The Office of the Registrar of Companies (ORC) has announced an increment in fees and charges on all transactions, including incorporation and registration of businesses, amendments, and the filing of annual returns.
The increment, which took effect on January 1, this year, according to the ORC, was in line with the Fees and Charges (Miscellaneous Provisions) Act, 2022 Act 1080 passed by Parliament.
“The changes in Fees and Charges would apply to the registration and amendment of Business Names, Subsidiary Business Names, Partnerships, External Companies, and Professional Bodies as well as the Incorporation of Companies Limited/ Unlimited by Shares and Companies Limited by Guarantee,” a statement by the ORC stated.
It added that “from the 1st of June, 2023, the ORC would, for the very first time be fully implementing section 126(7) of the Companies Act, 2019 (Act 992), which states that ‘where a Company defaults in complying with the filing of Annual Returns and Financial Statements, the Company and every officer of the company that is in default is liable to pay to the Registrar an Administrative Penalty of 25 penalty units for each day during which the default continues.”
BY TIMES REPORTER