Monday , March 8 2021
Home / Business / Registrar-General’s Dept extends grace period for defaulting businesses
Registrar-General's Department

Registrar-General’s Dept extends grace period for defaulting businesses

THE REGISTRAR-General’s Department (RGD) has extended the date for sanctions on defaulting businesses to October 3 in the wake of Civil and Local Government Service Association of Ghana’s strike action.

A press statement signed by Mrs. Jemima M. Oware, the acting Registrar-General, and copied to the DAILY HERITAGE yesterday cautioned that businesses should make it a point to comply with the “Acts we administer.”

Below is the full statement:

The Registrar-General’s Department on the 15th and 20th April, 2015 as well as 29th February, 2016, published a Press Statement in the National Dailies and the Department’s website Companies and Partnerships to update their records and file their Annual reports by 30th June, 2016.

Following that directive, some Companies/ Partnerships and Businesses have complied whilst a whole lot more Businesses/ Companies and Partnerships have not  as yet updated their records into our new electronic e-Registrar.

As the Registrar of Companies in Ghana ,we wish to re-iterate that the filing of Annual Returns is mandatory as stated in Section 122 (1 & 2) of the Companies Act, 1963, (Act 179), “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 Partnership Act, 1962, once every year the Partners shall deliver to the Registrar for registration a statement in the prescribed form renewing the registration”

We wish to draw the attention of Companies and Partnerships to the penalty regime in the Companies/Partnerships Acts that the Registrar General will now enforce.

Per section 122(7) where a Company defaults in complying with this section, the Company and every Officer of the Company who is in default is liable to a fine not exceeding twenty-five penalty units for everyday during which the default continues, the same applies to Partnerships whilst that of Business Names would lapse completely

Under section 26 of the Interpretation Act (Act 729) 2009, the imposition of a fine as a penalty for the contravention of a provision in the enactment, shall be expressed in terms of a number of penalty units.

One penalty unit is defined as equivalent to the amount of Cedis specified in the Second Schedule to this Act as being equal to GHؒ¢12.00.

Businesses/Companies and Partnerships  must note that, the import of this provision is that they would be paying a penalty in addition to the fees they would be required to pay mandatorily for the filing of their Annual Returns yearly.

By the foregoing definition therefore 25 penalty units would amount to GH¢300.00 for each day that the default continues with effect from Monday 3rd October, 2016.

This regime of penalty payment would continue until 31st December, 2016 and thereafter when the Department would start the process of striking out the names of Businesses/Companies and Partnerships that have failed to comply with the Department’s directive as stated above and in conformity with the Acts we administer.

We are by this publication have  commenced the serialization of the names of Businesses/ Companies and Partnerships which have not as yet updated their records in the new electronic database to comply with the provisions as stated above in Wednesday 3rd August, 2016 edition of the Daily Graphic.

Businesses must note that the update of records is free apart from the fees to be paid for renewing the Businesses or filing of Annual Returns for the number of years in default.

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.

About Benjamin Sapaning

Check Also

Teacher Professionalism – GNACOPS and NTC jointly issue certificate to Private School Teachers

  TO ENSURE teacher professionalism in private education in Ghana, officials of Ghana National Council …

Social Media Auto Publish Powered By :