The Corporate Affairs Commission (CAC) has extended the deadline for companies to submit their annual returns, pushing the initial January 1, 2024 deadline to April 1, 2024. This four-month extension provides companies with additional time to file their annual returns with the Commission.
Previously, warnings from the CAC indicated that 94,581 companies faced removal from its register for failing to file annual returns by July 2023. As of November, the number of defaulting companies reduced to 91,843. The decision to extend the deadline was made in response to technical difficulties experienced on the Company Registration Portal (CRP), as stated in a release issued by the agency on Thursday, December 28.
The extension also takes into account appeals from the Micro, Small, and Medium Enterprise (MSME) sector. The CAC emphasized that all entities registered under the Companies and Allied Matters Act, including Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, are encouraged to use this extended period to comply with filing their annual returns.
It is important to note that the extension of the deadline does not impact striking-off proceedings initiated by the Commission before Thursday, November 2, 2023. The Commission further cautioned that it will continue proceedings against directors and officers of struck-off companies to recover outstanding penalties.
The statement from the CAC read, “This extension has become necessary in view of the glitches presently experienced on the Company Registration Portal (CRP) and in deference to appeals from the Micro, Small and Medium Enterprise (MSME) sector. All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the Commission.”