The annual return simply gives a snapshot of the general information about the company’s directors, secretaries, registered office address, shareholders and share capital. If companies don’t comply, there could be serious consequences.
The Registrar might assume that the company is no longer carrying on business or in operation and take steps to strike it from the register. If the Registrar strikes a company off the register, it ceases to exist and its assets become state property. However where a company is in operation, the company’s officers could be prosecuted because they are personally responsible for ensuring that they submit company returns on time. In addition, there is an automatic civil penalty for submitting returns late which is payable to the Registrar of Companies.
The requirement to file annual returns applies to all companies, including small companies such as flat management companies.
At VCS, we maintain a register for all companies registered through our office with a respective timetable for filing of Annual Returns. We make it our responsibility to remind our customers when their company returns are due for submission and we help in preparing the returns and filing them with the Registrar of Companies; thus ensuring our clients are in full compliance every year.