The Office of the Registrar of Companies (ORC) has announced that some 500,000 business names and 5,000 companies are at risk of being delisted from its register by the end of December 2024.
Mrs. Jemima Mamaa Oware, the Registrar of Companies, revealed that the delisting was due to the failure of those businesses and professional organizations to file their annual returns, despite being granted a year-long extension and receiving constant reminders.
Speaking at a media interaction during a stakeholder engagement, Mrs. Oware said that the delisting exercise was part of efforts to ensure compliance and improve the quality of the ORC’s business register.
She also highlighted the ORC’s upcoming shift towards digital services, which will be implemented in April 2025, aiming to streamline operations and enhance efficiency in managing business registrations and related services.
“For business names, it’s over 500,000, but for companies, it’s a sample of about 5,000… Those whose names that are going to go off are those who we sent information to at the beginning of the year.
“If by the end of this year, you haven’t complied, that means you are not doing business, and when we take it off, within the next 12 years, you cannot have your name used by anybody until you go to court to have it reinstated,” she said.
Mrs. Oware urged businesses at risk of delisting to urgently update their information and file their annual returns.
She said that failure to comply with the Companies Act, 2019 (Act 992) by December 2024 would result in serious consequences, including the inability to engage in business transactions with the government or any private entity.
Regarding the ORC’s shift towards digital services, Mrs. Oware revealed that a pilot programme was currently underway using the existing manual system.
Once the pilot was successfully completed, the full digital deployment would allow businesses to register, renew, amend records, pay fees, and file annual returns online.
The new system would also offer businesses and organizations, including churches, NGOs, audit and legal firms, an easy means of obtaining tax identification numbers, while enhancing accessibility through the digital addressing system.
The move is part of the ORC’s broader strategy to modernize operations and streamline business registration processes.
The process would integrate the ORC’s system with that of the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG).
This integration aims to streamline operations, reduce human intervention, and improve the efficiency and effectiveness of the ORC’s services.
It will also provide the public with easier access to information about registered companies and professional bodies.
Mrs. Oware said the initiative would lead to more accurate accounting and verification processes, boost operational turnaround time, and ultimately facilitate easier business transactions across the country.
Source: GNA
