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60% Companies Default on Annual Returns

The corporate affairs commission has revealed that only 31% of registered entities filed their returns between 2016 and 2018.
Despite the legally binding requirement, a total of 190,000 filings were received against 618,309 registrations recorded.
A total of 327,676 business names, 41, 719 incorporated trustees and 248,914 companys were registered in the period under review.
CAC added that members of the public do not have to submit proficiency certificate to the commission for registrations of companies, business names and incorporated trustees.

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