Saturday, February 24, 2024

CAC Extends Companies’ Annual Returns Filing

The Corporate Affairs Commission has announced an extension of time for companies to submit their annual returns, allowing for a revised timeline from January 1, 2024, to April 1, 2024.

This was disclosed in a statement seen by news correspondent on the official X (formerly Twitter) handle of the commission on Thursday, 28th December 2023.

Earlier in November, the commission said it would delist 91,843 companies from its register for failing to file their annual returns with it.

In a list published on its website, the commission presented the names of 91,843 companies for delisting.

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This was 2,738 less than the 94,581 names of companies it initially published in August.

But in the new statement, CAC said the extension was granted as a result of glitches on the company’s registration portal as well as deference to the Micro, Small, and Medium Scale Enterprises sector.

However, the commission highlighted that the penalties are currently on hold for companies that fall within the bracket of the earlier deadline of January 1, 2023, given that the deadline for submission has been extended to April 1, 2024.

In addition, the CAC urged companies to take advantage of the window provided by the extension to file their annual returns with the commission.

The statement partly read, “Further to its earlier notice on Thursday, November 2, 2023, informing the general public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Acts 2020 and the Companies Registrations 2021 against companies and each of their directors or officers for failures to file annual returns, the commission hereby extends the commencement date from 1st of January 2024 to 1st of April 2024.

“This extension has become necessary given the glitches presently experienced on the Company Registration Portal  and in deference to the appeals from the Micro, Small and Medium Enterprises sector.

“All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the commission.” .

Meanwhile, CAC noted that the deadline does not affect those whose penalty proceedings commenced before the date when the first notice was released.

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