Filing an annual return is a legal requirement for every company operating in Ghana. Failure to comply with this requirement may result in penalties and legal consequences. If you find yourself asking the question, how do I file an annual return in Ghana? then, this article is for you as we delve into the requirements, and process of filing an annual return in Ghana
A company registered in Ghana is required to file an annual return under the Companies Act, 2019. The annual return must be filed within 18 months after the incorporation of the company, and it must contain information such as the company's directors, shareholders, and financial statements. Annual returns detail the status quo of a company by giving an indication of the financial and non-financial state of the company.
Failure to file the annual return within the stipulated time may result in penalties, legal consequences, or even the dissolution of the company.
The Registrar of Companies shall receive a renewal notice in the prescribed form every year from an individual or company registered under the Companies Act. Any registration not renewed in accordance with statutory requirements shall be deemed to have lapsed, and the Registrar may remove the company from the register.
- Start preparing your financial statement.
A key step to take when preparing your annual return is to audit your financial statements for the past fiscal year. Ensure all information about your company is accurate and up-to-date. This includes the company's assets, debts, and liabilities, as well as other financial obligations. Audited accounts of external companies should be filed once every year within a period of not more than fifteen months.
- Provide accurate and complete information.
Also required is information on share capital movements, number of shares, past and present shareholders (shareholders), beneficial ownership information, and other matters. These details help to assist the Registrar General to know the corporate position of the Company as of the date of the filing of the returns.
- Fill GRA returns Forms
Fill out the Ghana Revenue Authority (GRA) tax return forms accompanied by an audit report by a certified Auditor. These are essential because it is part of the basic requirement for filing the returns.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
