WHY YOU SHOULD ALWAYS FILE YOUR BUSINESS ANNUAL RETURNS

WHY YOU SHOULD ALWAYS FILE YOUR BUSINESS ANNUAL RETURNS

Many Nigerian entrepreneurs wrongly assume that filing annual returns is just another government formality. That is not so.

Filing annual returns keeps your business/company legally alive and complies with business regulatory rules. When you ignore them, you face financial loss, legal issues and regulatory embarrassment.

When you fail to file annual returns, the CAC flags your business as inactive. That label is not good for your business.

With that, you cannot fully do business, access loan facilities, bid for contracts or attract serious investors. Partners who once trusted you will lose faith when they see ‘inactive’ beside your company name on CAC records.

The CAC has the legal power to remove your business/company from its register. Don’t build a business for years and lose itet it.

At that point, every Agreement/Contract or transaction in your business/company’s name becomes questionable.

Each year you fail to file adds penalties. By the time you know it, the accumulated debt is so high that reviving the business/company feels overwhelming.

Many businesses have collapsed, not because they lacked customers, clients or profit, but simply because they ignored compliance.

So get a Business/Corporate Lawyer to file your annual returns on time. It is better to comply now. Protect your company’s image and survival.

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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

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com