Annual CIPC Returns
In simplified terms, Annual CIPC Returns is a statutory return that falls under the Companies and Closed Corporations Acts, making it vital that you remain in compliance. It is a declaration that states the total turnover that was made in any given year and filing it correctly and on time allows the given company to remain in business on official terms. Failure to submit your Annual CIPC Returns puts you at risk of entering ‘De-registration mode’, while continuing to do may result in your company becoming de-registered altogether.
How can we help you?
- Company Registrations and Amendments
- Shareholder Certificates
- Official Company Detailed Disclosure Agreements
- Name Reservations
- Editing of Memorandum of Incorporation
- Updating of changes made to Company Structure
The process of Annual CIPC Returns
Annual CIPC Returns all tend to be filed in the same way. This involves taking 4 main steps, including maintaining a book of all the accounts, appointing an independent reviewer, conducting an annual general meeting (AGM), and then the actual filing of the annual return.
Step 1 – Maintaining Book of Accounts
By law, all companies should maintain a book of accounts as it not only keeps you in line with the law but helps you keep track of your company’s finances.
Step 2 – Appointing an Independent Reviewer
It is often required that any company appoints an independent reviewer within the first month after opening its doors. The company’s independent reviewer needs to audit all the company’s financial statements and submit their account to the members of the company, stating whether or not the state of the company’s affairs is accurate or not.
Step 3 – Conduct an AGM
This is when all the shareholders of a given company come together at least once per year, which is compulsory given the Companies Act, 2013.
Step 4 – Filing of Annual Returns
Soon after the AGM has commenced, it is crucial that file the proceedings to the ROC before submitting the company’s audited financial statements to the MCA. Financial statements need to be completed within 30 days after the AGM has been completed, while annual returns need to be completed within 60 days.
During this period, the following forms need to be filled in:
- AOC 4 Form
- AOC 4- CSF Form
- AOC- XBRL Form
- MGT 7 Form