Business

Registrar General’s Department to delete about 500k firms from Companies Register

The Office of the Registrar of Firms (ORC), which just opened, plans to remove nearly 500,000 companies from its database.

According to Jemima M. Oware, the Registrar of Companies, this is for failing to renew their existence after their registration expired.

The effort, according to Ms. Oware, will promote strong corporate governance and lessen the use of businesses for “criminal activity.”

“The companies inspectors will search for and remove all those firms to ensure that the register is clean and compliant with the law. Therefore, businesses must understand that things won’t continue as usual. that if you register a business, it will remain in the register for 15–20 years until you file a return, renew, or re-register.

At a media event with select media outlets last week, she declared, “This time, we’re going all out to knock those firms out.

The ORC was formally formed by President Nana Addo Dankwa Akufo-Addo, who also issued a call for support for the newly established office as it takes over the management and registration of all businesses and companies in the nation.

In accordance with the Companies Act (Act 992) and other pertinent laws, the ORC, an independent statutory body that was weaned from the Registrar-Department, General’s is responsible for registering and regulating all types of business entities in the nation, including churches, schools, NGOs, CSOs, associations, unions, external companies, and professional bodies.

On Friday, July 22, 2022, President Akufo-Addo spoke at a ceremony to inaugurate the office in Accra. He called the ORC’s implementation a significant “milestone” in the nation’s fight against bribery and corruption.

“The office of the Registrar of Corporations is now prepared to take over the management and registration of companies after a 15-year wait. I had the pleasure of approving to the long-awaited Ghana Company Act, 2019, thus this is a moment of great delight for me,” he said.

“The Act took over sole responsibility for business registration and consulting services, separating the Office of the Registrar of Companies from the Registrar General’s Department,” he continued. We are, luckily, present.

The country’s lax system of corporate oversight, according to the Registrar of Companies, Ms. Oware, was exacerbated by the void left by the ORC’s absence. Therefore, she stated, “the establishment of the ORC is great news that will add dynamism to the business climate.”

She continued by saying that the ORC would further establish a strong foundation of information for investors, creditors, and the government; give precise data for forecasting and planning; and create a support system that quickly provides information for formulating policy.

She said, “The creation of the ORC would open the door for a more effective register that is completely focused on business registration and related processes.

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