How to File CAC Annual Returns Online in 2024 as a Business Owner

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As a business owner, you’ve probably heard the acronym CAC one time too many! Once you talk about starting a business or even mention you’re a business owner, someone is already asking you if you’ve registered your business with CAC. And you should because it comes with a lot of perks. And now, you can register your business name online with CAC, with no hassle.

But real quick, if you were to attend a quiz show for business owners and someone asked you what CAC means, would you know? No? Let’s sort that out real quick.

The Corporate Affairs Commission - CAC - is the body of the Nigerian Government responsible for the regulation and management of companies in Nigeria. They are in charge of registering business names and entities.

One of the most important things as a registered business in Nigeria is to file annual returns, and you can do that online with CAC. This article will cover what it means, and how to file your CAC annual returns online in 2024 as a business owner. It’s easy peasy!

What is CAC Annual Returns Filing?

The CAC annual returns filing is a mandatory process that every Nigerian business name must meet to inform the CAC that your company remains active and operational.

One important thing to note is that this filing is not to disclose the profits your business has earned in the year in review, and it is not a financial document. What it is, is a yearly report from your registered business to provide the CAC with updated information about your company’s activities, structure and financial status.

Why Should You File Your Annual Returns with CAC?

1. It is compulsory to submit annual returns as a registered entity with CAC, whether it’s a business name, a private or public limited company, a partnership or an incorporated trustee.

2. It keeps your business in legal compliance and differentiates it from tax returns managed by the Federal Inland Revenue Service.

3. Missing the deadline or not doing it at all may result in your business being categorised as ‘inactive’ by CAC, as it is the only effective means of informing CAC that your business is still in operation.

4. It’s needed for contract bidding.

5. The absence of filed annual returns can inhibit the Corporate Affairs Commission from providing meaningful information about your company, thereby reducing the confidence of potential partners or investors.

6. Neglecting the filing of your annual return can lead to being locked out of some of the post-incorporation services that CAC offers, like obtaining incorporation documents, making changes to business particulars, editing the registered address, etc.

When Should You File Your Annual Returns with CAC as a Business Owner?

There are different periods for each entity registered with the CAC, but the part that concerns us is registered business names, which as a business owner, is the category you fall into.

Your business name annual returns are to be paid between January and June of the following year after your business registration. So, if you registered your business in 2023, you should file and pay your annual returns with CAC in January at the earliest, and no later than June. If you do not file before this deadline, payments after will attract a penalty for late filing.

Note: It doesn’t matter what day or month the business was registered in the year before. Make sure that you file and pay your annual returns before the end of June. For example, if you register your business with CAC in October 2023, you must still file your annual returns before the end of June 2024.

How Much Does it Cost to File Annual Returns with CAC for a Business Name?

For a business name, filing fees for annual returns is 3,000 naira. The penalty for late filing is 5,000 naira.

How to File CAC Annual Returns for Your Business Name

The great news is, that you can now file your annual returns with CAC online! All you need to do is gather the necessary forms and fill them accurately, pay your filing fees and submit the documents to the CAC. It is also necessary to follow all the steps carefully to ensure successful filing.

The CAC annual returns payment is made using this URL, post.cac.gov.ng.This is where all the changes after you have registered your business can be made. Make sure to use the same login details as the one used when you registered your company.

Step-by-Step Guide for Filing Annual Returns with CAC

1. Log in and click on the annual returns option.

2. Click on Start annual returns filing.

3. Fill in all the necessary information on the form provided, and click on submit.

4. Make your payment, and after this, you’ll be redirected to the CAC portal.

5. Click on document uploads.

6. Do not submit any document; simply click submit and you’ll be redirected to your dashboard. Your application will move from not submitted to ‘pending approval’.

Keep checking your dashboard to see whether you’ve been approved or queried. If it’s the latter, read the instructions of the query and reply accordingly. When you’re approved, download your acknowledgement letter.

And that’s it! You have successfully paid your annual returns. Make sure to repeat this process every year.

N.B: While there are different forms for filing CAC annual returns, the one that concerns your business name is FORM CAC/BN/7: Annual Return for Business Name.

Information You Need for Filing Your Annual Returns Form and Documents with CAC

While things might change over time, these are some things you’ll need when you’re ready to file your annual returns for your business with CAC.

1. Business registration number.

2. Business name.

3. General nature of your business.

4. The registered address of your business.

5. Branch address (if any) of your business.

6. Information about the proprietor and partners of the business.

7. Year annual return relates to.

N.B: Filing your annual returns for your business can be done online and isn’t complicated, but if you feel that you may not be able to handle it yourself, you can always find a CAC-accredited agent to help you out with the process.

Conclusion

We’ve seen the perks that come with filing your annual returns with CAC, and to make it easier, it can be done online and doesn’t cost a lot. As a business owner with a registered business name, it is necessary to do this process every year to ensure that your business name is not de-listed, and you do not have to jump through hoops to get these documents if you eventually need them in the future. Happy filing!

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