The 3 mandatory compliance filings for Non-profits registered in Nigeria under the CAMA 2020.

The 3 mandatory compliance filings for Non-profits registered in Nigeria under the CAMA 2020.

October 11, 2021

There are three compliance filing mandatory for all Non-profits organisation to file under the Companies and Allied Matters Act (CAMA) 2020, and they include the Bi-Annual Returns (Filed in July and January each year – every 6 months) and Annual Returns filings.

Bi-Annual returns was recently introduced by the CAMA 2020 in section 845. It states that all non-profits organisation must file their financial statements twice a year. The first filing is between the period of June, 30th to 15th of July of the same year which reveals the details of expenditures and sources of income for the period of 6months of the filing year and the second filing is de between the 31st of December to the 15th of January of the next year for the second 6 months. it shows the statement of affairs of the Non-profit organisation whether there is any debt, judgement, liabilities, source of income, expenditure, etc.

The importance of this filing is to checkmate the financial activities of the non-profit organisation and it helps to declare the status of their finances and the stream of income and expenditure. Default in filing this attracts a fee of N500 per day from each Trustee of the non-profit.

Annual Returns is the second statutory filing for a non-profit. Annual returns are yearly statutory requirements imposed by section 848 of the Companies and Allied Matters Act 2020. Annual Returns help to determine whether the non-profit is active or inactive. Annual returns for incorporated trustees become due on the 30th of June to the 31st of December and each non-profit is required to file this each year except on the year of their registration. This must be accompanied by the organisation’s audited financial statement.

Team 618 Bees

 

 

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

 

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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.

  • 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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    This is one of the key elements of a contract because is shows the meeting of the minds of both parties

  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office

  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.

  • What is the basic criteria for registering a Design?

    The design must be new and original. This means that it must be a unique design not similar to an already existing design.

  • 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.

  • 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.

  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

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