Introduction
The Companies Act 2015 requires a company to pay prescribed annual registration fees to the Registrar of Companies within 28 days of the anniversary of its registration date. This means, for example, that if a company (including a company formed before 2016) was registered on 1 April, registration fees must be paid not later than 29 April.
Fees
The prescribed fees are:
| Entity type | Annual Registration Fee (VEP) |
| Small private company (consolidated annual turnover less than $5m)/company limited by guarantee licensed under s.31 of the Act | $10 |
| Public company or medium/large private company (consolidated annual turnover greater than $5m)/other company types | $500 |
| Listed or foreign company (branch) | $1,000 |
The fee should be paid inclusive of VAT to the Registrar of Companies.
Form R1
A completed Form R1 attached must accompany all payments. A small private company with gross annual turnover of less than $500,000 is considered a small and micro enterprise and is exempt from paying this fee provided that it lodges a statutory declaration with the Registrar (by the same deadline, i.e. 28 days of anniversary of registration date) confirming its gross turnover.
Conclusion
Your company’s date of registration can be established from its certificate of incorporation (if you do not have a copy, this can be obtained from the Companies Registry). Please review the certificate of registration to determine the date by which payment must be made. Failure to make this payment on time can result in fixed penalties of between $100 and $1,000.
If you have any questions, please contact Richard Naidu or Glenis Yee.
Disclaimer
The information and opinions in this Legal Alert are for general information purposes only. They are not intended as specific legal or other professional advice and should not be relied upon or treated as a substitute for specific advice. Munro Leys can accept no responsibility for any loss arising from reliance on the general information contained in this Legal Alert.