Bi-Annaul Returns Filing for Non-Profits/Foundations in Nigeria

Bi-Annaul Returns Filing for Non-Profits/Foundations in Nigeria

March 22, 2024

The trustees of non-profit organisations/Foundations are required to submit to the Corporate Affairs Commission, a bi-annual statement of affairs twice every year. The requirement to file bi-annual statement of affairs is in line with the provisions of section 845(1) of CAMA 2020 and Regulation 32 of the companies regulation 2021.

 

The trustees are required to file the bi-annual statement made up to 30th June and 31st December each year, to be filed not later than 15th July and 15th January respectively.

 

Where there is a default in compliance, there is a daily penalty for every day for which the default continues, which is the sum of N500 daily for each trustee and secretary, as stated in Section 845(2) of Companies and Allied Matters Act 2020.

 

To file bi-annual returns, the following information will be required:

 

  • The details of the association such as the Name, the registration number etc.
  • Subscriptions of the association.
  • Donations to the association.
  • Liabilities of the association such as Judgment, contracts, estimated liabilities etc.
  • Assets of the association such as cash at hand, cash in the bank, etc.

 

Bi-annual returns filing is a measure put in place by the corporate affairs commission to ensure that these non-profit organisations comply with the objectives of the association, and ensure proper record keeping of the funds for the association, and are not utilized for any fraudulent or illegal purpose.

 

 

618 Bees can quickly and easily help you file your Bi-annual Returns with the Corporate Affairs Commission (CAC). Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079/08080819653. 618 Bees will complete your application with the CAC.

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     
  • Is it legal to transfer the personal data you obtained legally to another person?

    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.
  • When registered, how long does a patent last for?

    Once granted, a patent is valid for 20 years.
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • How many shareholders do I need to start a company?

    A minimum of one (1) adult shareholder is required to form a company.
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp