23/04/2023
After your registration with CAC,you are given the grace of 1yr after which you are to start filing annual returns every year
Its not usually expensive but once you miss it and you want to rectify, you will pay fine along with the normal charges and it's going to be calculated by number of years you've missed
WHY DO I NEED TO MAKE MY ACCOUNT ACTIVE?
1. When big contracts comes and they require your certificate, they will check your status, if it's inactive, you know what will happen
2. If you are planning that one day you will travel outside the country based on business, you need to keep your account active cos your business certificate will be required n it has to be active on the portal
3. If you are planning for loan and grants, filling annual returns helps to portray your company as a reputable organization in times of due diligence checks. Banks and Business Investors usually conduct some kind of due diligence checks with CAC to investigate the status of companies they intend to do business with. If CAC has no information on the current status of the company, it would be unable to positively respond to requests or offer useful information.
If your business has been registered over a year, you need to Dm right now to file your annual return as delay might lead to you losing a lot