• Saturday, May 25, 2024
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CAC extends deadline for firms’ annual return submission to April

CAC reverses N100m minimum capital policy for foreign interests

The Corporate Affairs Commission(CAC) has granted an extension for companies to submit their annual returns, allowing for a revised timeline from January 1, 2024 to April 1, 2024.

This was revealed in a statement on Thursday.

“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,” the Statement said.

It added that the general public should note that the publication/extension of time does not affect the striking-off proceedings commenced by the commission prior to the publication of Thursday, November 2, 2023.

“Companies, their directors and officers should note that the commission shall henceforth proceed against directors and officers of struck-off companies for recovery of undischarged penalties against them.”

According to CAC, the extension became necessary in view of the glitches presently experienced on the Company Registration Portaland in deference to appeals from the Micro, Small and Medium Enterprise sector.

“The general public should please note that this extension of time does not affect the striking-off proceedings commenced by the Commission before the publication of November 2, 2023.”