Business News of Tuesday, 5 December 2017
Companies and Partnerships that have not yet filed their Annual returns for the last three years (2015 to 2017) are to do so before Monday April 30, 2018.
This is a directive from the Registrar General’s Department (RGD).
Failure to adhere to the directive after the deadline will attract a rollover of penalty for the previous year of three hundred (300) Ghana cedis together with a current penalty of fifty (50) cedis.
The Public Relations Officer at the Registrar General’s Department, Constance Adomaa Takyi explained to Citi Business News.
“What the Registrar General is asking businesses and companies to do is to file their annual returns as pertains to the company’s act. For some time now we have given out a lot of information about the need for businesses to file their annual returns or nil account if they haven’t worked within the stipulated years,” she said.
She added that although many companies have come to file their returns, a lot more companies are still yet to file.
“Many of the companies have come to file their annual returns but a lot more still need to file so the Registrar General has put out this information to remind those that are yet to file their annual returns that if they fail to file their returns by the deadline then we are going to role out a penalty of the non-compliance for the previous year, as well as an additional penalty of fifty Ghana cedis making it a total of 350ghc for non compliance” she stated.
Read the full statement below.
ROLLOVER OF PENALTY FOR NON-COMPLIANCE
The Registrar-General’s Department announces the Information of Companies Limited by Shares and Guarantee, Partnerships and External Companies that the penalty regime for non- filing of Annual/ Nil Returns is still in force.
We wish to state that Companies and Partnerships that have not as yet filed their Annual or Nil Returns for the 2015, 2016 and 2017 are to do so before Monday, April 30, 2018.
Failure to adhere to this directive after the deadline would attract a roll-over of penalty for the previous year of GH?300.00 in addition to the current penalty of GH?50 making it GH?350.00 as well as the statutory fees which Companies and Partnerships are required to pay.
Owing to appeals from our stakeholders on the punitive nature of the penalty regime on Businesses in the Country, the Department heeded to the plea of the Business Community and has per section 122(7) of the Companies Act, 1963 Act179, staggered the penalty payment to a flat penalty yearly rate instead of the daily rate of GH 300.00 from Wednesday 1st February, 2017.
We wish to reiterate that the filing of Annual Returns is mandatory as stated in Section 122 (1 & 2) of the Companies Act, 1963, (Act179), “that a Company shall file its Annual Returns eighteen (18) months after Incorporation and once, at least in every year thereafter”.
Under section 6(1) of the Incorporated Private Partnerships Act, 1962, once every year the Partners shall deliver to the Registrar of Companies a statement in the Prescribed Form renewing the registration”.
Following our publications in both the Print and the Electronic Media for Companies and Partnerships to file their Annual Returns, many more Companies have complied with our directive and have duly filed their Annual Returns which is mandatory as stipulated in the Companies Act.
However, a lot more Businesses, Companies and Partnerships have not as yet filed their Annual Returns as well as updated their records into our current electronic database, e-Registrar.
Furthermore, Sole Proprietors must note that failure to renew their Business Names would render the Business Name inactive in our database from 2nd January, 2018. When this happens, Sole Proprietors/ Business Names would not be able to make any changes or update any records on their Business Names in that inactive state.
In order to be restored into our electronic database, Sole Proprietors/Business Names would have to pay for the number of years they have not renewed up to date.
On August 3, 2016, the Department published in the Daily Graphic Newspaper names of Businesses/ Companies and Partnerships which had not as yet updated their records in the new electronic database to comply with the provisions as stated the Companies Act 1963 (Act) 179.
Some complied by filing their Annual Returns and Re-registered their Businesses but with those that have not as yet filed their Returns and Re-registered into the new e-Registrar database the Department is considering them as not doing any serious business and will begin the process of striking their Names off the Register of Businesses after the April 30, 2018, deadline.
The Registrar- General’s Department’s main objective of issuing these statements for Companies Partnerships and Businesses are to ensure compliance of the Companies Act 179 and not to punish Businesses.
All Businesses who wish to be in good standing on our Register for Business purposes should make every effort to comply timeously with these directives.
All payments by Businesses/ Companies and Partnerships should be paid at the Department’s on-site Bank, Fidelity Bank Limited and NOT to any individual.