The Office of the Registrar of Companies (ORC) has announced that there will be an increase in the renewal fee for Business Names from ȼ25 to ȼ30  and penalty fee for Companies and Partnerships in default from ȼ450  to ȼ600  effective 31^st December, 2022.

This increment in fees 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.

“Companies are to file their Financial Statements together with their Annual Returns at a cost of ȼ60.00 per year to renew their Companies. External Companies are to submit their Group Accounts to the ORC at a cost of $690.00 per year or in default pay a penalty of $750.00 in addition to fees for all the years in default. Partnerships are to renew their Partnerships at ȼ60.00 per year,” a statement from the ORC said.

The statement added that the 2,584 Companies in default whose names have been earmarked for strike off from the Companies Register during the clean-up exercise can still be in good standing by filing their Annual Returns by end of year, 2022. 

“All Business Entities (Companies, Partnerships, and Sole Proprietorships) yet to migrate their business records onto the e-Registrar application dubbed ‘Re-Registration’ have up to 31^st January, 2023 to do so and be in good standing to avoid sanctions”.

The statement explained that in compliance with the provisions of the Companies Act, 2019 (Act 992), a Company Secretary is expected to submit a Special Resolution for a change of Company Name if they have not complied as yet to the directive, by the addition of an appropriate ‘suffix’ to the end of their Company’s Name by 31^st December, 2022.

“All Companies who have not as yet adopted a Registered Constitution reflecting the changed name in place of their Company’s Regulations are also being reminded to do so before the end of the year, 2022”.

“The Office entreats our cherished clients to make payments on transactions at our in-house Fidelity Bank or any Fidelity Bank branch across the country. We kindly bring to the attention of our clients and issue a caution to ignore any calls from fraudsters, for mobile money (MOMO) transfers in the name of ORC/RGD or persons claiming to be Lawyers or Staff of the Office of the Registrar of Companies(ORC). 

The ORC does not operate a mobile money number and any Company Official who pays out monies to these calls do so at their own risk.