I HAVE A COMPANY AND MY ANNUAL RETURNS ARE DUE FOR FILING DURING THE COVID-19 PANDEMIC. WHAT DO I DO?
Luckily, you wouldn't have to worry about those horrible late filing fees once you file your annual returns by the 31st of July, 2020.
If you have a company you know about having to file annual returns each year at the Companies' Registry (no later than 30 days after the anniversary date of the companies' incorporation or amalgamation or continuance). However, with the Covid-19 pandemic everything appears to have gone haywire and filing those annual returns may have gone on the backburner. Now you're wondering if you're raking up on those late filing fees and maybe it's keeping you up at night ($300 for every month or part thereof that you fail to file the document - it adds up quickly).
But don't get depressed just yet - As a result of the Covid-19 pandemic, amendments were made to the Companies Act. As a result of these amendments, when your annual returns document is delivered to or filed with the Registrar prior to or during the period between the 27th of March, 2020 and the 31st July of 2020 there shall be a waiver of all penalties due.
This means once you file your annual returns document and pay the fees in respect of the document at the Companies' Registry by the 31st of July, 2020, you would not be required to pay any late penalty fees as these fees would be waived. In other words, there is an amnesty until the 31st of July, 2020.
Important Notice: This post does not constitute or provide legal advice. Always consult a suitably qualified lawyer on any legal problem or issue.