The Office of the Registrar of Companies (ORC) in Ghana has announced an increase in penalties for late filing or non-filing of annual returns, raising the fee from GHC650 to GHC1,000 effective May 1.
The decision aims to dissuade companies from failing to submit their annual returns promptly, as mandated by the Companies Act, 2019 (Act 992).
This move comes after the ORC publicly highlighted defaulting companies through various media outlets and its official website.
According to Section 126 of the Companies Act, every company must file its Annual Returns at least once a year or within thirteen months of incorporation, and the increased penalty applies to both private and public entities, including schools, churches, associations, NGOs, CSOs, and foundations.
In a statement dated Monday, April 29, 2024, the ORC emphasized the compulsory nature of filing Annual Returns for all incorporated companies in Ghana, irrespective of their operational status.
Starting May 1, 2024, defaulting companies will face an additional penalty of GHC350 for each month of continued default, as stipulated in Section 126(7) of the Act.
Furthermore, the Registrar’s Office has provided specific guidelines for companies with financial years starting at different times, outlining deadlines for their Annual Returns filing.
Source: www.ghanaweb.live
