Legal Nuggets on Regulatory Compliance: Basic Compliance with the Requirements of the Corporate Affairs Commission (CAC)

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Tolu Oni

I can bet, your business is focused on scaling and standardization at the moment. Little distractions with regular service of penalty notices from CAC is not what you need right now. The bitter truth is that these seemingly little distraction can greatly hamper your business. How?

Take for example, you have completed your financials for the previous year and want to file your Annual Returns with CAC but your filing does not go through. The reason you get is that your file has been placed under caveat because of a penalty you were served in the past and you failed to pay. This may be a big deal if you require evidence of filing of your current Annual Returns to bid for a contract or such related purpose. You see, the need to comply with the basics cannot be overemphasized. Trust me, not only does non-compliance destabilize your business, they also attract fines and are not good for your corporate governance status.

You will find the nuggets below helpful in ensuring that you comply with the basic requirement of CAC:

  • Every firm, company or individual carrying on business under a registered name is required to file its annual return not later than 30th June of every year showing the nature of business and financial affairs of the business.
  • Every company must have a company secretary. The CAC now makes it mandatory at the point of incorporation. Therefore, if your company was incorporated without a secretary, the advice is for you to regularize immediately.
  • Every incorporated company must have it’s corporate legal name and company number legibly written outside every location where it carries on business. This also applies to the Company seal, letter head, notices, official publications, cheques, invoices, receipts etc.
  • All companies are required to hold one annual general meeting in a year. Not more than 15months shall elapse between the date of one general meeting and the next. Public companies (PLC) have a further obligation to hold a statutory general meeting within six months of its incorporation.
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The above list is not exhaustive. I believe they are a good starting point to lead your business in the next direction. Please do not hesitate to contact your solicitors should you require further clarifications.

Tolu Oni (bluecrestsolicitors@gmail.comis Head Legal at Health Plus Limited.

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This piece may only be copied on the condition that DNL Legal & Style is duly acknowledged in this manner: “Source: DNL Legal & Style. View the original

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