Accra, Jan. 15, GNA – The Office of the Registrar of Companies (ORC) says it has effected changes to fees and charges on all transactions.
The changes in Fees and Charges will apply to the registration and amendment of Business Names, Subsidiary Business Names, Partnerships, External Companies, Professional Bodies as well as the Incorporation of Companies Limited/ Unlimited by Shares, Companies Limited by Guarantee and the filing of Annual Returns effective 1st January, 2023.
A statement signed by Mrs Jemima Mamaa Oware, Registrar of Companies, said the changes were “in accordance with the Fees and Charges (Miscellaneous Provisions) Act, 2022 Act 1080 as passed by Parliament and earlier indicated in our Press Release dated 14th November, 2022.”
It stated that the ORC would, by June 1, 2023, be fully implementing section 126(7) of the Companies Act, 2019 (Act 992).
The Section states that: “Where a Company defaults in complying with the filing of Annual Returns and Financial Statements, the Company and every officer of the company that is in default is liable to pay to the Registrar an Administrative Penalty of Twenty-Five penalty units for each day during which the default continues.”
A penalty unit is established by the Fines (Penalty Units) Act 2000 (Act 572) and the current monetary value per penalty unit is GHC12.00.
“Effective 1st June, 2023, an administrative charge of GHc300.00 would be charged for each day the default continues against the Company and EVERY OFFICER of the Company until section 126 (7) is complied with,” the statement said.
It also stated that the full implementation of the Companies Act, 2019 Act 992 by this section was being proposed by Management and the Board to ensure Companies took the compliance of the requirement in the Act more seriously than they had done previously.
The statement noted that the ORC from June, 2023 was going to fully enforce the penalty for failure to comply with the statutory provision on Annual Renewal of Partnerships registration.
It said the ORC would hold defaulters to Section 9(1) of the Incorporated Private Partnerships Act,1962 (Act 152) in the event of default in complying with sections 4,5,7 or 8 of Act 152, where (a) Every Partner SHALL be liable to a fine not exceeding five (5) pounds for each day during which the default continues; and the cost of five (5) British Pounds in Ghana Cedis per the current Bank of Ghana Foreign Exchange rate is Ghc60.00.
“Partnerships, especially Auditing Firms on the Register, are to note accordingly and put their Books in order to renew the Partnership Registration and avoid paying this punitive penalty,” the statement said.
It also called on company secretaries and auditors to kickstart the processes in getting the mandatory documents ready and on time to avoid paying punitive Administrative Penalty and sanctions, which could push their companies into a state of inactivity.
GNA