Many Nigerian business owners believe that once their business/company is registered with the Corporate Affairs Commission (CAC) that is all they need.
Annual returns are compulsory yearly filings you submit to CAC showing information and business activities.
Incorporation alone is not all. You are also required to file annual returns.
When you don’t file your business annual returns, your company is flagged as inactive on CAC’s portal. That is a silent killer of opportunities.
Banks refuse to grant loans facilities, investors lose confidence, Government contracts are out of reach and discerning clients/customers quietly back out.
Nobody wants to stake their money or reputation on a business that appears dead on arrival.
As if that is not enough trouble, the CAC has the legal power to strike out your business/company’s name completely from its register.
Now imagine building your brand, winning customers/clients and investing for years only to wake up one day and find that your business legally does not exist.
The process of restoring it is stressful, time-consuming, and far more expensive than simply filing returns in time.
Annual returns are affordable, quick and straightforward, yet their value is priceless. They keep your company alive, credible and legally recognized.
So get a Business/Corporate Lawyer to file your business annual returns.
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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria