All Ghanaian firms that are registered are being strongly reminded by the Office of the Registrar of Companies (ORC) to file their annual returns or renew their business names by June 30, 2025, failing which they risk being removed from the official register.
This statutory reminder is in accordance with Section 126(1) of the Companies Act, 2019 (Act 992) and the Business Name Act, 1962 (Act 151), according to Maame Samma Peprah, the Acting Registrar of Companies.
This is Samma Peprah’s first significant order since taking office.
Companies that do not comply, especially those that do not attach financial documents, will be considered non-compliant and may be subject to a GHS 1,000 fine, the ORC warns.
Furthermore, business names that are not renewed will be deemed to have expired, giving the Registrar the authority to transfer them to different people or organizations.
According to the Registrar, the objective is to improve regulatory compliance and encourage openness in Ghana’s corporate environment.
Companies are required to file their annual returns within 18 months of incorporation and then once every year thereafter.
Current information about the company’s directors, stockholders, and financial statements must be included in these returns.
This aids in assessing a company’s operational and financial health.
There will be severe repercussions if these legal standards are not met. Businesses that fail to file on time will be penalized 25 penalty units for each day of nonpayment.
Deregistration, which essentially makes it unlawful for such businesses to exist, may also result from persistent non-compliance.
Businesses that disregard these responsibilities may also encounter financial and legal obstacles, such as trouble obtaining loans or signing official contracts.
All business owners are being urged by the ORC to take the deadline seriously and comply as soon as possible, with a particular emphasis on private and public limited companies, businesses limited by guarantee, external firms, and corporations with unlimited liability.
Source: newsthemegh.com