Business

Office of the Registrar of Companies increases business, penalty fees

The renewal price for business names will increase from $25 to $30, and the penalty fee for companies and partnerships in default will increase from $45 to $600, all of which take effect on December 31, 2022.

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All sole proprietorships, subsidiary business names, and companies in default, such as churches, associations, unions, foundations, schools, social clubs, outside companies, and professional bodies, would be subject to this increase in fees.

Companies must submit their financial statements and annual returns for a fee of $60.00 each year in order to renew their companies.

External Companies must submit their Group Accounts to the ORC annually for a price of $690.00, or they risk a $750.00 penalty on top of all other penalties for the years they are late. According to a statement from the ORC, partnerships must renew their agreements at a cost of $60.00 year.

The statement went on to say that the 2,584 defaulting companies, whose names had been flagged for removal from the Companies Register as part of the cleanup effort, might still be in good standing by filing their annual returns by the end of 2022.

“All Business Entities (Companies, Partnerships, and Sole Proprietorships) have until January 31, 2023 to migrate their business records onto the e-Registrar program nicknamed “Re-Registration” and be in good standing to avoid sanctions,” the statement reads.

The statement explained that in accordance with the provisions of the Companies Act, 2019 (Act 992), a Company Secretary is required to submit a Special Resolution for a change of Company Name by adding a suitable “suffix” to the end of their Company’s Name by December 31, 2022, if they have not yet done so.

“All Companies who have not as yet adopted a Registered Constitution reflecting the changed name in place of their Company’s Regulations are also being reminded to do so before the end of the year, 2022”.

The Office implores our devoted clients to pay for transactions at our on-site Fidelity Bank or any Fidelity Bank branch nationwide. We respectfully draw our clients’ attention to this and warn them not to respond to any calls from scammers requesting mobile money (MOMO) transfers in the name of ORC/RGD or from individuals posing as attorneys or employees of the Office of the Registrar of Companies (ORC).

Any Company Official paying money to these calls does so at their own risk because the ORC does not run a mobile money number.

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