As the year comes to a close, it is crucial for domestic companies to be aware of the upcoming deadline for filing their 2023 annual returns. The deadline for these companies, incorporated between July 1 and December 31 in any given year, is December 31, 2024. Filing these annual returns is a legal requirement that must be met to ensure compliance with the Companies Act.
Here is a guide on how to file your annual returns and important information to keep in mind:
- To file annual returns, Form 35 must be completed in duplicate and submitted to the Corporate Affairs Office between Monday and Friday, from 8:30 am to 3:00 pm.
- The form can be accessed on the www.caipo.gov.bb website by clicking on “Corporate Affairs,” then “Other Services,” and selecting “Post Incorporation Forms” followed by Form 35.
- Companies incorporated through the online portal must file their annual returns via the system.
- Payments can be made through the government’s online EZPay+ portal or CAIPO’s agent portal if you have an agent number. Alternatively, appointments can be made for in-person payments at the counter using cash, card, or cheque. Cheques can also be dropped in the provided drop box.
It is essential to be aware of the following:
- The Companies Act mandates that every company, except external ones, must file an annual return with the Registrar of Companies and pay the $100 fee at the time of filing.
- Section 15A (3) of the Act outlines that companies in default of filing annual returns are subject to a penalty of $10 for each day of non-compliance, up to a maximum of $3,000.
- The Registrar has the authority to strike off a company from the Companies’ Register if it fails to file an annual return. This return consists of publicly available information about the company, including details of directors, shares, and beneficial owners.
It is important to note that an annual return is not a financial document but rather a record of crucial company information. Ensuring compliance with these requirements is vital to maintain a good standing as a company within the regulatory framework.
Remember, meeting the deadline for filing your annual returns is not just a legal obligation but also a way to uphold transparency and accountability in your business operations. Take the necessary steps to file your returns on time and avoid any potential penalties or repercussions for non-compliance. Let’s ensure that your company stays in good standing and continues to thrive in the business landscape.
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