In general, an annual return is a snapshot of basic information about a company. In details, an annual return will include the following information:
According to the new Company Act 2016 that in force on January 2017, companies are required to submit the annual return no later than 30 days from the anniversary of the Company incorporation date.
Companies with anniversary of incorporation in January 2017, however, are not required to submit the Annual Return in 2017 because the Companies Act 2016 has yet to take effect. Hence, the companies’ first submission of Annual Return in compliance with the new Act will only happen in 2018.
As filing Annual Return is the most important legal requirement, failure to do so is an offence and if convicted, the company and its directors will face penalties under sections 165 and 169 of the Companies Act 1965.
If you are unsure of the procedure of how to lodge the Annual Return, feel free to contact us for more assistance.
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