Business name renewal costs will increase starting on December 31 – ORC

From December 31, 2022, the price for renewing business names will increase from GHC 25 to GHC 30, according to the Office of the Registrar of Companies (ORC).

Business name renewal costs will increase starting on December 31 - ORC
Business name renewal costs will increase starting on December 31 – ORC

Additionally, it was indicated that the penalty price for defaulting Companies and Partnerships would rise from GH450 to GH600.

“This escalation in costs would apply to all Sole Proprietorships and Subsidiary Business Names as well as Companies in Default including Churches, Associations, Unions, Foundations, Schools, Fun Clubs, External Companies, and Professional Bodies,” the Office of the Registrar stated in a statement.

Additionally, it asked businesses to renew their corporations by submitting their financial statements and annual returns, both of which cost GHC 60.

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. Partnerships must renew their agreements at a cost of GHC 60.00 annually.

The Registrar also explained that by filing their Annual Returns by the end of the year, the approximately 2584 defaulting companies whose names had been targeted for deletion from the Companies Register during the clean-up process can still be in good standing.

Additionally, “all Business Entities (Companies, Partnerships, and Sole Proprietorships) have up to January 31, 2023 to migrate their business data onto the e-Registrar programme nicknamed “Re-Registration” and be in good standing to avoid sanctions.”

 

View the complete release here.

The Office of the Registrar of Companies (ORC) would like to notify its stakeholders, company officials, business owners, beloved clients, and the general public that, as of December 31, 2022, the renewal fee for business names will increase from Ghana cedis (GH25.00) to Ghana cedis (GH30.00), and the penalty fee for companies and partnerships that are in default will increase from Ghana cedis (GH450.00) to Ghana cedis (GH600.00).

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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 GHC 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. Partnerships must renew their agreements at a cost of GHC 60.00 annually.

In addition to the aforementioned, the 2,584 defaulting companies, whose names were targeted for deletion from the Companies Register during the clean-up effort, can maintain good standing by filing their annual returns by the end of 2022.
The deadline for all Business Entities (Companies, Partnerships, and Sole Proprietorships) to transfer their business data to the e-Registrar programme known as “Re-Registration” is January 31, 2023. Failure to comply will result in penalties.

In accordance with the provisions of the Companies Act, 2019 (Act 992), the Company Secretary is required to submit a Special Resolution for a change of their Company Name by adding a suitable “suffix” to the end of their Company’s Name by December 31, 2022, if they have not yet complied with our directive. Also being reminded to do so before the year’s end in 2022 is every Company that has not yet adopted a Registered Constitution reflecting the new name in place of their Company’s Regulations.

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The Office implores our valued customers to pay for transactions at our own 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 who pays money to these calls does so at their own risk because the ORC does not run a MOBILE MONEY NUMBER.

Please call the Public Relations Unit at 030-266-6081 or 055-765-3130 (Telegram/WhatsApp) with any more questions. Please follow us on Facebook, Twitter, LinkedIn, and Instagram at @ORC Ghana.
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