The Office of the Registrar of Companies (ORC) has increased fees and charges on all transactions with effect from January 1, this year.

It includes the incorporation and registration of businesses, as well as the amendment and filing of annual returns.

While the registration of business names (sole proprietorship) has increased from GH¢85 to GH¢100 or GH¢500 for an expedited VIP service, filing for annual returns for the same business category has increased from GH¢25 to GH¢30.

Fees for registration of companies limited by shares have moved from GH¢330 to GH¢450, with the VIP expedited service now going for GH¢1,450.

The Registrar-General, Jemima Mamaa Oware, told the Daily Graphic that the increase was in accordance with the Fees and Charges Act, 2022 (Act 1080) as passed by Parliament.

“The changes in fees and charges would 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 or unlimited by shares and companies limited by guarantee,” she further said.

Implementation

From June 1, this year, the ORC will fully implement section 126(7) of the Companies Act, 2019 (Act 992), which 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 25 penalty units for each day during which the default continues.’’

“This means that effective June 1, 2023, an administrative cost of GH¢300 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,” she said.

Mrs Oware further explained that the full implementation of the Act was to ensure companies took the compliance of the requirement in the Act more seriously than they had in previous times.

She, therefore, urged secretaries of companies and auditors to kick-start the processes in getting the mandatory documents ready and on time to avoid paying the administrative penalty and sanctions which would be detrimental to their businesses.

Partnerships

The ORC, from June 2023, is also going to fully enforce the penalty for failure to comply with the statutory provision on Annual Renewal of Partnerships registration.

The Incorporated Private Partnerships Act,1962 (Act 152) section 8 (1) requires all parties in a partnership to deliver a statement in the prescribed form to the register.

Default in compliance would make every partner liable to a fine not exceeding the Ghana cedi equivalent of £5 for each day the default continues.

“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,” she said.

Additionally, the ORC is going to enforce section 5A (2) of the Registration of Business Names Act, 1962 (Act 151) on annual renewals.

“This empowers the registrar to remove from the register the business name of any person whose registration has lapsed after the expiration of the period prescribed for the renewal.

“From this year, failure to renew a business name (sole proprietorship) / Subsidiary Business name for a period of three months after the year has ended would lead to the lapse of the business name/subsidiary business name,” Mrs Oware added.

She said payments on transactions were to be made only at the office’s in-house Fidelity Bank or any other Fidelity Bank branch.

Source: graphiconline