What is an annual return?
An Annual Return is a yearly statement that provides essential information about a company’s status. It gives a record of the nature of the company’s business, the location of its premises, its directors, secretary, and members, among others
Why is it important to file an annual return?
Annual Returns are important as they show that a company is still legally alive and operational. Non-filing of annual returns can result in the company being struck off the register.
When should annual returns be filed to PACRA?
The law requires that Annual Returns be filed within three months of a company’s financial year-end. Alternatively, they can be filed within one month after the annual general meeting, if such a meeting is held three months after the end of the financial year.