Last updated on November 28th, 2023 at 03:14 pm
Tripple D is a manufacturing company registered 10 years ago. The company had not filed any annual returns since it was registered by the Corporate Affairs Commission (CAC).
Recently, Tripple D wants to submit a bid for a government contract. The founder of the company knows that an updated annual filing for their company is a prerequisite.
He headed straight to the CAC portal to register so that he could file at least 9 years of annual returns to the government. Unfortunately, the founder couldn’t.
Do established businesses have to register on the CAC portal to file annual returns?
No! An existing company does not have to register on the CAC portal to file Annual Returns.
What they need to do is simply file the Annual Returns through an Accredited Agent via the post-incorporation portal.
What this means is that the CAC post-incorporation portal is designed for an accredited CAC agent. The accredited agents receive special training from CAC on how to properly file annual returns.
An individual can only register/sign up on CAC portal to register their business or company, they can’t file annual returns, and only accredited CAC agents are trained to handle post-incorporation issues. You can check the requirements for filing annual returns in our article.
The benefits of filing annual returns include:
1) It allows businesses and individuals to comply with tax laws and regulations.
2) It allows businesses to claim deductions and credits to which they are entitled, especially in a country that takes the filing seriously.
3) It allows your business to apply for government incentives
4) It enables a company to maintain its “Active Status” on the CAC portal. If you checked the status of your company and what you see is “INACTIVE” on your company’s profile that means your annual filing is not up to date.
A company doesn’t need to be registered o the CAC portal to file annual returns. The CAC pre-incorporation portal is designed for individuals and businesses while the post-incorporation is designed for trained accredited CAC agents.