In accordance with the order for inactive businesses to submit returns, the Registrar-Department General’s (RGD) has begun validating companies.
Failure to submit returns may result in a company’s delisting from the Companies Register.
On July 1, 2021, the three-month evaluation started and will conclude on September 30, 2021.
“After the Final Notice was issued on 18/03/2021 to officials of inactive Companies to submit their Annual Returns to be in good standing with the Department, the review became necessary,” it said in a statement.
The Department’s Company database had become bloated with names of defunct businesses placed into the Companies Register, necessitating the strike-off.
“In summary, as of the publication of the first Notice in March 2020, 257,241 companies in the new database had not submitted their Returns or Amendments with the Department, and 670,282 companies in the Legacy system had not completed their re-registration,” according to the statement.
“Companies that are still scheduled for strike off after this three-month assessment will be publicized in the National Dailies and on the Department’s website. The status of a company at this time would be classed as inactive, and it would not be able to be accessed for any commercial transactions for the following 12 years unless the Registrar was ordered by a court to restore it to good standing in the Companies Register,” according to the statement.
“Use this three-month review to take all required steps to be in good standing with the Agency if they have not been able to do so all this time and are still interested in continuing on business with that name,” the department said.
It reminded businesses that the penalty for late filing is still GH450.00 for late filing of Annual Returns and GH50.00 for late filing of Annual Returns for each year.
Source: CITIBUSINESSROOM
