The Office of the Registrar of Companies (ORC) has? procedures that business owners must follow to renew their businesses and file annual returns.
Established by an Act of Parliament under Section 351 of the Companies Act, 2019 (Act 992),?the ORC is mandated to register and regulate business in Ghana.
Businesses and?companies are also obliged to renew and file their annual returns.
Business entities that come under the regulation and ruled of the ORC include Business Names (Sole?Proprietorships), Subsidiary Business Names (Sole Proprietorships owned by corporate bodies?other than individuals), Partnerships, Companies Limited by Shares (for-profit and include?private and public), Companies Limited by Guarantee (not-for-profit, including schools,?churches, associations, unions, and NGOs).
Thus, sole proprietorships, subsidiary business names, and partnerships have to complete the? Annual Renewal Form whilst companies the Annual Returns Form. ?
Sole proprietorships, subsidiary business names, and partnerships renew their businesses whilst? Organizations file annual returns.
All the business types have to make payment at the ORC’s in-house Fidelity Bank.
Sole proprietor and subsidiary business names pay GH¢60 each, whilst a?partnership pays GH¢80 for renewals.
For filing of annual returns, a company limited by shares pays GH¢80 and a company?limited by guarantee also pays GH¢80.
The company must, in addition, report audited financial statement signed by the company? Manager and the secretary.
An external company files annual returns by submitting the annual returns form together with the? financial statement of the Mother Company and pays $690.
Business entities that fail to renew or file annual returns are made to pay penalties.
A sole proprietorship does not attract penalty, likewise a subsidiary business name.
Foreign companies pay a penalty of $750.
By Paul Eduarko Richardson
Source: GNA
The post How to renew your business and file annual returns appeared first on Ghana Business News .
Every organization shall, once at least in every year, deliver to the Registrar for registration an annual return including particulars of every member of the company, and in the form and relating to the matters prescribed in the Third Schedule to this Code:
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The Office of the Registrar of Companies (ORC) has? procedures that business owners must follow to renew their businesses and file annual returns.
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