Penalty for late filing and non-filing of annual returns increased from GHC650 to GHC1,000 -ORC
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, which came into effect on May 1, aims to discourage companies from defaulting on their annual return submissions, as required by the Companies Act, 2019 (Act 992).
The Registrar’s Office implemented this measure after numerous publications of defaulting companies in the media and on its official website.
The penalty increase is in accordance with Section 126 of the Companies Act, which requires every company to submit its Annual Returns at least once a year or within thirteen months after incorporation.
The directive applies to both private and public entities, such as schools, churches, associations, NGOs, CSOs, and foundations.
In a statement dated Monday, April 29, 2024, the ORC emphasized that the filing of Annual Returns is obligatory for all incorporated companies in Ghana, regardless of their operational status.
Starting May 1, 2024 defaulting companies will pay an updated penalty of GHC 350 more than the previous fee for every month they default. This is in line with section 126(7) of the Act.
The Registrar’s Office has also provided guidelines for companies with financial years commencing at different times, specifying when their Annual Returns should be filed.
