The CAC has extended the deadline for companies' annual returns filing to April, providing additiona
The Corporate Affairs Commission (CAC) has recently announced a welcomed extension of the deadline for companies to submit their annual returns. The new timeline allows companies to file their annual returns from January 1, 2024, to April 1, 2024. This information was conveyed through an official statement posted on the commission's X (formerly Twitter) handle on Thursday, December 28, 2023.
The decision to extend the deadline comes after the CAC had earlier signaled its intent to delist a significant number of companies from its register due to their failure to file annual returns. In November, the commission had identified 91,843 companies facing potential delisting for non-compliance.
This extension provides a valuable opportunity for companies to fulfill their regulatory obligations by submitting their annual returns within the revised timeframe. It reflects the CAC's commitment to supporting businesses and ensuring compliance while allowing additional time for companies to meet their regulatory requirements. Companies are encouraged to take advantage of this extension to avoid potential delisting and maintain their active status within the CAC register.
It represented a decrease of 2,738 from the initial 94,581 company names published in August. The updated announcement from CAC explained that the extension was provided due to technical issues on the company's registration portal and a consideration for the Micro, Small, and Medium Scale Enterprises sector.
Nevertheless, the commission emphasized that penalties are presently suspended for companies falling within the category of the initial deadline of January 1, 2023. This is due to the extension of the submission deadline to April 1, 2024.
Furthermore, the CAC is encouraging companies to utilize the extended timeframe to submit their annual returns to the commission.
The statement included the following, "Building on its earlier announcement on Thursday, November 2, 2023, notifying the public about the impending enforcement of penalties outlined in the Companies and Allied Matters Act 2020 and the Companies Registrations 2021 for non-compliance with annual return filings, the commission is extending the start date of enforcement from January 1, 2024, to April 1, 2024.
"This extension has become necessary due to the ongoing technical issues faced by the Company Registration Portal and out of consideration for appeals from the Micro, Small, and Medium Enterprises sector.
"All entities registered under the Companies and Allied Matters Act (including Companies, Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees) are encouraged to make use of this extended period to submit their up-to-date annual returns to the commission."
It's important to note that the deadline does not apply to cases where penalty proceedings were initiated before the release of the initial notice.
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