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

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
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    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
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