Ghana: Government strictly enforcing company registration, annual return requirements
Companies that fail to renew their registration or file annual returns are now subject to financial penalties.
What does the change mean? Companies are subject to fines of 300 cedi (about US$75) per day for late registration or late annual returns. If the company fails to file by the end of the year, its name will be removed from the records. Companies that registered with the Registrar General’s Department before October 2011 must reregister by the end of the year or face the same penalties.
- Implementation time frame: The new enforcement measures took effect Monday.
- Visas/permits affected: Company registration and annual returns.
- Who is affected: All local companies in Ghana.
- Business impact: Ghana is increasing its enforcement of corporate registration requirements to have better oversight and greater interagency integration between the Registrar General’s Department and the revenue authority.
Background: Companies in Ghana must file annual returns with the Registrar General’s Department, and partnerships must submit annual partnership renewals to remain in good standing. Following the launch of the Ghana e-Government project, all companies registered in Ghana before October 2011 are required to reregister their entities and obtain new tax ID numbers.
BAL Analysis: Ghanaian companies and partnerships should prepare to update their registration and annual returns as soon as possible.
This alert has been provided by the BAL Global Practice group and our network provider located in Ghana. For additional information, please contact your BAL attorney.
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Source: Berry Appleman & Leiden LLP