Annual report filing: as of right now, the ORC is imposing a higher fine on failing businesses -1.
“ORC Tightens Grip: Stiffer Fines for Failing Businesses in Annual Report Filings”
With effect from May 1, the Office of the Registrar of Companies in Ghana raised the fine for annual return non-filing or late filing from GHC650 to GHC1,000.
The purpose of this ruling is to deter businesses from failing to submit their annual returns on time, as mandated by the Companies Act of 2019 (Act 992).
Following many media and official website reports of defaulting corporations, the Registrar’s Office decided to take this action.
The rise in penalties is in accordance with Section 126 of the Companies Act, which requires all companies to file their Annual Returns within thirteen months after establishment or at least once a year.
The directive covers organizations that are not public or private, such as foundations, NGOs, churches, associations, schools, and CSOs.
In a statement dated Monday, April 29, 2024, the ORC emphasized that all incorporated firms in Ghana, regardless of their operational condition, are required to file annual returns.
According to Section 126(7) of the Act, defaulting corporations will begin paying a penalty on May 1, 2024, which will increase by GHC350 for each month that the default persists.
Guidelines on the filing deadline for yearly returns for firms with varying fiscal years have also been made available by the Registrar’s Office.
source: citinewsroom.com
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