Filing of Annual Returns: ORC Increases Penalty for Defaulting Firms, Effective Today - Onlinetimesgh

Filing of Annual Returns: ORC Increases Penalty for Defaulting Firms, Effective Today

Effective May 1, the Office of the Registrar of Companies (ORC) in Ghana has raised the penalty for late filing or non-filing of annual returns from GHC650 to GHC1,000.

This decision is aimed at encouraging compliance with the Companies Act, 2019 (Act 992), which mandates companies to submit their annual returns promptly.

The ORC’s decision follows repeated instances of defaulting companies being publicly named and shamed through media publications and its official website.

The penalty increase aligns with Section 126 of the Companies Act, which requires every company to file its Annual Returns at least once a year or within thirteen months after incorporation.

This directive applies to all types of companies, including private and public entities, schools, churches, associations, NGOs, CSOs, and foundations.

In a statement dated Monday, April 29, 2024, the ORC emphasized the mandatory 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.

The Registrar’s Office has also issued guidelines for companies with financial years commencing at different times, outlining specific deadlines for their Annual Returns filing.

Leave a Reply

Your email address will not be published. Required fields are marked *