The Companies Registration Office (CRO) yesterday launched a campaign to encourage businesses to file annual returns on time.

Fines for late registration exceed €10 million a year, companies registrar Mr Paul Farrell (above) told a press conference in Dublin.

This year the CRO expects to take in more than €20 million.

"This is money we simply don't want," he said.

"We want companies to file their returns on time and save themselves the money they pay in penalties."

The Institute of Chartered Accountants in Ireland (ICAI) became one of the first organisations to welcome the move.

Accountants will be happy to play their part in raising compliance above the current level of 70 per cent, said ICAI chief executive Mr Brian Walsh.

The Companies Registration Office could improve compliance by communicating with companies' agents in addition to directors, he added.