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).

 

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

  • 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. 
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • What are the benefits of Registering with SON?
    1. Product traceability in the Nigerian market
    2. Detection of counterfeit products
    3. Barriers to the circulation of substandard goods
    4. The official SON Product Registration Logo and number are displayed on registered products.
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • Do I need permission to copy or use any copyright material in Nigeria?

    You do not require permission under the Nigeria Law to use or copy a copyright material when it is for research purpose, educational, non-commercial purpose, reviews and criticism etc

    However, when the copies are large, you must seek permission from the copyright owner.
  • 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 is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.
  • How long does a trademark registration in Nigeria Last?

    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.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp