ORC Reports Savings by Companies during Amnesty


The Office of the Registrar of Companies (ORC) has reported that businesspersons have saved as much as 70 per cent as a result of the amnesty that is now offered by that agency.
This was revealed by Deputy Chief Executive Officer of the ORC, Shellie Leon, in an interview with JIS News.
The positive response to the amnesty has also been facilitated through the use of a mini-mobile unit, which visited the capitals of western and central parishes recently.
Under the amnesty, persons may file their companies’ annual returns at reduced rates. Additionally, late fees for the filing of returns have been waived. The Amnesty ends on December 31.
Elaborating on the savings being enjoyed under the amnesty, Miss Leon noted that a church filed five annual returns and four income and expenditure accounts costing $7,000 under the amnesty. Without the amnesty, the church filings would cost $21,600, inclusive of registration and late filing fees, the Deputy CEO noted. This represents a saving of approximately 70 per cent.
“A company filed 17 annual returns costing $34,000 under the amnesty. Without the amnesty, the company filing would have cost $54,400, inclusive of registration and late filing fees,” she added. This represents a saving of approximately 40 per cent.
Miss Leon further noted that the mini-mobile unit, which visited Montego Bay, Savanna-la-Mar and Mandeville, facilitated in large part, the filing of annual returns as customers sought to take advantage of the amnesty.
She said that while there was a fair level of awareness of the amnesty, most of the filing of annual returns and business name registration, took place in Montego Bay, followed by Mandeville.
At a press briefing to announce the amnesty in November, Minister of Commerce, Science and Technology, Phillip Paulwell said the amnesty would give companies, which have fallen behind in their filings, “an opportunity to catch up with their statutory obligations and start January 2005 with a clean slate”.
He added that the ORC would also be given an opportunity to cleanse its register, while preparing to administer the new Companies Act, scheduled for implementation on January 1, 2005.

JIS Social