Over 80,000 Companies Deleted from CAC Register: What This Means for those Companies? Can they still Operate?
The Short Answer: No, they cannot legally operate. Once a company is deleted from the CAC register, it’s considered non-existent in the eyes of the law.
This means that:
. You are no longer the owner of the company: It is no longer recognized as yours .
· The company has become a public property: The name is available for anyone to register.
· Anyone can pickup the company name and register as his own company: Anyone can pick up your company name, register it, and legally make it theirs.
· Your goodwill is gone: Years of reputation and goodwill you built will now belong to the new owner.
· Free access to your intangible assets: All the value you created—customer trust, branding, and recognition—will be transferred to the new owner at no cost.
· You cannot sue the new owner: Once the name is re-registered, they become the legitimate owner, and you have no legal claim.
· People are rushing to claim deleted names: Don’t let someone else take over your hard work.
What Should You Do?
If your company has been deleted, don’t lose hope. There’s still an opportunity to bring it back!
Simply reach out to us, and we’ll walk you through the process and take the necessary steps to restore your company.
Act quickly to avoid further complications, the longer you wait, the harder it becomes.
Contact us today, and let’s help you bring your company back to life.
Email: usandco1000@gmail.com
WhatsApp: +2348056219998
Curious about why the 80,000 companies were deleted?Dive into the full blog for all the details and insights!
The CAC removed Dormant companies that failed to file annual reports for 10 years from its register.
1. What Are Annual Returns in Nigeria?
In simple terms, annual returns are documents that companies in Nigeria must submit every year to the CAC. These documents update the commission on your company's current status, including changes in the directors, shareholders, and financial situation.
It’s not just a “nice-to-have” – filing your annual returns is a legal obligation. It's like an annual check-up for your company, ensuring that the CAC has up-to-date information about your business. Failure to file these returns can lead to penalties, fines, or even your company being struck off the register.
2. Who Are Annual Returns Meant For?
Annual returns are required from all registered companies in Nigeria. Whether you’re a small business owner, a big corporation, or even just a startup, this applies to you. Every company in Nigeria, whether active or dormant, must submit their annual returns to remain on the CAC’s register.
So, if you’re running a business, don’t think your company is too small to be affected. No company is exempt!
4. What Should Companies That Have Not Been Deleted Do to Avoid Falling Victim?
For companies that are still in the clear, it’s time to ensure that your annual returns are filed on time. Here’s a quick checklist to make sure you don’t fall victim to deletion:
· Set a Reminder for Filing: Keep track of the filing dates for your annual returns. Don’t wait until the last minute. You should file them within 18 months of incorporation and every year after that.
· Ensure Accurate Records: Make sure your company records are up-to-date, especially when it comes to directors and shareholders. Keeping everything in order will make filing quicker and smoother.
· Consult a Professional: If you’re unsure about how to file your annual returns, it’s a good idea to seek expert help. At US &Co, we offer services that ensure your returns are filed on time and accurately.
Don’t Wait Until It’s Too Late!
Let this be a wake-up call! Filing your annual returns is not optional – it’s mandatory. The CAC’s deletion of over 80,000 companies should serve as a reminder that the commission is serious about compliance. Stay ahead of the game by filing your returns on time to avoid penalties, fines, and the risk of your company being erased from the register.
If you’re not sure whether your company is in good standing, get in touch with us today. At US &Co, we specialize in helping businesses like yours stay compliant with all regulatory requirements. We’ll handle the paperwork, so you can focus on running your business without the fear of being struck off the register.
Take Action Now!
Don’t let your company fall into the trap of non-compliance. File your annual returns today and stay in the CAC’s good books!
Contact us today
Email: usandco1000@gmail.com
WhatsApp: +2348056219998