RGD to increase penalty for late filing of annual returns Business Desk

The Registrar General, Jemima Oware, has announced that the penalty for late filing of annual returns for companies will be increased from GHC450.00 to GHC500 effective June 30, 2022.

The increment will apply to all company entities, namely Public/Private Companies Limited by shares, public/private companies limited by guarantee (Churches, Schools, Unions, Associations, Clubs etc.) and private unlimited companies.

These companies expected to file their financial statements together with their annual returns at a cost of GHC50.00 per year.

In a statement signed by the Mrs Oware, she indicated that external companies are to submit their accounts to the Department at a cost of $600 per year or in default pay a penalty of $750 in addition to fees for all defaulted years.

“Partnerships and Sole Proprietorships are to renew their businesses at a cost of GHC50.00 and GHC25.00 per year respectively. Sole Proprietorship owners can electronically renew their Business Names by dialing the shortcode *222#, select RGD and follow the prompt to make payment of renewal using the Ghana.Gov payment platform,” the statement further noted.

Companies are required to file their Beneficial Ownership information at a cost of GHC60.00 per Company before filing their Company’s Annual Returns or Amendments.

In compliance with provisions of the Companies Act, 2019 (Act 992), the Company Secretary is to submit a special resolution for a change of their Company Name by the addition of the appropriate suffix to the end of their Company Name by end of December 2022.

All companies who have not as yet adopted a new constitution in place of their Company’s Regulations are being reminded to do so before the end of the year, 31st December 2022.

The Department continues to entreat all clients to refrain from using agents and intermediaries when transacting business with it.

“Kindly note that the Department does not have or operate a ‘Momo’ account, nor does it have a unit tasked to ‘cancel’ defaulted companies. Please be advised to make payment on all transactions to our in-house Fidelity Bank and interact solely with staff who bears name tags when transacting business on our premises,” it added.