Sections 126 (1) of the Companies, Act 2019 (Act 992) states that:
A company shall, at least once in every year, deliver to the Registrar for registration an annual return including particulars of every member of the company, and every beneficial owner of that company and in the form and relating to the matters prescribed in the Fifth Schedule.
This means that every company in Ghana is required to file its annual returns at the Companies Registry The following classes of companies ought to file their annual returns:
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- Companies Limited by Shares
- Companies Unlimited by Shares
- Companies Limited by Guarantee
- External Companies
It is worthy to note that, Section 126 (2) (a) of Act 992 requires a newly formed company to file its annual returns after eighteen (18) months of incorporation. . However, the company shall subsequently file for its annual returns every year thereafter.
Finally, each company which fails to file its annual returns shall be liable to pay a penalty for each day the default continues.