File your annual returns on time or risk paying an increased penalty – RGD warns companies
Jemima Oware, the acting Registrar General has said with effect from June 30, 2022, the penalty for late submission of annual returns for firms will be increased from GHS450.00 to GHS500.
This increase would affect all types of companies, including public/private companies limited by shares, public/private companies limited by guarantee (Churches, Schools, Unions, Associations, Clubs, and so on), and private unlimited firms. The cost of filing financial statements and yearly reports for these businesses is GHS50.00 every year.
As a result, external companies are advised to submit their accounts to the Department at a cost of $600 per year or face a penalty of $750 in addition to fees for all defaulted years, according to a statement issued by the Registrar General, Jemima Oware.
The statement said “Partnerships and Sole Proprietorships are to renew their businesses at a cost of GH¢50.00 and GH¢25.00 per year respectively. Sole Proprietorship owners can electronically renew their Business Names by dialling the shortcode *222#, select RGD and follow the prompt to make payment of renewal using the Ghana.Gov payment platform,”
In furtherance, the statement urged that before filing their Annual Returns or Amendments, companies must file their Beneficial Ownership information for a fee of GH60.00 per company.
The Company Secretary is required to submit a special resolution for a change of their Company Name by adding the appropriate suffix to the end of their Company Name by the end of 31st December 2022, in accordance with the provisions of the Companies Act, 2019 (Act 992).
All companies that have not yet replaced their Company Regulations with a new constitution are reminded to do so before the end of the year, December 31, 2022.
When transacting business with the Department, all clients are reminded to avoid using agents and intermediaries.
“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,” the statement advised
