Returns Is Important for Businesses in Osogbo
Legal Compliance: Ensures your business remains in good standing with CAC regulations.
Avoidance of Penalties: Late filing attracts financial penalties.
Business Credibility: Investors, banks, and clients check CAC records before engaging with a company.
Uninterrupted Business Operations: Non-compliance can make it difficult to update business records or obtain CAC documents.
CAC Filing Process for Businesses in Osogbo
Since only accredited CAC agents can file annual returns, businesses in Osogbo must follow these steps:
- Hire a CAC-Accredited Agent
Choose a reputable agent, such as cacannualreturns.com, to handle the filing.
- Provide Necessary Business Information
CAC Registration Number
Business Name or Company Name
Updated business details
Financial statements (for limited liability companies)
- Pay the Filing Fees
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 through 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 Osogbo
Lack of Awareness: Many business owners are unaware of the requirement.
Technical Issues: CAC’s online portal may experience downtime.
Incorrect Information: Errors in business details can delay processing.
Delays in Processing: High demand may slow CAC’s response times.
How to Avoid Late Filing Penalties
File on Time: Submit annual returns before the deadline to avoid extra charges.
Use a CAC-Accredited Agent: Professional agents ensure a smooth filing process.
Update Business Information: Make sure CAC records are accurate.
Where to Get Help for Filing Annual Returns in Osogbo
CAC Osogbo Office: Business owners can visit the nearest CAC office in Osun State.
Accredited CAC Agents: It’s advisable to work with a professional to avoid delays.
Online Assistance: Visit cacannualreturns.com for quick and reliable filing services.
FAQs on Filing Annual Returns in Osogbo
Q: Can I file my annual returns myself?
No, only CAC-accredited agents can 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 Osogbo?
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 penalties apply for each missed year before updating your records.
Conclusion
Filing annual returns is a vital legal requirement for businesses in Osogbo. To avoid penalties and maintain compliance, business owners should file on time through an accredited CAC agent.
Need help? Visit us at cacannualreturns.com today for expert filing 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.